Cbdt

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Cbdt - Total results - 273
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.

Coronavirus Outbreak: Govt extends validity of lower withholding tax orders by three months till 30 June
Business

Coronavirus Outbreak: Govt extends validity of lower withholding tax orders by three months till 30 June

The Finance Ministry on Tuesday extended the validity of all lower withholding tax orders by three months till 30 June in view of hardships caused due to COVID-19 pandemic

Tax dept asks officers working from home to chase large taxpayers for dues over phone or email
Business

Tax dept asks officers working from home to chase large taxpayers for dues over phone or email

A three-month extension in deadlines for tax payment and filing of returns notwithstanding, the Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections

Wealth tax, STT, CTT disputes kept out of Vivad Se Vishwas amnesty scheme; govt issues detailed FAQ
Business

Wealth tax, STT, CTT disputes kept out of Vivad Se Vishwas amnesty scheme; govt issues detailed FAQ

Disputes relating to wealth, securities transaction, commodity transaction taxes and equalisation levy will not be covered under 'Vivad Se Vishwas' amnesty scheme

Income tax officials threaten to cut workload in protest over working conditions
Business

Income tax officials threaten to cut workload in protest over working conditions

Indian tax officials on Wednesday threatened to cut their workloads in protest over working conditions, a move that could dent New Delhi’s tax collection just as the government scrambles to fill coffers before the fiscal year ends on 31 March

Income Tax Department notifies forms for firms to avail lower corporate tax rates announced in September last year
Business

Income Tax Department notifies forms for firms to avail lower corporate tax rates announced in September last year

The income tax (I-T) department has notified forms for companies to avail the reduced corporate tax rates that were announced in September last year

'Incriminating evidence' found by CBDT during I-T raids of residence, offices of N Chandrababu Naidu's former private secretary
India

'Incriminating evidence' found by CBDT during I-T raids of residence, offices of N Chandrababu Naidu's former private secretary

The Central Board of Direct Taxes announced the seizure of 'incriminating evidence' from the residence and other premises of former Andhra Pradesh Chief Minister N Chandrababu Naidu's ex-private secretary Pendyala Srinivasa Rao

Mutual fund industry body seeks clarification from tax authorities on removal of DDT, TDS introduction
Business

Mutual fund industry body seeks clarification from tax authorities on removal of DDT, TDS introduction

Industry body AMFI has sought clarification from relevant tax authorities with regard to the government's plan to scrap dividend distribution tax (DDT) on mutual funds and introduction of tax deducted at source on the income distributed by such products, fund managers and officials have said