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Tax department reduces time for taxmen to decide on refund adjustment
Sun, Dec 04, 2022
Under Section 245 of the Income Tax Act, the AO can adjust the refund (or a part of the refund) against any tax demand that is outstanding from the taxpayer. Taxpayers can submit a response to the intimation notice if he/she disagrees with the tax demand.
Budget 2023 Expectations: Capital gains tax regime to be tweaked? What we know so far on LTCG, STCG
Tue, Nov 15, 2022
Budget 2023 Expectations LTCG, STCG: Under the Income Tax Act, gains from sale of capital assets -- both movable and immovable -- are subject to 'capital gains tax'.
ITR filing process eased: CBDT proposes common ITR form for all taxpayers
Wed, Nov 02, 2022
Under the CBDT's proposal, taxpayers will have choice to choose the form for filing returns, official sources said.
CBDT extends due date for filing audit for AY 2022-23 to October 7
Sat, Oct 01, 2022
The income tax department on Friday extended the due date for filing tax audit reports for fiscal 2021-22 by 7 days till October 30.
Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal
Tue, Sep 27, 2022
The net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far this fiscal, the income tax department said on Tuesday.
CBDT Chairman Nitin Gupta On Tax Collection In Conversation With Zee Business
Tue, Aug 30, 2022
Tax collection so far has been good. .Hopefully we will meet the budget target easily: Nitin Gupta, Chairman, CBDT. Watch Tarun Sharma's exclusive conversation with CBDT Chairman Nitin Gupta.
New TDS provisions for banks: Clarificatory circular soon, says CBDT chairman Nitin Gupta
Fri, Aug 26, 2022
New TDS provisions for banks: CBDT Chairman Nitin Gupta said the board, which frames policies for the Income-Tax department, will issue an official explainer on the subject, including the "pressing" issue of one-time settlement (OTS) being faced by the banks.
CBDT chairman Nitin Gupta reveals what Income Tax department is doing to check tax evasion
Fri, Aug 26, 2022
The Central Board of Direct Taxes, the administrative body for the tax department, undertakes search and seizure operations to check instances of tax evasion apart from performing its regular task of collecting revenue for the government under the direct taxes category.
Income Tax: How CBDT is streamlining the faceless assessment system for taxpayers - DETAILS
Thu, Aug 18, 2022
According to the latest directions, a show cause notice will be mandatorily issued by the assessing officer (AO) to a taxpayer in whose case "any variation prejudicial to the interest of the assessee is proposed" or to say where an action against the assessee is proposed
Rs 150 crore black income detected by Income Tax department during raids on Jhansi-based business group
Fri, Aug 12, 2022
Another modus operandi adopted by the companies engaged in real estate, the CBDT said, includes receipt of cash over and above the stamp duty value resulting in tax evasion.
Rs 1,000-crore black income detected during raids on THIS Gujarat-based business conglomerate
Tue, Aug 02, 2022
The business group was "involved in profiteering through manipulation of share prices of its listed companies through operators."
Income Tax department detects undisclosed foreign assets, funds after raids on Delhi-Mumbai based group
Fri, Jul 15, 2022
The CBDT alleged the group was involved in "out-of-books cash sales" in its domestic operations.
PAN-Aadhaar Link: Link PAN with Aadhaar today or else you will have to pay fine
Thu, Jun 30, 2022
CBDT, which prepares the policy for the Income Tax Department, has extended the last date for linking PAN-Aadhaar till March 31, 2023. But, from July 1, a penalty of Rs 1000 will be levied every month.
New TDS Rule: How is Section 194R going to affect doctors and social media influencers?
Fri, Jun 24, 2022
The CBDT has introduced some new provisions in order to keep a check on tax revenue leakage. Section 194R, added to Finance Act 2022, states that TDS is applicable if an individual, doctor or a social media influencer takes any benefit from a company that is over Rs 20,000 in a financial year. Here is all you need to know.
CBDT notifies TDS disclosure requirements for cryptos, virtual digital assets
Wed, Jun 22, 2022
The income tax department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified
Dhanlaxmi Bank signs MoU with CBDT and CBIC for tax collection
Thu, Apr 21, 2022
Dhanlaxmi Bank on Thursday said it has signed a memorandum of understanding with Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) for collection of taxes.
Tax relief on tour operators: Govt exempts 5% TCS on overseas tour packages sold to NRIs visiting India
Fri, Apr 01, 2022
The government has exempted tour operators from collecting taxes from non-resident Indians visiting India and booking their overseas tour package from the country.
ANMI urges SEBI to extend timelines for seeding PAN with Aadhaar in investors, industry interest
Tue, Mar 29, 2022
India’s capital market forum Association of National Exchanges Members of India (ANMI) has urged the market regulator to extend the timelines of seeding PAN with Aadhaar in the interest industry and investors
Income Tax: Department issues refunds of over Rs 1.92 lakh crore till March 15
Wed, Mar 16, 2022
The income tax department on Wednesday said income tax refunds worth over Rs 1.92 lakh crore have been issued to more than 2.24 crore taxpayers so far this fiscal.
FinMin to monitor revenue, expenditure on daily basis from Mar 15 to keep fiscal deficit in check
Thu, Mar 03, 2022
Keen to keep government deficit within stated targets, the finance ministry will from March 15 start daily monitoring of the revenue receipts, including tax collections, as well as expenditure.