Wed, Aug 16, 2023
The Income Tax department on Wednesday prescribed a mechanism for calculating income proceeds from life insurance policies where aggregate annual premium exceeds Rs 5 lakh.
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Tue, Jul 25, 2023
Finance Minister Nirmala Sitharaman said that tax revenue has been steadily increasing in the last three to four years, even though tax rates have not been hiked. She attributed this to the efforts of the Central Board of Direct Taxation (CBDT) to control evasion and the use of technology to improve tax collection. This is good news for taxpayers, as it means that they are not being overburdened by taxes.
Mon, Jul 24, 2023
Income Tax Return Filing: More than four crore income tax returns (ITRs) have been filed so far for fiscal 2022-23 and more than half of them have been processed leading to issuance of 80 lakh refunds, CBDT chairperson Nitin Gupta said on Monday. The deadline for income tax return filing is July 31.
Sat, May 27, 2023
Suggestions/Comments have been invited from stakeholders & general public on the draft rules, which can be sent to ustpl2@nic.In, latest by June 5, 2023, the Central Board of Direct Taxes (CBDT) tweeted.
Fri, May 26, 2023
Suggestions/Comments have been invited from stakeholders & general public on the draft rules, which can be sent to ustpl2@nic.In, latest by June 5, 2023, the CBDT tweeted. The rules would be effective from April 1, 2023.
Fri, Mar 10, 2023
Aadhaar Pan Link Status By SMS: As per a circular issued by the CBDT in March 2022, PAN allotted to a person would become inoperative if it is not linked with Aadhaar by March 31, 2023.
Fri, Feb 17, 2023
CBDT stated that the survey has thrown up several discrepancies and inconsistencies with regard to Transfer Pricing documentation.
Tue, Feb 14, 2023
The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form.
Fri, Feb 10, 2023
GAIL signed APA with CBDT, a scheme aims to enhance the government's goal of promoting a non-adversarial tax system and improving the ease of doing business in India.
Sun, Dec 04, 2022
Under Section 245 of the Income Tax Act, the AO can adjust the refund (or a part of the refund) against any tax demand that is outstanding from the taxpayer. Taxpayers can submit a response to the intimation notice if he/she disagrees with the tax demand.
Tue, Nov 15, 2022
Budget 2023 Expectations LTCG, STCG: Under the Income Tax Act, gains from sale of capital assets -- both movable and immovable -- are subject to 'capital gains tax'.
Wed, Nov 02, 2022
Under the CBDT's proposal, taxpayers will have choice to choose the form for filing returns, official sources said.
Sat, Oct 01, 2022
The income tax department on Friday extended the due date for filing tax audit reports for fiscal 2021-22 by 7 days till October 30.
Tue, Sep 27, 2022
The net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far this fiscal, the income tax department said on Tuesday.
Tue, Aug 30, 2022
Tax collection so far has been good. .Hopefully we will meet the budget target easily: Nitin Gupta, Chairman, CBDT. Watch Tarun Sharma's exclusive conversation with CBDT Chairman Nitin Gupta.
Fri, Aug 26, 2022
New TDS provisions for banks: CBDT Chairman Nitin Gupta said the board, which frames policies for the Income-Tax department, will issue an official explainer on the subject, including the "pressing" issue of one-time settlement (OTS) being faced by the banks.
The Central Board of Direct Taxes, the administrative body for the tax department, undertakes search and seizure operations to check instances of tax evasion apart from performing its regular task of collecting revenue for the government under the direct taxes category.
Thu, Aug 18, 2022
According to the latest directions, a show cause notice will be mandatorily issued by the assessing officer (AO) to a taxpayer in whose case "any variation prejudicial to the interest of the assessee is proposed" or to say where an action against the assessee is proposed
Fri, Aug 12, 2022
Another modus operandi adopted by the companies engaged in real estate, the CBDT said, includes receipt of cash over and above the stamp duty value resulting in tax evasion.
Tue, Aug 02, 2022
The business group was "involved in profiteering through manipulation of share prices of its listed companies through operators."
Fri, Jul 15, 2022
The CBDT alleged the group was involved in "out-of-books cash sales" in its domestic operations.
Thu, Jun 30, 2022
CBDT, which prepares the policy for the Income Tax Department, has extended the last date for linking PAN-Aadhaar till March 31, 2023. But, from July 1, a penalty of Rs 1000 will be levied every month.
Fri, Jun 24, 2022
The CBDT has introduced some new provisions in order to keep a check on tax revenue leakage. Section 194R, added to Finance Act 2022, states that TDS is applicable if an individual, doctor or a social media influencer takes any benefit from a company that is over Rs 20,000 in a financial year. Here is all you need to know.
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