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Our decisions affect nation's economy: New CBDT chief to I-T officials

Newly appointed CBDT chairman Ravi Agrawal has told Income Tax Department officials that the decisions they take have implications on the nation's economy, ease of doing business and international transactions as he asked them to draw a 100-day action plan. Agrawal, 59, took charge as the head of the administrative body of the direct taxes department in the Union finance ministry on Monday. The government issued orders for his appointment last week. The new CBDT chief wrote a two-page letter to the officers and staff of the department that has been accessed by PTI. "Together, we should build a professional Department that is well-versed in the nuances of investigation, sensitive to taxpayer requirements, technology-savvy and is aware of our approach towards taxpayers. "Let us be conscious that the decisions that we take have implications on the nation's economy and ease of doing business, including international transactions and businesses," Agrawal wrote in his message issued on

IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta

Ravi Agrawal, a 1988-batch IRS officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department. He takes over from Nitin Gupta, a 1986-batch Indian Revenue Service officer, whose extended tenure as the chairman ends on Sunday, June 30. Gupta was appointed as the CBDT chief in June, 2022. He was scheduled to retire in September last year but was given a nine-month extension till June. The new CBDT chief is currently working as member (administration) in the board. An order issued by the Appointments Committee of the Cabinet (ACC) said Agarwal will head the CBDT till June, 2025. Agrawal is scheduled to retire in September but his appointment order said he will continue on "reappointment on contract basis" till June 30 next year, in usual terms and conditions applicable to re-employed central government officers, in relaxation of the recruitment rules. A senior Union finance ministry officer told PTI

I-T department set to complete 170,000 reassessments by next March

CBDT reopened total 600K cases between March 2021 and March 2024

Tax dept extends deadline for charitable trusts' registration till June 30

The income tax department on Thursday extended the deadline for charitable and religious trusts to furnish registration application with tax authorities till June 30. The Central Board of Direct Taxes (CBDT) had earlier extended the due date for filing Form 10A, Form 10AB by trusts, institutions and funds multiple times and the last such extension was till September 30, 2023. "Considering the representations received by CBDT requesting for further extension of due date for filing of such forms beyond the last extended date of September 30, 2023, and with a view to avoid genuine hardships to taxpayers, CBDT has extended the due date of filing Form 10A/Form 10AB up to June 30, 2024," the CBDT said in a statement. Form 10A is an application form filed by trusts/institutions who wish to get themselves registered for income tax exemption. Form 10 AB is filed by trusts/institutions to renew their permanent registration. CBDT further clarified that if any such existing trust, institution

CBDT gives relief in cases where PAN, Aadhaar aren't linked: Know more

No action will be taken against taxpayers for short deduction in TDS, it says

Direct tax collections jump 18% to Rs 19.58 trn; exceed estimates in FY24

India's net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 crore in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin, the tax department said on Sunday. Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore. While gross direct tax collections (provisional) for the FY 2023-24 rose 18.48 per cent to Rs 23.37 lakh crore, net proceeds (after accounting for refunds) surged 17.7 per cent to Rs 19.58 lakh crore, reflecting buoyancy in the economy and rise in income levels of individuals and corporates. Refunds aggregating to Rs 3.79 lakh crore have been issued in FY 2023-24, the CBDT said in a statement. "The provisional figures of Direct Tax collections for the financial year (FY) 2023-24 show that net collections are at Rs 19.58 lakh crore, ...

CBDT signs record number of 125 Advance Pricing Agreements in FY24

The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) with Indian taxpayers in 2023-24. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs), the finance ministry said in a statement on Tuesday. This marks the highest ever APA signings in any financial year since the launch of the APA programme, it said. The number of APAs signed in 2023-24 also represents a 31 per cent increase compared to the 95 APAs signed during the preceding financial year. With this, the total number of APAs since inception of the APA programme has gone up to 641, comprising 506 UAPAs and 135 BAPAs, it said. During 2023-24 CBDT also signed the maximum number of BAPAs in any financial year till date, it said, adding, the BAPAs were signed as a consequence of entering into mutual agreements with India's treaty partners namely Australia, Canada, Denmark, Japan, Singapore, the UK and the US. The APA Scheme endeavours to provide certainty to ..

CBDT enables ITR e-filing portal for FY24; 23,000 returns filed in 4 days

The Income Tax department on Thursday said ITRs 1, 2, 4 and 6 have been made available on e-filing portal from April 1, 2024, and about 23,000 returns have already been filed for the 2023-24 fiscal year. This is for the first time in recent years that the Income Tax department has enabled taxpayers to file their I-T Returns on the first day of the new financial year and, is a step towards ease of compliance and seamless taxpayer services. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property). In a statement, the Central Board of Direct Taxes (CBDT) said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the 2024-25 Assessment Year (relevant to Financial Year 2023-24) from April 1, 2024. "The ITRs -- i.e. ITR-1, ITR-2 and ITR-4 -- commonly used by taxpayers are available on the e-filing portal from April 1, 2024 onwards for taxpaye

CBDT starts sending emails, SMSs for mismatch in tax profile in FY24

The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15. In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24. "On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions ma

Delhi HC sets aside order asking CBDT to give info on Ram Mandir Trust

The Delhi High Court has set aside an order of the Central Information Commission directing the Central Board of Direct Taxes to provide information relating to Shri Ram Janmabhoomi Teerth Kshetra Trust, looking after the construction and management of the Ram temple in Ayodhya, under the RTI Act. The high court on February 28 allowed the petition by the Central Board of Direct Taxes (CBDT) challenging the Central Information Commission's (CIC's) November 30, 2022, order. Justice Subramonium Prasad said it is always open for applicant Kailash Chandra Moondra to approach the appropriate authority under the Income Tax Act to seek information as sought in the Right to Information (RTI) application. The high court was dealing with a plea by the Central Public Information Officer (CPIO) of CBDT seeking quashing of the November 30, 2022, order of the CIC which had directed that the CPIO would revisit certain points made in the application under the RTI Act and provide information within 1

Grievances for unextinguished tax demands can be submitted to CPC

Avoid doing so until April as CPC has been given 2-mth deadline for this task

Petty dispute relief scheme: Govt to waive interest, fee, penalty, too

The withdrawal does not entitle taxpayers to take credit or refund

CBDT sets Rs 1 lakh limit for withdrawal of pending tax demands till AY16

The Income Tax department has prescribed a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands till Assessment Year 2015-16, in accordance with a scheme announced in Budget. The Central Board of Direct Taxes (CBDT) has issued an order giving effect to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman. The Budget had announced that tax demands for AY 2010-11 of up to Rs 25,000 and for AY 2011-12 to 2015-16 of up to Rs 10,000 will be withdrawn. Tax demands totalling about Rs 3,500 crore will be withdrawn following the announcement. The CBDT order said that such outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished "subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee". The limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, surcharge. However, the remission shall not be applicable on the demand

Direct tax collection reaches 80% of revised FY24 target at Rs 15.60 trn

Net direct tax collection so far in current fiscal grew 20 per cent year-on-year to Rs 15.60 lakh crore, which is 80 per cent of revised budget estimates for full fiscal year. "The provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement. Direct tax collection, net of refunds, till February 10 of FY24 stands at Rs 15.60 lakh crore, which is 20.25 per cent higher than the net collections in the corresponding period last year. This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24. Refunds amounting to Rs 2.77 lakh crore have been issued during April 1, 2023 to February 10, 2024. Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (P

Higher cash seizures being recorded by I-T dept every assembly polls: CBDT

Cash seizures made by the Income-tax department during successive assembly elections have shown a substantial increase, CBDT Chairman Nitin Gupta has said. He said the tax department is investigating these cases apart from other such instances where huge unaccounted currency and jewellery was unearthed during raids and other enforcement action by tax personnel. "In relation to cash seizures if we speak about the assembly elections, then it has been found that cash seizures have been quite substantial vis-a-vis cash seizure in the similar point of time five years back for the same time period of assembly elections. "We have seen that cash seizures have been quite large and high (every assembly election). These seizures are quite significant," the chief of the Central Board of Direct Taxes (CBDT) told PTI. The Election Commission has also spoken about the surge in the seizure of cash and illegal inducements during various state polls. The poll panel, in an official statement issued

I-T dept collects over Rs 1,260 cr in TDS from online gaming, crypto trade

The government has collected about Rs 1,260 crore in taxes till now this fiscal after a new TDS regime was brought in for online gaming and trade in cryptocurrency, CBDT Chairperson Nitin Gupta said Friday. About Rs 1,080 crore in taxes (under the tax deduction at source head) has been collected from online gaming and around Rs 180 crore through TDS has been mopped up during 2023-24 fiscal from the taxation of virtual digital assets (crypto currency), he told PTI during a post Budget interview. The data is till January 31. The Finance Act 2023 inserted a new section, 194BA, in the Income-Tax Act, 1961, with effect from April 1, 2023, which mandates online gaming platforms to deduct income-tax (TDS) on the net winnings in the person's user account. Tax is required to be deducted at the time of withdrawal as well as at the end of the financial year. Similarly, from April 1, 2022, income from transfer of virtual digital assets or cryptocurrencies is taxable at 30 per cent. Such income

CBDT notifies income tax return forms for assessment year 2024-25

The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively

Polycab India's stock sees 21% rout on allegations of tax evasion

Company refutes allegations; stock may underperform in near term

CBDT clarifies applicability of TDS liability for e-retailers on ONDC

The income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative. As per the FAQ issued by the Central Board of Direct Taxes (CBDT), a 1 per cent TDS will have to be deducted from the gross sale amount after including convenience/ packaging/shipping fees as charged by e-commerce trading platforms for the order placed on ONDC. As ONDC or Open Network for Digital Commerce is a new initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), the CBDT had received representations seeking clarity on who should be liable for Tax Deducted at Source (TDS) compliance under I-T laws. Under the law, every e-commerce operator is required to deduct TDS at the rate of 1 per cent of the sales amount of goods/services sold through its platform. The CBDT has clarified that in a situation where multiple e-commerce operators (ECOs) are involved in a single transaction through the ECO platform, the

Odisha cash haul: I-T raids wind up after 10 days; sends report to CBDT

The Income-tax department raids being carried out against an Odisha-based distillery firm owned by a Congress MP's family, and some linked entities, ended early Friday, capping ten days of searches and recording the country's "highest-ever" cash haul at Rs 351 crore, official sources said. The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours. The searches against the firm--Boudh Distillery Pvt. Ltd. (BDPL)-- and its linked entities were launched last week on December 6. The taxman also covered the family house of Congress Rajya Sabha MP Dhiraj Prasad Sahu in Ranchi apart from a number of entities including distributors and some hawala operators during these 10-day-long searches, they said. The searches came to a close in the early hours of December 15, the sources told PTI. A final appraisal report of the entire operation has bee