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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CBDT |
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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 |
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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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CBDT |
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Defaulters must settle dues within 15 days of agreeing on amount under VSVS - CBDT
Posted Date : 29-Mar-2020 , 09:32:47 am | Posted By CASANSAAR
India’s direct taxes body has clarified that defaulters need to settle their tax dues within 15 days from the time the disputed amount is mutually agreed upon, under its dispute settlement mechanism that has now been extended till June 30.
Not only that, after they are issued what is known ...
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CBDT |
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CBDT issued FAQs on provisions of Vivad se Vishwas Scheme
Posted Date : 05-Mar-2020 , 08:43:14 pm | Posted By CASANSAAR
If a tax payer availing the income tax dispute settlement scheme- Vivad se Vishwas - has already paid the disputed tax while litigation is on-going then he/she can get a refund of the amount paid which is in excess of the tax payable under the scheme. This was among the 55 clarifications issued by t...
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CBDT |
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CBDT notifies Income Tax Form 10-IC and 10-ID for Lower Corporate Taxes
Posted Date : 18-Feb-2020 , 10:09:14 am | Posted By CASANSAAR
CBDT notifies Income Tax Form 10-IC and 10-ID for Lower Corporate Taxes
Income Tax Form 10-IC and 10-ID for Lower Corporate Taxes explained by CA. Shivangi Mittal.
Watch this Video.
https://youtu.be/0QCyERD9VkI
...
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CBDT |
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CBIC starts capturing district-wise data or origin of export goods
Posted Date : 18-Feb-2020 , 09:22:40 am | Posted By CASANSAAR
Keeping with the Hon’ble PM’s objective of turning districts into export hubs, Central Board of Indirect Taxes and Customs has now started capturing district-wise data or origin of export goods. The idea was also recently echoed by the Hon’ble Finance Minister in her Budget speech....
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CBDT |
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CBDT notifies forms for Cos to avail lower corporate taxes
Posted Date : 15-Feb-2020 , 09:53:00 am | Posted By CASANSAAR
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.
The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID for existing companies that want to avail lower I-T rate and new manufa...
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CBDT |
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'Vivad se Vishwas' scheme: CBDT to review pendency of appeals.
Posted Date : 12-Feb-2020 , 06:05:27 pm | Posted By CASANSAAR
CBDT will hold a nationwide review of cases pending at the ITAT and high courts level on Wednesday as part of a proposed scheme announced in the budget to settle disputed tax cases between the I-T Department and taxpayer, officials said. Meanwhile, the Union Cabinet also approved changes in the '...
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CBDT |
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CBDT issues clarification on the applicability of TDS provisions on Mutual Fund dividend
Posted Date : 04-Feb-2020 , 09:42:57 pm | Posted By CASANSAAR
The Finance Bill, 2020 proposed to remove Dividend Distribution Tax (DDT) at the level of Company/ Mutual Fund and proposed to tax the same in the hands of share/unit holder. It was also proposed to levy TDS at the rate of 10% on the dividend/ income paid by the Company/Mutual Fund to its ...
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CBDT |
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CBDT issues clarification on the new provision in Finance Bill 2020
Posted Date : 03-Feb-2020 , 09:13:58 am | Posted By CASANSAAR
Central Board of Direct Taxes has said that The Finance Bill, 2020 has proposed that an Indian citizen shall be deemed to be resident in India if he or she is not liable to be taxed in any country or jurisdiction.
It said that the new provision in Finance Bill, 2020 is not intended to inclu...
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CBDT |
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CBDT to fine businesses Rs 5,000/day for not using digital payment facilities
Posted Date : 02-Jan-2020 , 09:43:58 am | Posted By CASANSAAR
From February 1, businesses will be fined Rs 5,000 per day if they fail to accept payments through digital payment facilities, the Central Board of Direct Taxes (CBDT) said in a circular dated December 30. This will be applicable to companies with an annual turnover of over Rs 50 crore.
The move ...
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CBDT |
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CBDT seeks to widen net for appointment of members, makes younger officers eligible for post
Posted Date : 19-Nov-2019 , 03:20:01 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), the top policy-making body of the income tax department, is seeking to widen the net for the appointment of members to its board by inviting applications from relatively younger officers.
The board, which is responsible for taking decisions on matters per...
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CBDT |
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CBDT notifies PAN-Aadhaar interchangeability
Posted Date : 08-Nov-2019 , 09:26:24 am | Posted By CASANSAAR
The apex body for direct taxes has amended over 100 forms and returns to provide for interchangeability between permanent account number (PAN) and Aadhaar number.
A notification to this effect was issued by the Central Board of Direct Taxes on Thursday.
The Union Budget presented in July had a...
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CBDT |
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ePayments mandatory for businesses over Rs 50 Cr from Nov 1 - CBDT
Posted Date : 22-Oct-2019 , 10:25:56 am | Posted By CASANSAAR
Government has asked businesses with turnover exceeding Rs 50 crore to mandatorily provide electronic modes of payment from November 1. To this end, a new provision, namely Section 269SU, has been inserted in the Income-tax Act, said Central Board of Direct Taxes in a statement.
The CBDT further ...
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CBDT |
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CBDT launched Documentation Identification Number (DIN) system
Posted Date : 02-Oct-2019 , 08:33:17 am | Posted By CASANSAAR
The Documentation Identification Number (DIN) system of Central Board of Direct Taxes (CBDT) has come into existence from todaywiththe generation of about 17,500 communications with DIN on the very first day. This path breaking DIN system has been created as per the direction of Finance Minister Ms....
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CBDT |
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Date for filing ITRs,Tax Audit Reports extended till October 31
Posted Date : 27-Sep-2019 , 09:54:46 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has extended the due date for filing of income tax returns (ITRs) & Tax Audit Reports from September 30th 2019 to 31st Oct 2019 in respect of persons whose accounts are required to be audited. The CBDT said that a formal notification for the same will be ...
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CBDT |
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CBDT extends taxman's deadline to December 31 for Demonetisation Cases
Posted Date : 27-Sep-2019 , 08:23:36 am | Posted By CASANSAAR
The CBDT on Thursday extended the deadline up to December 31 for the Income-tax department to complete the final assessment of about 87,000 entities that made suspicious deposits post-demonetisation.
The existing deadline of September 30 is being "extended" by three months after conside...
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CBDT |
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CBDT to hold high-level review of I-T e-assessment system before its roll-out
Posted Date : 26-Sep-2019 , 09:59:45 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) will on Thursday conduct a pan-India review of the ambitious e-assessment system for income-tax payers before rolling it out next month. The CBDT, which frames policy for the Income-tax department, had last week set up the National e-assessment Centre (NeAC) ...
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CBDT |
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