Page 6 - Cbdt

I-T dept steps up efforts to recover tax arrears of over Rs 7.7 trillion

CBDT in Dec 21 meeting discuss measures to clear backlog; asks to focus on cash collection of Rs 2.05 trillion

An NRI without a PAN? File Form 10F manually till next March for lower TDS

You should check tax residency certificates too: If it has the required details, submit it instead

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

Top Headlines: GST Council meet, exports record flat growth, and more

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CBDT seeks detailed report on the top 15 taxpayers in each region

Directive issued for maximising revenue collection and monitoring advance tax mop up

CBDT exempts NR taxpayers from mandatory Form 10F e-filing for now

The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication

CBDT issues important circular on TDS on salaries for current fiscal

The Central Board of Direct Taxes (CBDT) in a circular related to TDS deduction from salaries has said that any person responsible for paying salary must deduct income tax while paying the amount

Budget wish list: Brokers body wants STT rebate, Rs 1 lakh STCG exemption

Also seeks relaxations in set-off provisions for carry forward business loss

Direct tax mop-up to exceed budget target by 25-30 pc: CBDT chief

The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent, a senior official said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion. "Currently there is a provision for deduction of TDS on online gaming. There is existing provision, if it needs to be modified or retained in the same way that needs to be seen," he said. Currently, a 10 per cent Tax Deduction at Source (TDS) is levied on income from online gaming. Gupta further said that given the current buoyancy in collections, the Budget target for the next fiscal (2023-24) is also likely to be higher. "For current year we believe we would be exceeding the Budget estimate by sizeable margin, it could be 25-30 per cent higher than what has been given to us. Next year, given the buoyancy of tax collection, we wo

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

Pharma marketing practices: High-level committee to meet industry on Friday

The UCPMP is voluntary and there is no legal penalty for violating the code

Top headlines: Borrowing costs bite, mechanism for sharing trade data

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CBDT proposes common ITR with focus on crypto assets declaration

New return to also seeks details on foreign equity and debt held by resident Indians; much more exhaustive list for NRIs

CBDT extends last date for filing TDS for non-salaried individuals

Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter

Deadline for filing TDS for non-salary transactions extended till Nov 30

The Central Board of Direct Taxes on Thursday extended the deadline for filing quarterly TDS statement in Form 26Q for the June quarter by a month till November 30. Form 26Q is used for quarterly filing of TDS returns on payments other than salary. "Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of financial year 2022-23 from 31st October, 2022 to 30th November, 2022," CBDT said in a statement. The form captures details of total amount paid and tax deducted on such payments during the quarter. It would include payments on account of interest on securities, dividend, winnings from lotteries and crossword puzzles, rent, interest other than interest on securities, fees for professional or technical services. AMRG & Associates Director (Corporate & International Tax) Om Rajpurohit said taxpayers have been experiencing a ...

No cheat-code for online gaming industry as ministry, I-T turn up the heat

The income tax (I-T) department recently issued show-cause notices to seven online game companies, as part of an investigation into possible tax evasion by such institutions.

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

I-T dept extends deadline for filing of tax audit report to Oct 7

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. "On consideration of difficulties faced by the taxpayers and other stakeholders in the filing of various reports of audit for the Assessment Year 2022-23, Central Board of Direct Taxes (CBDT) has decided to extend the due date for filing of various reports of audit for the Assessment Year 2022-23, which was 30th September 2022 to 07th October 2022," an official statement said. Under the income tax act, those taxpayers who need to get their accounts audited by a chartered accountant are required to file the tax audit report with the I-T department by September 30.

Net direct tax mop up rises 23% to Rs 7.04 trn so far in FY23: CBDT chief

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. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22. "The momentum of the last fiscal continues in this fiscal with net direct tax collection of Rs 7.04 lakh crore so far, which is a growth of 23 per cent over the same period last fiscal," Gupta said. At the Finance Minister's Award ceremony for CBDT officers, Gupta said the I-T e-filing portal has stabilised and it has facilitated 5.83 crore tax return filing as of July 31. A record 72 lakh returns were filed on the portal on a single day. July 31 was the last date for filing ITRs for salaried individuals for income earned in the 2021-22 fiscal. Gupta said I-T refunds worth Rs 1.41 lakh crore have been issued so far this fiscal, which is an increase of 83 per cent over the same period

Overseas firms see compliance burden increasing to get tax treaty benefits

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically