CBDT

Saturday, Apr 20, 2024 | Last Update : 08:22 PM IST

CBDT issues new Income Tax return forms for 2019-20

The department revised the I-T return forms to allow assessees to avail benefits of various timeline extension granted by the government

31 May 2020 1:39 PM

Nirmala Sitharaman's budget projections for income tax collections have gone for a toss.

Direct taxes down by nearly Rs 1 lakh crore

Tax collections fall short of annual target by nearly Rs 4 lakh crore

01 Apr 2020 9:57 PM

Officials will examine the processes designed to give the due role to collating and combined study of data from third parties like banks and IFU-India.

Officials to meet on Jan 7 for streamlining GST refunds, curbing evasion

The discussions will focus on a road ahead for e-invoicing, new return system and feedback, e-way bill linking with Fastag.

03 Jan 2020 1:22 PM

The refunds previously failed due to address not found, bank account closed among other reasons.

Tax dept issues 2.10 crore tax refunds till Nov; Rs 1.46-lakh crore refunded

The number of verified refunds pending as on November 29 are 20.76 lakh and currently being processed.

03 Dec 2019 8:20 PM

K V Chowdary has joined the board of India's most valuable company Reliance Industries as an independent director.

Former tax dept head K V Chowdary joins Reliance board

Chowdary was in August 2014 appointed as chairman of the CBDT, the top policy making body of the income tax department.

19 Oct 2019 11:46 AM

Making the biggest recent reform of tax collection methods, the government introduced faceless assessment this month, but resistance to change from within the bureaucracy could lead to a bumpy roll-out for the new system.

Tax employee unions irked by PM Modi's switch to faceless assessment: Letter

The scheme is being implemented in a hurry without considering the concerns of the majority of the stakeholders, said the letter.

15 Oct 2019 12:04 PM

The CBDT clarified that as there is no timeline within which option under section 115BAA can be exercised.

Cos opting for new lower tax can't claim MAT credit, other deductions: CBDT

The section does not provide any timeline for companies to opt for the new regime of lower tax rate.

03 Oct 2019 9:18 AM

CBDT directive added cases where a taxman has conducted raids and instances categorised under "extraordinary circumstances" shall also not be covered under the faceless assessment system set to be launched on October 8 in the country.

Taxpayer without e-filing a/c, PAN to not be eligible for I-T e-assessment

The CBDT, which frames policy for the Income Tax Department, issued a circular on Thursday stating exceptions to the new system.

27 Sep 2019 7:08 PM

Compounding in I-T parlance means that the taxman does not file a prosecution case against the offender or tax evader in the court in lieu of payment of due taxes and surcharges.

CBDT launches one-time facility for compounding of income tax offences

In order to avail the facility a taxpayer will have to file an application for compounding a tax offence before the competent authority.

12 Sep 2019 12:07 PM

Nearly 50 lakh people filed their tax returns online on August 31, the last date for ITR filing. (Representational image)

ITR Filing 2019: Over 5.65 cr income tax returns filed as deadline ended on Aug 31

Out of the 5.65 crore ITRs filed so far, 3.61 crore have been verified.

02 Sep 2019 4:40 PM

Cash withdrawal prior to September 1, 2019, will not be subjected to the TDS.

2 pc TDS on cash withdrawals of over Rs 1 crore from Sep 1: Tax dept

If a person has already withdrawn Rs 1 cr or more in current fiscal, the 2 pc TDS shall apply on all subsequent cash withdrawals.

31 Aug 2019 10:58 AM

CBDT said, the perception that the withdrawal of enhanced surcharge has created the differential regime in certain sections of media is completely misplaced.

Surcharge rollback creates no differential regime between FPIs, domestic investors

FM on Friday announced the withdrawal of enhanced surcharge on short-term and long-term capital gains earned by FPIs.

28 Aug 2019 2:01 PM

Angel tax has been at the forefront of the concerns highlighted by the country’s start-up ecosystem as the fund raised by these companies came under the purview of taxation.

Elimination of angel tax to uplift sentiment in the start up community

These steps shows government’s resolve towards ease of doing business in India and encourage entrepreneurship.

27 Aug 2019 10:06 AM

CBDT circular with this effect 'brings in more safeguard by requiring assessing officers to procure his or her supervisor's consent before starting on any inquiry under the angel tax provision against a start-up company which has not got DPIIT approval,' S. Vasudevan, Partner, Lakshmikumaran & Sridharan said.

CBDT's procedure for pending angel tax assessment cases to help startups: Experts

Government is seeking to calm the nerves of startups worried about angel tax.

16 Aug 2019 10:26 AM

CBDT said issuance of DIN is another step towards better delivery of taxpayer services while ensuring accountability in official dealings.

All communication from tax dept to assessees to carry DIN from Oct 1: CBDT

The CBDT has also specified exceptional circumstances where the communication could be issued manually.

14 Aug 2019 7:13 PM

On long term capital gains, it said tools for computation of LTCG have been provided in the departmental utility for the convenience of taxpayers.

CBDT issues FAQs on filing tax returns to help taxpayers

The FAQs are based on the queries received by the CBDT to help assessees file ITRs.

12 Aug 2019 10:34 AM

The move followed after certain startups complained about facing harassment and the taxman breathing down their neck on the angel tax issue.

Relief for startups: CBDT lays out procedure for pending angel tax assessment cases

More than 540 startups have received exemption from angel tax so far.

09 Aug 2019 9:05 AM

The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries

Tax force on direct taxes gets more time to submit report

The government has allowed the task force to submit its report by 16th of August 2019.

01 Aug 2019 10:56 AM

The utility for e-filing ITR-2 and ITR-3 were released on May 2 and May 10, 2019 respectively.

No changes made in ITR forms, only software updated: CBDT

The CBDT said that the software utility for e-filing of all the ITR forms has been released long back.

24 Jul 2019 4:41 PM

The department has done a commendable work over the years that is visible by the growth in the direct tax collections, from Rs 13 lakh in 1860-61 to Rs 11.37 lakh crore.

Tax paying should be a pleasurable experience: CBDT chairman

Revenue collection under the direct taxes head has grown and the total tax base has also increased to over 7 crore taxpayers at present.

24 Jul 2019 3:40 PM

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Shobhaa De