Central Board Of Direct Taxes

Tax filing deadline to be extended till Jan 15 for some: Know who benefits

Bombay High Court asks CBDT to give more time for work after petition against software update

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

Govt extends income tax audit report deadline to Oct 7: Check details

The move comes in response to challenges taxpayers faced with electronic submission

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

Knitting the tax net: Special CBDT unit to spot top 5K cases of unpaid tax

As on April 1 this year, the arrears demand has increased to Rs 43 trillion, from Rs 24 trillion on April 1, 2023

Myth or fact: Panellists debate if India's tax base is too narrow

Bhalla, who was India's executive director at the International Monetary Fund, argued that the belief that only 1-2 per cent of the population pays taxes is unfounded

In a relief to companies, CBIC clarifies taxability on corporate guarantee

In a separate move, CBIC has introduced enabling provisions for allowing rectification of GSTR-1 for businesses

Senior tax officers can issue directions for early GST recovery: CBIC

The CBIC has said the Principal Commissioner or commissioner level officers can issue directions to recover GST dues before the stipulated three months of serving of demand order. Under the GST law, if a taxable person does not pay the amount specified in an order passed under the CGST Act within three months from the date of service of such order, the tax officer can initiate recovery proceedings only after the expiry of this period. However, in exceptional cases where it is necessary in the interest of revenue, the proper officer, after recording the reasons in writing, may ask a taxable person to pay the amount within a period shorter than three months. The Central Board of Indirect Taxes and Customs (CBIC) said it has been brought to its notice that some of the field formations are initiating recovery before the specified period of three months from the date of service of the order, even in the cases where the taxable person has not been specifically required by the proper ...

Centre impartial in distribution of funds to state govts: Nityanand Rai

Union Minister of State for Home Nityanand Rai on Tuesday dismissed allegations that the central government was discriminating against non-BJP-ruled while disbursing funds for disaster relief. Replying to a question on flood relief to Tamil Nadu, Rai dismissed the allegations that the non-BJP-ruled states were being discriminated against while disbursing disaster relief funds. "In fact, Prime Minister Narendra Modi is very sensitive to the need of the state governments during any natural disaster and the central government provides all kinds of help during any crisis," he said, dismissing the allegation that Tamil Nadu was being discriminated against. He also informed that Rs 2013 crore was still lying with the Tamil Nadu government under SDRF which it is free to spend for flood relief. He said under the present government, inter-ministerial central team is being dispatched even before a request from the state government comes. Rai said a total provision of Rs 33581 crore was made

5.6 mn updated ITRs filed, Rs 4,600 cr taxes mopped up in 2 yrs: CBDT

The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that," Gupta said. The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. Gupta said the move would ..

CBIC notifications use complex language; need simplification, says GTRI

The complex language used in the notifications of the CBIC regarding customs duties needs simplification to help industry in understanding those orders as they carry crucial details, economic think tank GTRI said on Thursday. The Global Trade Research Initiative (GTRI) said for this the CBIC (Central Board of Indirect Taxes and Customs) must use services of communication experts for help in drafting easy to understand notifications containing necessary details. This will help over a lakh firms importing merchandise exceeding USD 660 billion in 2023 and it will also add to the ease of doing business with zero cost to the government and immense benefit of clarity to the Indian industry, it said. "Notifying import duties is a critical mandate of CBIC. Firms pay import duties as notified by CBIC, but firms cannot do it on their own as the CBIC notifications use complex language and mostly refer to back notifications unintentionally hiding complete details needed to know the duty or impo

New angel tax regime: No scrutiny of recognised startups, says CBDT

The angel tax is on the amount received by a company above the fair market value as income

Union govt extends tenure of CBDT Chairman Nitin Gupta by nine months

The Union government gave a nine-month extension in service "on contract basis" to CBDT Chairperson Nitin Gupta on Saturday, the day of his scheduled retirement. Gupta (60), a 1986-batch Indian Revenue Service (IRS) officer of the Income-tax department, was appointed the Central Board of Direct Taxes (CBDT) head in June last year. He was scheduled to retire on September 30. The government order said the Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Gupta as the CBDT Chairman on a contract basis, with effect from 1.10.2023 till 30.06.2024, or until further orders, whichever is earlier, in relaxation of the recruitment rules, on usual terms and conditions applicable to re-employed central government officers. The CBDT is the apex policy-making body for the Income-tax department. It is headed by a chairman and can have six members who are in the rank of special secretary.

Average time taken for issuing I-T refunds reduced to 10 days in FY24: CBDT

CBDT stated that the tax department's efforts to deliver seamless and expedited taxpayer services are being continuously strengthened

New tax norms favour employees living in employer accommodation

Reduction in salary percentage considered as perquisite value and introduction of inflation-linked cap will reduce taxable income

CBDT issues detailed guidelines on taxation of traditional policies

The Finance Act, 2023, had amended Clause (10D) of Section 10 of the Income-Tax Act, 1961

Govt appoints Sanjay Kumar Agarwal as CBIC chairman, to succeed Vivek Johri

The government on Saturday appointed Sanjay Kumar Agarwal as chairman of the Central Board of Indirect Taxes and Customs (CBIC). Agarwal succeeds Vivek Johri who superannuated on May 31. "The President of India is pleased to appoint Shri Sanjay Kumar Agarwal, IRS, ...member CBIC as chairman CBIC in the department of revenue ...with status of Special Secretary to the Government of India with effect from date of assumption of the post...," the finance ministry said in an office order. Agarwal was holding charge of CBIC member compliance management, looking into investigations. In a separate order, the ministry said Surjit Bhujabal, currently principal director general, DGGI, has been appointed as CBIC member. The CBIC board has a chairman who is assisted by six members who look into tax policy, customs, IT & taxpayer services, GST, compliance management and vigilance.

Co-op sugar mills may soon start wiping off Rs 10,000 cr tax liability

140 cooperative mills across the country are expected to benefit from the move

Relief from double taxation on ODIs extended at the Gift City IFSC

Experts say move will make investments more lucrative