Page 16 - Cbdt

I-T dept to crack the whip on tax evaders, resume probe in pending cases

The move will help the department shore up revenue, clear backlogs, and resume probe in pending matters.

Banks, Post Offices can now check TDS rate on high value withdrawals

Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash

CBDT extends the deadline for claiming past tax refunds to October

This means refunds pertaining to returns filed till assessment year 2017-18 can now be claimed. Earlier, the board had extended the validity till December 2019.

CBDT, SEBI to exchange data, call their agreement 'beginning of a new era'

'Any information' available in the databases of the two organisations can be shared on request for access.

Govt's cost-cutting drive: Proposal to merge CBDT, CBIC back on the table

Freezing hiring, curtailing allowances, and merging of job categories also on the cards

Top headlines: CBDT, CBIC merger on cards, China dominates power sector

Government aims to cost cuts, scientists warns Covid-19 could be airborne and India's IT sector is forced to lay off employees.

Limit expenses or won't sanction them: CBDT to HoDs in cost-cutting drive

Issues letter to heads of department asks to adhere to financial power

CBDT exempts YES Bank investors under reconstruction scheme from income tax

Also exempts shareholders in companies such as IL&FS pursuant to NCLT order, those whose land is being regularised in Delhi

I-T exemption on buying shares at lower price in firms under insolvency

The CBDT has exempted from income tax the purchase of shares at rates lower than the market price in companies undergoing insolvency proceedings and whose board has been taken over by the government

Govt allows I-T exemption on conveyance allowance under new tax regime

The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees

Income tax exemptions to lower tax assessee for certain allowances

The Budget for 2020-21 came out with an option of lower tax regime for those who forgo certain exemptions

'Faceless assessment of tax to help reduce corruption charges'

The CBIC has issued detailed instructions appointing nodal commissioners for the purpose of administratively monitoring the assessment practice in respect of imported goods

New ITR forms call for filing return even if your income isn't taxable

Joint property holders can file simplified forms. But even if your income is low, file returns if you meet one of three newly-introduced conditions

CBIC to roll out pan-India faceless assessment by Dec 31, trial underway

The first phase would begin from June 8, 2020, at Bengaluru and Chennai, for items of imports primarily covered by Chapter 84, 85 of the Customs Tariff Act, 1975

Fall in direct tax collection on expected lines and temporary: CBDT

The CBDT said the assertion that in spite of the tax reforms, the investment has not been picking up is not correct and is without an appreciation of the reality of the business world

FM Sitharaman launches scheme for instant allotment of online PAN

In a statement, the Central Board of Direct Taxes (CBDT) said Finance Minister Nirmala Sitharaman on Thursday formally launched the facility.

CBDT sets a minimum fee for managers of India-based offshore funds

The Finance Act, 2015, had introduced Section 9A to encourage fund management activity from India and provide a safe harbour to onshore managements of offshore funds

CBDT issues tax refund worth Rs 26,242 cr to tax assesses since April 1

Tax refunds issued to 16,84,298 tax assesses, says the government.

Income Tax department notifies safe harbour rates for fiscal year 2019-20

The Central Board of Direct Taxes (CBDT) has notified changes to Rules 10TD and 10TE of Income Tax Rules relating to Safe Harbour Rules

Tax tweaks can spur economic revival

These are extremely challenging times, and collective efforts by the government and industry would be required to bring the economy back on track