Cbdt

CBDT campaign to resolve income discrepancies in annual statement, returns

People get opportunity to address discrepancies by filing revised or belated Income Tax returns for FY24 before December 31

CBDT extends deadline to Dec 15 for taxpayers with overseas transactions

This extension is applicable to taxpayers who have global transactions and are needed to provide reports under Section 92E

CBDT extends income tax return filing deadline for FY24 to Dec 15

Tax authorities have extended the income tax return filing deadline by another 15 days to December 15 for the financial year 2023-24. The due date for furnishing the return of income under section 139(1) of the Income-tax Act, 1961 in the case of an assessee who is required to furnish a report referred to in section 92E, is November 30. The Central Board of Direct Taxes has now extended the deadline to December 15, 2024 for the assessment year 2024-25, an official order said. The income tax return filing deadline has been extended for taxpayers who have international transactions and are required to furnish reports under Section 92E.

Taxpayers must disclose foreign income by Dec 31, says CBDT chairman

When asked about the progress in the income tax law review, the CBDT chief said that public consultation is ongoing and more than 6,000 suggestions have been received by the department

Govt to surpass Rs 22.07 trn direct tax collection target: CBDT chief

The government will exceed the Rs 22.07 lakh crore direct tax collection target set for the current fiscal, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal said on Monday. Agarwal also said that taxpayers who have not disclosed their foreign income or assets in their ITRs have time till December 31 to file their revised return for the 2023-24 fiscal. The tax department is in the process of sending SMS and emails to those assessees who have not disclosed high-value assets. Inaugurating the Taxpayers Lounge at the India International Trade Fair (IITF), Agarwal also said that more than 6,000 suggestions have come in for a review of the income tax law to make the language simple and easy to understand. "We are hopeful and we believe that we will exceed the budget target for tax collection. Collections from corporate and non-corporate taxes have risen," Agarwal told reporters here. As per the latest tax collection data released by the CBDT, between April 1 to November 10, net

CBDT launches campaign to inform taxpayers on undeclared foreign assets

The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR). In a statement, CBDT said informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITRs for AY 2024-25. These messages are intended for individuals identified through information received under bilateral and multilateral agreements, suggesting that they may hold foreign accounts or assets, or have received income from foreign jurisdictions. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitte

REC eyes another Rs 5,000 crore fundraise through zero-coupon bonds

IRFC looking to raise Rs 3,000 crore through bonds today

CBDT allows tax officials to waive or reduce interest due from taxpayers

The income tax department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions. Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment. The Act also empowers Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner rank officers to reduce or waive the amount interest due to be paid. The Central Board of Direct Taxes (CBDT) through a circular dated November 4 has specified the monetary threshold of the interest that can be waived or reduced by the tax officers. Accordingly, PrCCIT rank officer can decide on reducing or waiving interest due of over Rs 1.5 crore. For interest due above Rs 50 lakh to Rs 1.5 crore, CCIT rank officer will decide on the waiver/reduction, while PrCIT or Income Tax ...

Tax dept simplifies compounding offence process with lower penalties

New guidelines will help businesses, individuals in rectifying mistakes in taxation

CBDT issues new form to give details on 'other taxes' paid by employees

Employees have to use Form 12BAA to report to employers any deductions from sources of income other than their salaries

CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes

Finance ministry releases new norms for handling delayed tax refund claims

You will no longer need to approach higher authorities even if the tax amount increases

CBDT sets up DRCs in 18 principal commissionerates for e-dispute resolution

The Central Board of Direct Taxes (CBDT) had notified the e-Dispute Resolution Scheme, 2022 with the aim to reduce litigation and provide relief to eligible taxpayers

CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated

An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said. The panel, comprising income tax (IT) officials from across the country, has started working to identify areas of improvement in the Income Tax Act, 1961, he said and added that the exercise is being conducted under a central government-mandated comprehensive review of the law. Central Board of Direct Taxes (CBDT) chairman Agrawal said the committee is looking at the best global practices that can be adopted as well as cutting redundancies in the existing law and finding those clauses that have reached their sunset, and hence, can be eliminated. "An internal committee of competent officers of the department from all across the country has been formed. They have started working to identify areas of improvement. This is a work in progress...," he

Who needs an income tax clearance to travel overseas? CBDT clarifies

Only individuals in specific circumstances are required to obtain the document

No need for tax clearance certificate for most travelling abroad: CBDT

Only specific cases are required Income-tax Clearance Certificate, clarifies the Central Board of Direct Taxes

Check high-value cash transactions at hotels, hospitals: CBDT to I-T Dept

Rampant cash transactions in business sectors like hotels, luxury brand sales, hospitals and IVF clinics need to be checked in a "non-intrusive" manner, the CBDT has asked the I-T department. The apex body for direct taxes administration in the country -- the Central Board of Direct Taxes -- has also asked the tax department to undertake "concerted efforts" to recover arrear demands which have been witnessing a "steep rise" since the last financial year. The CBDT recently issued an annual action plan dossier called the central action plan (CAP) 2024-25. Senior officials told PTI that transactions over Rs 2 lakh in cash were required to be reported through a statement of financial transaction (SFT) by financial institutions but that was not happening. "While examining such reports, it is noticed that the circumvention of these provisions is widely prevalent," the Board told the I-T department. "Further, although section 139A requires PAN (permanent account number) to be provided o

ITR filing deadline on July 31: Extension uncertain; all you need to know

ITR filing deadline: The income tax department, in a post on X, urged taxpayers to file ITR at the earliest to avoid last-minute rush

Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman

The 'Vivad se Vishwas' scheme announced in the Budget for settlement of pending direct tax appeals will be launched this year and its notification apart from relevant FAQs would be issued soon, CBDT chairman Ravi Agrawal said Wednesday. Speaking to PTI during a post-Budget interview, the head of the direct taxes administration in the country said that a "substantial" number of income tax appeals are logged at the appellate stage in different forums and it is expected that a "reasonable" number of taxpayers will avail the new scheme. The first 'Vivad se Vishwas' scheme for cases under the direct taxes or income tax category was brought out by the government in 2020 and, according to the CBDT chief, it was "quite successful" with about Rs 75,000 crore revenue being garnered and about a lakh taxpayers availing the scheme. "The first date is (going to be) 31st of December by when we the taxpayer is supposed to actually opt for the scheme (Vivad se Vishwas 2024). Very soon, we will notif

Bharti Airtel bags multi-yr contract from CBDT to provide network solutions

The Central Board of Direct Taxes (CBDT) on Thursday signed a multi-year contract with telecom major Bharti Airtel, under which the latter will provide network and connectivity solutions for CBDT's Taxnet-2.0 programme. This contract is an extension as Airtel has been the network partner to CBDT since 2008 in Taxnet-1.0. "The formal Letter of Award was handed over to Bharti Airtel by the Central Board of Direct Taxes (CBDT) and the Letter of Acceptance has been given by Bharti Airtel to CBDT. The occasion was graced by Mr. Sunil Bharti Mittal, Founder and Chairman, Bharti Enterprises, and Mr Ravi Agarwal, Chairman, CBDT," Airtel said in a statement. Airtel will provide robust dual connectivity with Software Defined Network for WAN, and Secure LAN amongst other technology solutions for CBDT's Taxnet-2.0 programme, which aims to modernise the current system for collection, processing, monitoring and accounting of direct taxes, it said.