Businesses need not deduct TDS on share/commodity purchases via exchanges - CBDT
Posted Date : 05-Jul-2021 , 10:13:14 am | Posted By CASANSAAR
Businesses buying shares or commodities traded through recognised stock or commodity exchanges for any value even above Rs 50 lakh will not be required to deduct TDS on transaction, the Income-Tax Department has said.
The I-T department has introduced a provision relating to Tax Deducted at Sourc...
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CBDT |
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Centre appoints three new members on CBDT board
Posted Date : 28-May-2021 , 09:09:31 am | Posted By CASANSAAR
Three new members were on Thursday appointed to the Central Board of Direct Taxes (CBDT), the administrative and policy-making body for the Income Tax Department. An order issued by the Appointments Committee of the Cabinet (ACC) named 1985 batch officers of the Indian Revenue Service Anu J Singh, J...
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CBDT |
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CBDT notifies New Income Tax Return Forms for AY 2021-22
Posted Date : 02-Apr-2021 , 09:10:52 am | Posted By CASANSAAR
The Central Board of Direct Taxes has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 vide Notification no.21/2021 in G.S.R. 242(E) dated 31.03.2021. Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change have been...
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CBDT further extends deadline for filing declarations under Vivad Se Vishwas scheme
Posted Date : 27-Feb-2021 , 09:08:09 am | Posted By CASANSAAR
The Income Tax Department on Friday extended the deadline for filing declarations and making payment under direct tax dispute resolution scheme Vivad Se Vishwas (VsV) till March 31 and April 30.
“CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to...
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Taxpayers to be informed upfront reasons for reopening of tax assessment - CBDT
Posted Date : 06-Feb-2021 , 08:29:50 am | Posted By CASANSAAR
Taxpayers will be informed upfront about the reasons for which their I-T returns are getting reopened for scrutiny and only in case of non-satisfactory reply would the case get opened up again, CBDT chief P C Mody said on Friday.
The 2021-22 Budget has lowered the time limit for reopening of tax ...
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CBDT |
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CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets
Posted Date : 13-Jan-2021 , 07:58:24 am | Posted By CASANSAAR
Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of the Department to receive and process complaints of tax evasion, foreign...
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CBDT |
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CBDT Allow One time relaxation to update the UDIN before 31st Dec.2020 of audit report/certificates
Posted Date : 16-Dec-2020 , 09:37:51 am | Posted By CASANSAAR
CBDT Allow One time relaxation to update the UDIN before 31st Dec.2020 of audit report/certificates to avoid invalidation
A One time relaxation to update UDIN has been enabled. Kindly update the UDIN before 31st December, 2020 of audit report/certificates to avoid invalidation.
(Source - IncomeT...
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CBDT to validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports
Posted Date : 27-Nov-2020 , 07:46:02 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regul...
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CBDT |
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CBDT keeps tolerance range for transfer pricing unchanged
Posted Date : 20-Oct-2020 , 08:53:42 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Monday reiterated tolerance range of 1-3% under transfer pricing rules for the current financial year even though experts said it was expected that the tax department would provide concession given the Covid-19 pandemic.
India’s transfer pricing r...
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CBDT |
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CBDT clamps down on coercive assessment, tax recovery measures by officers
Posted Date : 17-Oct-2020 , 09:44:06 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has restricted the coercive and intrusive powers of assessing and tax recovery officers with immediate effect.
In its circular, the board asked the officers to take coercive and intrusive measures only after exhaustion of other means of recovery.
It sai...
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CBDT |
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CBDT issues clarifications on new TDS/TCS norms applicable from October 1 onwards
Posted Date : 30-Sep-2020 , 08:27:34 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on September 29 issued a detailed clarification pertaining to the new TDS/TCS provisions set to be applicable from October 1, 2020, onward.
The Finance Act, 2020, widens the scope of TCS provisions to cover the sale of goods, sale of overseas tour packages...
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CBDT |
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CBDT lays out five parameters for compulsory selection of returns under faceless assessment
Posted Date : 18-Sep-2020 , 09:51:49 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has prescribed five broad parameters for compulsory selection of returns for complete scrutiny under faceless assessment for FY 2020-21.
The Board has clarified various situations and the parameters basis which the cases would be selected for scrutiny, and...
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CBDT |
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CBDT dedicates two-thirds of workforce to faceless assessment scheme
Posted Date : 15-Sep-2020 , 10:12:25 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has dedicated two-thirds of its workforce towards the faceless assessment scheme, launched by Prime Minister Narendra Modi on August 13 this year.
The National e-Assessment Centre (NeAC), headed by principal chief commissioner of Income Tax (I-T) has const...
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CBDT |
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Income tax department authorities can share info with scheduled commercial banks - CBDT
Posted Date : 02-Sep-2020 , 09:41:12 am | Posted By CASANSAAR
The CBDT has said the income tax authorities can share information with scheduled commercial banks, a move that would ease the lenders' hassle of deciding TDS deductibility on various payments to their customers.
In a notification dated August 31, the Central Board of Direct Taxes (CBDT) incl...
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CBDT |
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CBDT asks banks to refund charges on electronic transactions
Posted Date : 31-Aug-2020 , 10:41:01 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on August 30 asked banks to refund any charges they collected after January 1 on transactions made through electronic means.
According to a circular, this comes after the CBDT received several representations that said banks are charging an additional fee ...
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CBDT |
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Income Tax surveys to be conducted only by investigation wing, TDS directorate - CBDT
Posted Date : 14-Aug-2020 , 10:55:47 am | Posted By CASANSAAR
The income tax surveys to collect information for scrutiny assessment will be undertaken only by the investigation wing and the tax deducted at source (TDS) directorate with effect from Thursday, the Central Board of Direct Taxes (CBDT) has said.
In an order, the CBDT said officers in Direc...
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CBDT |
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CBDT unearths money laundering worth over Rs 1000 Cr involving Chinese nationals
Posted Date : 12-Aug-2020 , 09:52:41 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) has unearthed money-laundering worth over 1,000 crore rupees involving Chinese and Indian nationals. The Income Tax Department has conducted searches on premises of Chinese entities, their close confederates and a couple of bank employees.
CBDT said, based on ...
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CBDT |
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CBDT allows income tax authorities to share information with CCI
Posted Date : 01-Aug-2020 , 10:12:38 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has authorised income tax authorities to share information or details in its possession with the Competition Commission of India (CCI), in a notification issued on Friday.
The Board has clarified that only relevant and precise information will be shared by...
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CBDT |
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CBDT has refunded Rs. 71,229 crore so far to help taxpayers during COVID-19 pandemic
Posted Date : 18-Jul-2020 , 08:36:25 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases upto 11th July, 2020, to help taxpayers with liquidity during COVID-19 pandemic, since the Government’s decision of 8th April, 2020 to issue pending income tax re...
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CBDT |
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CBDT restarts proceedings under faceless scheme
Posted Date : 15-Jul-2020 , 10:37:06 am | Posted By CASANSAAR
The Central Board of Direct Taxes lifted an embargo on e-communication with taxpayers under the faceless scheme, issuing a circular asking its officers to reach out to assessees and start proceedings in all pending cases. The CBDT has set a target of completing 5,000 assessments a week, according to...
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CBDT |
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CBDT provides Utility to ascertain TDS Applicability Rates on Cash Withdrawals
Posted Date : 12-Jul-2020 , 10:32:32 pm | Posted By CASANSAAR
The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of t...
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CBDT |
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Memorandum of Understanding (MoU) between CBDT and SEBI signed
Posted Date : 09-Jul-2020 , 10:37:51 am | Posted By CASANSAAR
A formal Memorandum of Understanding (MoU) was signed today between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations. The MoU was signed by Smt. Anu J. Singh, Pr. DGIT (Systems), CBDT and Smt. Madhabi Puri ...
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Govt rejects media report over proposal to merge CBDT & CBIC
Posted Date : 07-Jul-2020 , 08:48:10 am | Posted By CASANSAAR
Government today dismissed the media report that it is considering a proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs.
The Finance Ministry has termed the news item as factually incorrect clarifying that the government has no proposal to merge th...
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CBDT |
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CBDT orders tax officials to not issue scrutiny notices to taxpayers
Posted Date : 10-May-2020 , 08:23:48 am | Posted By CASANSAAR
After rejecting “ill-conceived” suggestions by a group of Indian Revenue Services (IRS) officers, the Central Board of Direct Taxes (CBDT) directed officials not to keep any communication with assessees or issue scrutiny notices to them without the board’s approval.
According to...
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CBDT amends Rule 44G of Income-tax Rules 1962
Posted Date : 08-May-2020 , 11:51:53 am | Posted By CASANSAAR
Central Board of Direct Taxes on Thursday has amended Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in Form no. 34F.
"CBDT amends Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in F...
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CBDT |
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CBDT takes action against three IRS officers for controversial tax report
Posted Date : 28-Apr-2020 , 09:16:36 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has stripped three senior officers of their current responsibilities for allegedly breaching service rules in preparing a policy document suggesting ways to deal with the coronavirus pandemic and making it public.
CBDT has charged three Indian Revenue Serv...
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CBDT |
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Emails to taxpayers for tax refund should not be misconstrued - CBDT
Posted Date : 22-Apr-2020 , 10:19:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes, CBDT, today refuted rumours circulated on social media alleging that the Income Tax Department is pursuing recovery proceedings and using arm-twisting methods by adjusting outstanding demands of the start-ups. CBDT stated these observations completely unfounded and...
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CBDT |
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CBDT revised return forms for FY 2019-20 to be notified by end of this month
Posted Date : 20-Apr-2020 , 08:46:03 am | Posted By CASANSAAR
Central Board of Direct Taxes is revising the return forms for Financial Year 2019-20 which shall be notified by the end of this month. This is being done in order to enable income tax payers to avail full benefit of various timeline extensions upto 30th of June granted by Centre due to COVID-19 pan...
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CBDT |
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CBDT issues over 10 lakh refunds worth Rs 4,250 Cr in a week
Posted Date : 16-Apr-2020 , 09:04:23 am | Posted By CASANSAAR
Central Board of Direct taxes, CBDT, has processed over 10 lakh refunds worth four thousand 250 crore rupees in a week. These refunds are over and above the two crore 50 lakh refunds already issued in 2019 -20 till 31st of March totaling to one lakh 84 thousand crore rupees. Last week, CBDT had said...
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CBDT |
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CBDT clarifies on issue of certificates for collection of TDS, TCS
Posted Date : 10-Apr-2020 , 10:55:38 am | Posted By CASANSAAR
To mitigate the hardships to taxpayers, Central Board of Direct Taxes (CBDT) on Thursday provided clarification on orders under Section 119 of the Income-Tax Act, 1961 issued relating to the issue of certificates for lower deduction/collection of TDS/TCS.
With regard to the issue of the validity ...
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