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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : CBDT

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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Category : CBDT | Comments : 0 | Hits : 255

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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Category : CBDT | Comments : 0 | Hits : 372

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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Category : CBDT | Comments : 0 | Hits : 599

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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Category : CBDT | Comments : 0 | Hits : 702

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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Category : CBDT | Comments : 0 | Hits : 318

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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Category : CBDT | Comments : 0 | Hits : 918

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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Category : CBDT | Comments : 0 | Hits : 303

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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Category : CBDT | Comments : 0 | Hits : 294

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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Category : CBDT | Comments : 0 | Hits : 282

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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Category : CBDT | Comments : 0 | Hits : 404

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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Category : CBDT | Comments : 0 | Hits : 121

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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Category : CBDT | Comments : 0 | Hits : 580

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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Category : CBDT | Comments : 0 | Hits : 205

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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Category : CBDT | Comments : 0 | Hits : 193

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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Category : CBDT | Comments : 0 | Hits : 324

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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Category : CBDT | Comments : 0 | Hits : 1475

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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Category : CBDT | Comments : 0 | Hits : 401

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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Category : CBDT | Comments : 0 | Hits : 407

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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Category : CBDT | Comments : 0 | Hits : 624

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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Category : CBDT | Comments : 1 | Hits : 536

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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Category : CBDT | Comments : 0 | Hits : 235

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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Category : CBDT | Comments : 0 | Hits : 1351

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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Category : CBDT | Comments : 0 | Hits : 300

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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Category : CBDT | Comments : 0 | Hits : 212

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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Category : CBDT | Comments : 0 | Hits : 713

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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Category : CBDT | Comments : 0 | Hits : 288

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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Category : CBDT | Comments : 0 | Hits : 1644

'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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Category : CBDT | Comments : 0 | Hits : 484

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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Category : CBDT | Comments : 0 | Hits : 352

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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Category : CBDT | Comments : 0 | Hits : 695

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