Bombay HC Directs IT Officers To Pay For Improper Refunds

The mechanism of taxation, being largest source of income, enables the Government for the socio-economic development of the nation in terms of infrastructure, education, healthcare and medical facilities, industrial advancement, agricultural growth, employment generation, etc. Although the tax regime facilitates the Government for carrying on the development of the country, it remains an indispensable requirement of the concerned authorities to ensure that the taxes are properly levied and collected.

Systematic approach for taxation

The tax system makes necessary to ascertain that the taxpayers of the nation pay the requisite tax. The legal framework in this regard imposes liability on the defaulting parties and those engaged in evasion of tax. Laying down the guidelines tax exemptions and non-payment penalties, the regulations issued by the Government in respect to specific taxation regimes set forth the structure and composition of the tax authorities engaged