Central Board-of-direct-taxes

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Central Board-of-direct-taxes - Total results - 95
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.

Income tax refund worth Rs 80,000 crore issued to taxpayers in current financial year
India

Income tax refund worth Rs 80,000 crore issued to taxpayers in current financial year

This figure includes income tax refunds of Rs 19,699 crore in 47,53,254 cases and corporate tax refunds of Rs 60,387 crore in 1,63,021 cases, the Central Board of Direct Taxes tweeted on Thursday

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

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

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.

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

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

Budget 2020 did not end woes of aam aadmi; Nirmala Sitharaman opened a Pandora's Box with removal of tax exemptions instead
Business

Budget 2020 did not end woes of aam aadmi; Nirmala Sitharaman opened a Pandora's Box with removal of tax exemptions instead

While the introduction of a new personal tax regime with reduced rates made the aam aadmi happy, the Finance Minister opened a Pandora’s Box with the denial of various exemptions/deductions.

I-T Department clarifies 10% TDS applicable only on dividend paid by mutual funds, not on redemption of units
Business

I-T Department clarifies 10% TDS applicable only on dividend paid by mutual funds, not on redemption of units

The tax department on Tuesday clarified that the Budget proposal of 10 percent TDS will be applicable only on dividend payment by mutual funds and not on gain arising out of redemption of units

Tax employee unions irked by govt's switch to faceless assessment; complain about inadequate resources to make changes
Business

Tax employee unions irked by govt's switch to faceless assessment; complain about inadequate resources to make changes

Indian tax officials are pushing back against Prime Minister Narendra Modi’s new faceless tax assessment program, complaining about a lack of consultation and inadequate resources to implement the changes, a letter reviewed by Reuters shows

Strict punishment in offing for 3.38 lakh shell company owners: Centre to deploy DRI, FIU, CBDT, CBI for probe; ED to verify how funds are managed, laundered
India

Strict punishment in offing for 3.38 lakh shell company owners: Centre to deploy DRI, FIU, CBDT, CBI for probe; ED to verify how funds are managed, laundered

So far, 3.38 lakh shell companies has been identified and de-registered by the Ministry of Corporate Affairs. A maximum of 75,000 companies in Delhi, 73,000 in Mumbai, 46,000 in Andhra Pradesh and Telangana together, and 16,000 in Kolkata were identified as shell entities which were used for tax evasion, obscuring real ownership, money laundering and purchase of benami properties.

Government extends deadline to link PAN, Aadhaar from 30 September to 31 December
India

Government extends deadline to link PAN, Aadhaar from 30 September to 31 December

The deadline to link PAN with Aadhaar has been extended till 31 December, a The Central Board of Direct Taxes order said Saturday.

CBDT sacks another 15 high-ranking tax officials as Narendra Modi govt continues crackdown on corruption
India

CBDT sacks another 15 high-ranking tax officials as Narendra Modi govt continues crackdown on corruption

The CBDT said action against senior tax officials is in line with what Prime Minister Narendra Modi said in his address to the nation

CBDT compulsorily retires 15 more senior tax officials as Centre continues crackdown on corruption
India

CBDT compulsorily retires 15 more senior tax officials as Centre continues crackdown on corruption

Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of the Red Fort when he had said some black sheep in the tax administration may have misused their powers and harassed taxpayers,

Demonetisation cases: CBDT extends I-T dept’s deadline to 31 Dec to complete final assessment of 87,000 entities
Business

Demonetisation cases: CBDT extends I-T dept’s deadline to 31 Dec to complete final assessment of 87,000 entities

The existing deadline of 30 September for Income Tax department is being 'extended' by three months after considering 'various difficulties' being reported by the field offices of the department in finalising assessments in OCM (operation clean money) cases, said a senior official.

Task force on Direct Tax Code proposes 10% tax for income between Rs 5 lakh and Rs 10 lakh, 20% till Rs 20 lakh
Business

Task force on Direct Tax Code proposes 10% tax for income between Rs 5 lakh and Rs 10 lakh, 20% till Rs 20 lakh

The task force has recommended 30 percent tax rate for income bracket of Rs 20 lakh - Rs 2 crore and 35 percent for the income of Rs 2 crore and above per annum