Cbdt

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Income tax refunds of Rs 92,961 crore issued during this fiscal, says CBDT
India

Income tax refunds of Rs 92,961 crore issued during this fiscal, says CBDT

This figure includes income tax refunds of Rs 23,026 crore in 61,53,231 cases and corporate tax refunds of Rs 69,934 crore in 1,69,355 cases, an official Twitter post said

More than two crore ITRs filed on new income tax portal; CBDT urges taxpayers to file returns at earliest
Business

More than two crore ITRs filed on new income tax portal; CBDT urges taxpayers to file returns at earliest

Asking taxpayers to file their income tax returns (ITRs) for fiscal 2020-21 (April 2020-March 2021) at the earliest, the Central Board of Direct Taxes (CBDT) said all ITRs have been made available for e-filing.

CBDT extends deadline for filing Income Tax returns for AY 2021-22 to 31 December
Business

CBDT extends deadline for filing Income Tax returns for AY 2021-22 to 31 December

This comes merely a day after the income tax department said a number of technical issues on the new ITR portal are being progressively addressed and 1.19 crore ITRs for 2020-21 fiscal year have been filed so far.

CBDT says income tax portal's technical issues being progressively addressed; 1.19 crore ITRs filed
Business

CBDT says income tax portal's technical issues being progressively addressed; 1.19 crore ITRs filed

The Income Tax Return (ITR) filing has increased to 3.2 lakh daily in September 2021.

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing
India

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing

Income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with banks to get exemption from filing I-T return.

Income tax refunds over Rs 67,400 crore issued in five months of this fiscal
India

Income tax refunds over Rs 67,400 crore issued in five months of this fiscal

Of this, income tax refunds of Rs 16,373 crore have been issued in over 22.61 lakh cases and corporate tax refunds of Rs 51,029 crore have been issued in over 1.37 lakh cases

ITR due date extension: Centre extends FY21 filing deadline for individual tax payers to 30 Sep
India

ITR due date extension: Centre extends FY21 filing deadline for individual tax payers to 30 Sep

The deadline for issuing Form 16 by employers to employees has also been extended by a month till 15 July, 2021, the CBDT said

I-T Department seizes Rs 1.25 cr cash in UP and Bihar raids on businessman and bank chairman
India

I-T Department seizes Rs 1.25 cr cash in UP and Bihar raids on businessman and bank chairman

Though the CBDT did not identify those who were raided, sources said the businessman has links with a political party in election-bound Bihar

Faceless assessment and appeal, taxpayer charter: Decoding Narendra Modi's new reforms
India

Faceless assessment and appeal, taxpayer charter: Decoding Narendra Modi's new reforms

Under faceless assessment, a central computer picks up tax returns for scrutiny based on risk parameters and mismatch and then allots them randomly to a team of officers.

Narendra Modi unveils new tax reforms, says system will now be 'seamless, painless and faceless'
Business

Narendra Modi unveils new tax reforms, says system will now be 'seamless, painless and faceless'

Launching the platform 'Transparent Taxation – Honoring the Honest', Modi said that the I-T dept will start faceless appeals from 25 September

I-T Department continues raids on Chinese individuals, local contacts in Rs 1,000-cr money laundering case
India

I-T Department continues raids on Chinese individuals, local contacts in Rs 1,000-cr money laundering case

A 42-year-old Chinese man identified as Charlie Peng, alleged to be the kingpin of the racket, has been detained

Delhi: I-T department raids premises of Chinese entities, associates with suspected hawala links for alleged money laundering
India

Delhi: I-T department raids premises of Chinese entities, associates with suspected hawala links for alleged money laundering

The search revealed that a subsidiary of a Chinese company, related concerns took over Rs 100 crore advances from shell entities for opening retail showrooms

Income Tax Department notifies minimum fees for managers of India-based offshore funds
Business

Income Tax Department notifies minimum fees for managers of India-based offshore funds

The income tax department has notified the minimum fee to be received by India-based fund managers of an overseas fund

Income Tax Department issues refunds of Rs 26,242 cr since April to 16.84 lakh taxpayers; move to ease liquidity
Business

Income Tax Department issues refunds of Rs 26,242 cr since April to 16.84 lakh taxpayers; move to ease liquidity

The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis

Govt brushes off officers' proposal for wealth, coronavirus tax on super rich; terms IRS report 'irresponsible'
Business

Govt brushes off officers' proposal for wealth, coronavirus tax on super rich; terms IRS report 'irresponsible'

The suggestions are part of a paper titled 'Force', which stands for 'Fiscal Options & Response to the COVID-19 Epidemic', submitted by the Indian Revenue Service (IRS) Association to CBDT (Central Board of Direct Taxes) Chairman P C Mody,

Vivad se Vishwas scheme: Assessee eligible to file declarations despite issuance of notice to initiate prosecution
Business

Vivad se Vishwas scheme: Assessee eligible to file declarations despite issuance of notice to initiate prosecution

In the FAQ issued on 4 March, the CBDT said that where notice for initiation of prosecution has been issued with reference to tax arrears, taxpayer has a choice to compound the offence and opt for Vivad se Vishwas.

Income Tax Department sends e-mails to 1.72 lakh assessees over outstanding tax dues
Business

Income Tax Department sends e-mails to 1.72 lakh assessees over outstanding tax dues

The income tax department has sent e-mails to 1.72 lakh assessees, including start-ups, companies and individuals, who have outstanding tax demands as well as tax refunds asking them to provide as update on the payment

CBDT to revise income tax return forms to help taxpayers avail benefits of timeline extension due to COVID-19
Business

CBDT to revise income tax return forms to help taxpayers avail benefits of timeline extension due to COVID-19

The CBDT said that it has initiated necessary changes in the ITR forms so that taxpayers could take benefits of their transactions carried out during 1 April 2020 to 30 June 2020.

I-T refunds worth Rs 4,250 cr issued in a week; to be credited in 5-7 days in taxpayer bank account: CBDT
Business

I-T refunds worth Rs 4,250 cr issued in a week; to be credited in 5-7 days in taxpayer bank account: CBDT

The Income Tax department has issued over 10.2 lakh refunds worth Rs 4,250 crore within a week, the Central Board of Direct Taxes (CBDT) said on Wednesday

Coronavirus Outbreak: Donation by employees to PM CARES fund through employer to reflect in Form 16 TDS certificate
Business

Coronavirus Outbreak: Donation by employees to PM CARES fund through employer to reflect in Form 16 TDS certificate

Form 16 issued by employer will be considered to be a conclusive evidence of donation made by employee and tax deduction u/s 80-G shall be allowed to the respective employee.