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Income Tax Return Filing: More than four crore income tax returns (ITRs) have been filed so far for fiscal 2022-23 and more than half of them have been processed leading to issuance of 80 lakh refunds, CBDT chairperson Nitin Gupta said on Monday. The deadline for income tax return filing is July 31.

Income Tax Return Filing: Over 4 crore ITRs filed for FY23 so far, 80 lakh refunds issued, says CBDT chairperson Nitin Gupta

Suggestions/Comments have been invited from stakeholders &amp; general public on the draft rules, which can be sent to ustpl2@nic.In, latest by June 5, 2023, the Central Board of Direct Taxes (CBDT) tweeted.

IT department invites comments on draft rules for valuing startup investment by non-residents

Suggestions/Comments have been invited from stakeholders &amp; general public on the draft rules, which can be sent to ustpl2@nic.In, latest by June 5, 2023, the CBDT tweeted. 
The rules would be effective from April 1, 2023.

I-T dept invites comments on draft rules for valuing startup investment by non-residents

Aadhaar Pan Link Status By SMS:&nbsp;As per a circular issued by the CBDT&nbsp;in March 2022, PAN allotted to a person would become inoperative if it is not linked with Aadhaar by March 31, 2023.&nbsp;

How to check Aadhaar PAN link status by SMS 

CBDT&nbsp;stated that the survey has thrown up several discrepancies and inconsistencies with regard to Transfer Pricing documentation.

 CBDT on BBC Survey: Income Tax Dept carries out searches at Mumbai, Delhi offices, finds discrepancies in tax filing terms  

&nbsp;The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form.

Income-Tax department notifies ITR forms 1-6, ITR-V and ITR acknowledgment form for 2022-23

GAIL signed APA with CBDT, a&nbsp;scheme aims to enhance the government's goal of promoting a non-adversarial tax system and improving the ease of doing business in India.

GAIL India signs advance pricing agreement with CBDT

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.

Tax department reduces time for taxmen to decide on refund adjustment

Budget 2023 Expectations LTCG, STCG:&nbsp;Under the Income Tax Act, gains from sale of capital assets -- both movable and immovable -- are subject to 'capital gains tax'.

Budget 2023 Expectations: Capital gains tax regime to be tweaked? What we know so far on LTCG, STCG

Under the CBDT's proposal, taxpayers will have choice to choose the form for filing returns, official sources said.

ITR filing process eased: CBDT proposes common ITR form for all taxpayers

The&nbsp;income tax department&nbsp;on Friday extended the due date for filing tax audit reports for fiscal 2021-22 by 7 days till October 30.

CBDT extends due date for filing audit for AY 2022-23 to October 7

Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal

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.

CBDT Chairman Nitin Gupta On Tax Collection In Conversation With Zee Business

New TDS provisions for banks:&nbsp;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.

New TDS provisions for banks: Clarificatory circular soon, says CBDT chairman Nitin Gupta

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.

CBDT chairman Nitin Gupta reveals what Income Tax department is doing to check tax evasion

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

Income Tax: How CBDT is streamlining the faceless assessment system for taxpayers - DETAILS

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 150 crore black income detected by Income Tax department during raids on Jhansi-based business group

The business group was "involved in profiteering through manipulation of share prices of its listed companies through operators."

Rs 1,000-crore black income detected during raids on THIS Gujarat-based business conglomerate

The CBDT alleged the group was involved in "out-of-books cash sales" in its domestic operations.

Income Tax department detects undisclosed foreign assets, funds after raids on Delhi-Mumbai based group

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.

PAN-Aadhaar Link: Link PAN with Aadhaar today or else you will have to pay fine

cbdt

 CBDT (Central Board of Direct Taxes) Chairman Ravi Agarwal has clarified that the department is currently investigating “high-value” and “red-flagged” refund claims due to suspected incorrect deductions. 

Income Tax Refund Delays: CBDT says pending dues to be cleared by December; here’s how to check your refund status

India will roll out freshly designed income-tax return forms under the new Income Tax Act, 2025, with the Finance Ministry set to notify them by January 2026. The updated forms and rules will come into force from April 1, 2026, giving taxpayers time to adjust to the new system.

New ITR forms to be notified by January 2026: Know when they take effect

The extension applies to assessees covered under clause (a) of Explanation 2 to sub-section (1) of Section 139 of the Income-tax Act, 1961 — a category that typically includes companies, firms, and individuals whose accounts are required to be audited.

CBDT extends ITR and audit report filing deadlines for AY 2025–26

CBDT received representations from various professional associations, including Chartered Accountant bodies, highlighting certain difficulties being faced by taxpayers and practitioners in the timely completion of audit reports. 

Income Tax Audit: CBDT extends deadline for filing various audit reports to October 31

CAG, CBDT sign MoU to strengthen audit cooperation and tax administration

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Income Tax Return Filing: Over 4 crore ITRs filed for FY23 so far, 80 lakh refunds issued, says CBDT chairperson Nitin Gupta

IT department invites comments on draft rules for valuing startup investment by non-residents

I-T dept invites comments on draft rules for valuing startup investment by non-residents

How to check Aadhaar PAN link status by SMS

CBDT on BBC Survey: Income Tax Dept carries out searches at Mumbai, Delhi offices, finds discrepancies in tax filing terms

Income-Tax department notifies ITR forms 1-6, ITR-V and ITR acknowledgment form for 2022-23

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