IT department invites comments on draft rules for valuing startup investment by non-residents
Sat, May 27, 2023
Suggestions/Comments have been invited from stakeholders & 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.
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Income Tax News: I-T Department collects Rs 28-cr in taxes from new ITR-U filing
Thu, Aug 25, 2022
The abbreviation ITR-U stands for 'income tax return-updated' and is available to taxpayers for filing updated returns for 2019-20 and 2020-21 financial years or assessment years 2020-21 and 2021-22.
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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
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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
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Income Tax: ITR forms for 2021-22 notified; seek details of overseas retirement benefits, PF interest accrual
Fri, Apr 01, 2022
The finance ministry has notified new income tax return forms which, among other things, will seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year.
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I-T refunds worth Rs 70,120 cr issued till Sep 6
Sun, Sep 12, 2021
The Income Tax Department on Sunday said it has issued refunds of over Rs 70,120 crore till September 6 this year. The Central Board of Direct Taxes (CBDT) tweeted this information on its official twitter handle @IncomeTaxIndia.
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Banks get 'ITR filing compliance check' tool to track non-filers
Thu, Sep 03, 2020
"The Central Board of Direct Taxes in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961, has issued Order in F.No. 225/136/2020/ITA.II dated 31.08.2020, for furnishing information about IT Return Filing Status to Scheduled Commercial Banks, notified vide notification No. 71/2020 dated 31.08.2020 under sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Act," it said.
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Income tax: Unorganised sector ought to be in tax net, says CBDT chief
Wed, Feb 05, 2020
Income Tax: Central Board of Direct Taxes (CBDT) Chairperson P.C. Mody on Tuesday said that the unorganised sector is ought to be under the tax framework. At a conference organised by FICCI here, the CBDT chief said that having a broader tax base would result in lower tax rates across the board
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2.10 cr tax refunds of Rs 1.46 lakh cr till Nov 28: CBDT
Wed, Dec 04, 2019
According to CBDT sources, there has been a 20 per cent rise in processing of refund returns. CPC processed 2.10 crore refund returns amounting to Rs 1.46 lakh crore for the current Assessment Year 2019-20 as on November 28, 2019, compared to 1.75 crore AY 2018-19 refund returns for the same period of 2018-19, or an increase of 20 per cent.
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Relief for taxpayers! CBIC clarifies on 'confusing' rule
Tue, Nov 12, 2019
The new rule, announced by CBIC on October 9, limited the scope of input tax credit in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers to 20 per cent of the eligible amount.
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Need to simplify tax system, lower corporate tax: CBDT Member
Thu, Sep 19, 2019
Giving a brief idea for the first time about the new Direct Tax Code (DTC), the Central Board of Direct Taxes (CBDT) member and also Convenor of the Task Force Akhilesh Ranjan on Thursday said the draft law focuses on improving litigation system and easing compliance among others.
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CBDT introduces unique ID to check issue of unauthorised notices
Wed, Aug 14, 2019
In a bid to clamp down on unauthorised notices and summons issued to individuals and corporates by tax officials, the Central Board of Direct Taxes (CBDT) on Wednesday announced the introduction of computer-generated Document Identification Number (DIN).
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CBDT asks I-T Dept to probe about 3 lakh de-registered firms for money laundering
Fri, Mar 29, 2019
"In cases of detection of unusual transactions and beneficiaries thereof, appropriate action may be taken as per provisions of the I-T Act after seeking restoration of the struck off company by filing an appeal before the National Company Law Tribunal (NCLT)," the CBDT said.
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