CBDT launches one-time facility for compounding of income tax offences
Posted Date : 12-Sep-2019 , 10:42:27 am | Posted By CASANSAAR
A one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT directive said. It said this "one-time measure" is being undertaken to mitigate unintended hardship to taxpayers in deserving cases a...
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CBDT |
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CBDT enters into 26 APAs during the current Financial Year
Posted Date : 05-Sep-2019 , 09:35:05 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered into 26 Advance Pricing Agreements (APAs) in the first 5 months of the current financial year (April to August, 2019). With the signing of these APAs, the total number of APAs entered into by the CBDT as of now stand at 297, which includes 32 Bila...
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CBDT |
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CBDT constitutes startup cell to address various tax grievances
Posted Date : 04-Sep-2019 , 08:27:44 am | Posted By CASANSAAR
In order to further dispel the fears surrounding the Angel Tax for startups, the Central Board of Direct Taxes (CBDT) has constituted a startup cell to redress grievances and address various tax related issues. It also has the provision to file these grievances online. The body also reiterated the m...
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CBDT |
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CBDT consolidates Circulars for ease of compliance of Start-ups
Posted Date : 03-Sep-2019 , 09:33:57 am | Posted By CASANSAAR
In order to provide hassle-free tax environment to the Start-ups, a series of announcements have been made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman in her General Budget Speech, 2019, and also on 23rd August 2019. To give effect to these announcements, the Central Bo...
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CBDT |
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PMO seeks litigation withdrawal update from CBDT
Posted Date : 31-Aug-2019 , 10:47:01 am | Posted By CASANSAAR
The PMO has sought an update from the CBDT about the number of appeals it has withdrawn from various courts after a direction was recently issued to enhance monetary limits for filling appeals in various legal forums in order to reduce litigation between the Income-Tax department and the taxpayers.
...
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CBDT |
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Govt extends CBDT Chairman Mody’s tenure by 1 year
Posted Date : 30-Aug-2019 , 09:30:32 am | Posted By CASANSAAR
The tenure of Central Board of Direct Taxes (CBDT) Chairman Pramod Chandra Mody has been extended by an year, a government order said on Thursday.
According to the order, the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, has approved “re-appointment&rd...
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CBDT |
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CBDT clarifies differential regime between domestic investors (including AIF category III) and FPIs
Posted Date : 28-Aug-2019 , 09:00:53 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) said today that an incorrect perception is being created in a section of media as if announcements made by Smt. Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs, in a press conference on 23rd August 2019, which brought in a number of resp...
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CBDT |
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CBDT clarifications on Income Tax return bring relief to NRIs
Posted Date : 28-Aug-2019 , 09:14:08 am | Posted By CASANSAAR
Non-residents will not need to disclose their directorships in foreign companies that do not generate any income from India in their tax return forms, the Central Board of Direct Taxes has said.
The apex direct taxes body on Tuesday issued a set of fresh clarifications for filing of income ...
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CBDT |
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CBDT issues clarification on eligibility of small Start-ups to avail tax holiday
Posted Date : 23-Aug-2019 , 09:09:19 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’), which provides deduction for 100 per cent of income of an...
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CBDT |
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All communication from tax dept to assessees to carry DIN from Oct 1 - CBDT
Posted Date : 16-Aug-2019 , 08:50:41 am | Posted By CASANSAAR
The CBDT said all communications made by the tax department to assessees from October 1 will carry a Document Identification Number (DIN) in order to promote transparency.
With a view to bringing greater transparency in the functioning of the tax administration and improvement in service de...
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CBDT |
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CBDT rebuts incorrect reports about Income Tax notices to Durga Puja Committees
Posted Date : 14-Aug-2019 , 10:38:07 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Tuesday denied reports of Income Tax notices being issued to Durga Puja committees in Kolkata.
"It is unequivocally stated that the said reports are factually incorrect and are strongly denied. It is a fact that no notice was issued to the Durga Pu...
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CBDT |
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Income Tax dept relaxes assessment and scrutiny norms for start-ups
Posted Date : 09-Aug-2019 , 08:05:13 am | Posted By CASANSAAR
The income tax (I-T) department has relaxed its assessment and scrutiny norms for start-ups.
In a circular it directed its officers not to raise additional tax demands for start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT).
This will be done in cases wh...
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CBDT |
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CBDT lays out revised region-wise direct tax collection target
Posted Date : 07-Aug-2019 , 08:17:24 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on August 5 laid out the target for achieving the government's revised direct tax collection of Rs 13.35 lakh crore.
In a letter to all principal commissioners, the CBDT laid out targets for each of its regions, with the Mumbai region expected to contr...
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CBDT |
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CBDT issues clarification on incorrect reports in social media pertaining to difficulty in filing of Income Tax Returns
Posted Date : 17-Jul-2019 , 08:28:15 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) has said today that no changes have been made in any of the Income-tax Return (ITR) forms including ITR-2 and ITR-3 since the notification made on 1st April 2019, i.e. on the 1st day of the Assessment Year 2019-20. There were reports in social media that the taxp...
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CBDT |
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No changes made in ITR forms after April 1 2019 - CBDT
Posted Date : 16-Jul-2019 , 09:12:44 pm | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) has said, no changes have been made in any of the Income-tax Return (ITR) forms since the notification made on 1st April this year.
CBDT, in an official statement, said, there were reports in social media that the taxpayers were facing difficulties in fi...
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CBDT |
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CBDT extends deadline for employers to issue Form 16 till July 10
Posted Date : 05-Jun-2019 , 09:33:51 am | Posted By CASANSAAR
CBDT has extended the deadline for employers to issue Form 16 TDS (Tax Deducted at Source) certificate for the financial year 2018-19 to its employees by 25 days till 10 of next month. Earlier the last date was the 15th of June. The due date of filing of TDS statement by employers to the Income Tax ...
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CBDT |
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Task Force on Direct Tax Laws to Submit Report by July 31
Posted Date : 25-May-2019 , 09:26:51 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) Task Force has been granted a two-month extension till 31 July, by the Finance Ministry, to draft new direct tax code, news agency ANI reported on Friday, 24 May, citing Finance Ministry sources.
Earlier during the day, Finance Minister Arun Jaitley met al...
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CBDT |
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CBDT issues draft notification for amendment in Audit Report of Trust / Institutions
Posted Date : 21-May-2019 , 06:15:57 pm | Posted By CASANSAAR
Section 12A of the Income-tax Act, 1961 (the Act) provides for conditions for applicability of Sections 11 and 12 of the Act. One such condition under clause (b) of sub-section (1) thereof is that where the total income of the trust or institution computed without giving effect to Se...
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CBDT |
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CBDT allows advisors of foreign funds to double as asset managers
Posted Date : 21-May-2019 , 09:58:06 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has allowed Sebi-approved asset management companies (AMCs) to double as fund managers as well rather than being mere ‘advisors’ to offshore funds.
CBDT has removed a taxation-related rule that prevented such advisors to foreign funds from beco...
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CBDT |
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CBDT orders transfer posting of 20 Principal Chief Commissioners
Posted Date : 17-May-2019 , 09:51:07 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has announced transfer postings of 20 principal chief commissioners of the Income Tax Department.
A CBDT official told ANI that Monday's order was issued after seeking the Election Commission's approval.
A total of 14 officers were promoted on M...
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CBDT |
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CBDT identifies 20.4 million non-filers, asks I-T dept to take action
Posted Date : 19-Apr-2019 , 10:25:41 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and ‘drop filers’ of tax returns.
According to the non-filer monitoring system (NMS) of the I-T department, data for 20.4 million non-filers ha...
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CBDT |
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CBDT sets 30 June deadline to dispose of demonetisation cases
Posted Date : 15-Apr-2019 , 09:23:35 pm | Posted By CASANSAAR
Tax authorities have set a deadline of June 30 to clear up all demonetisation-related cases.
In its interim action plan for the first quarter of 2019-20, the Central Board of Direct Tax (CBDT) has instructed its officials to “dispose of all cases related to demonetisation where assessment i...
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CBDT |
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CBDT notifies relaxed norms for startups
Posted Date : 07-Mar-2019 , 10:24:56 am | Posted By CASANSAAR
The income tax (I-T) department has notified the modified norms for startups to enable them to seek 'angel tax' exemption for investments of up to Rs 25 crore.
The modified norms, which are aimed at encouraging budding entrepreneurs, will be effective retrospectively from February 19, whe...
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CBDT |
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CBDT task force gets 3-month extension till May to draft new direct tax law
Posted Date : 02-Mar-2019 , 07:56:12 am | Posted By CASANSAAR
A task force set up under the CBDT to draft a new direct tax law and replace the existing Income Tax Act has been given a three-month extension till May, an official order said.
The current term of the task force expired on February 28 and the panel under Central Board of Direct Taxes (CBDT) memb...
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CBDT |
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CBDT sets up panel to help bring down tax litigation
Posted Date : 23-Feb-2019 , 10:56:29 am | Posted By CASANSAAR
The government is looking to address taxation-related pain points and cut down the number of tax litigations, while focusing on some of the major issues that may lead to revenue generation, people familiar with the development said.
The Central Board of Direct Taxes (CBDT) has formed a four...
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CBDT |
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PAN Aadhaar Linking is mandatory for tax filers and to be completed by March 31 - CBDT
Posted Date : 16-Feb-2019 , 08:34:14 am | Posted By CASANSAAR
The CBDT has stressed that Aadhaar-PAN linking is 'mandatory' for those filing an Income Tax Return (ITR) and this procedure has to be 'completed' by March 31 this year. "Constitutional validity of Aadhaar has been upheld by the Supreme Court of India in September, 2018. Consequ...
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CBDT |
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PC Mody takes charge as new CBDT Chairman
Posted Date : 16-Feb-2019 , 08:20:03 am | Posted By CASANSAAR
IRS officer Pramod Chandra Mody on Friday took over as the new chairman of the Central Board of Direct Taxes (CBDT), the policy making body of the Income Tax Department.
Mody, a 1982-batch Indian Revenue Service (Income Tax cadre) officer, has been appointed in place of Sushil Chandra, who was on...
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CBDT |
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CBDT chairman Sushil Chandra appointed as new Election Commissioner
Posted Date : 15-Feb-2019 , 10:06:16 am | Posted By CASANSAAR
Sushil Chandra, the chairman of the Central Board of Direct Taxes (CBDT), has been appointed as the new Election Commissioner on Thursday.
A 1980-batch Indian Revenue Service (IRS) official and an IIT alumnus, Chandra has recently retired from the CBDT, who was given a one-year extension till May...
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CBDT |
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Income tax rebate of Rs 12500 to those who earn up to Rs 5 lakh from April 1 - CBDT
Posted Date : 02-Feb-2019 , 04:45:51 pm | Posted By CASANSAAR
The income tax department will give a "straight rebate" of Rs 12,500 to people having an annual income of Rs 5 lakh from the beginning of next fiscal, thus making their tax liability zero, CBDT Chairman Sushil Chandra said Friday, explaining the proposal made in the Union Budget for 2019-2...
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CBDT |
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CBDT notifies verification scheme for issuance of e-notices to taxpayers
Posted Date : 01-Feb-2019 , 09:20:42 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has come up with a new verification scheme for issuance of e-notices to taxpayers. It will also process the taxpayers’ information, related documents and make the data available to the assessing officer, it said in a notification on Thursday.
“...
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CBDT |
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