Page 13 - Cbdt

Top corporate houses pay 20% more tax this fiscal, shows CBDT data

HDFC Bank tops the list, followed by SBI

CBDT may take measures to correct withholding tax anomaly for FPIs

The CBDT is expected to rectify the same either in the Finance Bill or the I-T Act

Direct tax collection inches closer to revised Budget target for 2020-21

The direct tax collection target for FY21 saw a significant fall from Rs 13.19 trillion estimated earlier in view of the economic impact of the pandemic

FPIs bat for common platform to avail Budget benefit on dividends

Tax consultants and custodians are also putting heads together to standardise the kind of documents needed to be furnished by FPIs, which can be acceptable to all companies

CBDT Chairman P C Mody gets further extension for three months

Mody is a 1982-batch Indian Revenue Service officer, was appointed as the CBDT chief in February 2019

21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman

In a Q&A, P C Mody says while income tax slabs have been left untouched, more money is being put in the hands of taxpayers with faster refunds. Tax administration reforms will boost tax compliance

Rs 95,000-cr disputed sum settled under 'Vivad se Vishwas': CBDT chairman

This relates to entities resolving long pending litigation issues with the Income Tax Department

Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection

People in the know said the government was examining measures like the strengthening of the Central Economic Intelligence Bureau (CEIB)

Gujarat HC serves notice on Centre over interest on delayed payments

Earlier, the GST Council had decided that interest up to 18 per cent would be levied only on delayed payment through cash ledger and not via input tax credit

Direct tax compliance set to be made easier in upcoming Budget

Budget may resolve issues related to administration

Relaxed norms to help MSMEs get AEO recognition

At present, there 791 entities with AEO-LO recognition, 3,206 parties with AEO-T1 recognition, 581 parties with AEO-T2 recognition, and 20 parties with AEO-T3 recognition

CBDT relaxes requirement of remunerating fund managers of offshore funds

The board's permission will be required from FY21-22 if fees paid to the manager are lower than the prescribed amount

CBDT launches e-portal for lodging complaints on tax evasion, benami assets

Tax Dept will allot unique number to each complaint; the complainant will be able to view status on Dept's website

CBDT rules out extension of deadline for filing audit reports, ITRs

It said the due dates of filing audit reports have already been extended thrice till January 15 this year.

Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme

With the appeals process going faceless from September onwards, there are no jurisdictions for the Commissioner of I-T (Appeals), or CIT(A), to approve the withdrawal request

As Vivad Se Vishwas scheme draws to close, tax officers face the heat

Vivad Se Vishwas scheme allows the waiver of interest, penalty, and prosecution for settling tax disputes due up to January 31, 2020

Tax dept allows revision of declarations under 'Vivad Se Vishwas' scheme

Declarations under the direct tax dispute resolution scheme 'Vivad Se Vishwas' can be revised till the time tax authorities issue certificate mentioning details of tax arrear and the amount payable

Professionals and kingpins among 25 held for issuing fake bills under GST

350 cases filed against 1,180 entities, actual amount of fake ITC claimed being ascertained, say sources

I-T unearths Rs 1,000-cr 'black money' after raids on Chennai IT infra firm

Income Tax department conducted searches against a Chennai-based IT infrastructure group and detected Rs 1,000 crore alleged black money and possible instances of holding of benami assets, CBDT said

LTC cash voucher scheme: If you spend less, tax benefit will be lower

Under cash scheme, now extended to private-sector employees, 3x the LTC fare has to be spent