Luxury goods costing above Rs.10 lakh will now attract 1% TCS - CBDT
Posted Date : 24-Apr-2025 , 08:05:10 am | Posted By CASANSAAR
Luxury goods like handbags, wrist watches, footwear, and sportswear, priced above ₹10 lakh will now attract a 1% tax collected at source (TCS).
The Income Tax Department has notified the applicability of TCS at the rate of 1% on sale of specified luxury goods, where the selling price exceeds Rs...
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Govt appoints four new CBDT members
Posted Date : 19-Apr-2025 , 08:34:54 am | Posted By CASANSAAR
An official order issued on Thursday (April 17, 2025) said the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi has approved the names of four 1989 batch Indian Revenue Service (IRS) officers of the Income Tax cadre -- Pankaj Kumar Mishra, Sanjay Bahadur, L. Rajasek...
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CBDT notifies ITR-B form for taxpayers
Posted Date : 09-Apr-2025 , 09:10:37 am | Posted By CASANSAAR
Income Tax Department has come out with a return form for block assessment (ITR-B). This is required to be filed by those who want to disclose previously undisclosed income after an income tax search or requisition operation on or after the September 1, 2024.
“The return of income required ...
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CBDT |
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CBDT makes all Income Tax offences compoundable, eases rules for defaulters
Posted Date : 18-Mar-2025 , 07:44:37 am | Posted By CASANSAAR
All offences under the income-tax law, including cases that involve agencies such as the Enforcement Directorate and the Central Bureau of Investigation, have been made compoundable by competent tax authorities if the applicant is not found to be involved in any anti-national or terrorist activity, ...
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Over 30K taxpayers declare Rs 29k cr foreign assets after CBDT nudge
Posted Date : 07-Mar-2025 , 08:59:37 am | Posted By CASANSAAR
A “compliance - cum - awareness” campaign launched by the Central Board of Direct Taxes (CBDT) has prompted over 30,000 taxpayers to declare foreign assets worth over Rs 29,000 crore and additional overseas income of Rs 1,089.88 crore, government source said.
As part of the campaign, ...
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CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS
Posted Date : 18-Dec-2024 , 09:31:59 am | Posted By CASANSAAR
The Income Tax department on Tuesday said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement (AIS) and income disclosed in ITRs for the financial years 2023-24 and 2021-22.
In a statement, t...
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CBDT launches Electronic Campaign to address income & transaction mismatches for FY 2023-24 & FY 2021-22
Posted Date : 17-Dec-2024 , 06:28:35 pm | Posted By CASANSAAR
CBDT launches Electronic Campaign to Address Income & Transaction Mismatches for FY 2023-24 & FY 2021-22
The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual ...
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CBDT allows tax officials to waive or reduce interest due from assessee
Posted Date : 06-Nov-2024 , 09:59:54 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has permitted tax officers to waive or reduce the interest payable on tax payments by assessees, subject to specific conditions, an official release said.
As per a circular, dated November 4, a Principal Chief Commissioner of Income Tax (PrCCIT) can decide...
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CBDT |
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CBDT issues Form 12BAA to tell employer about other taxes paid by you
Posted Date : 17-Oct-2024 , 07:49:33 am | Posted By CASANSAAR
To implement the Budget 2024 announcement regarding the adjustment of TDS and TCS from other sources against salary TDS, the Central Board of Direct Taxes (CBDT) has issued a new form called Form 12BAA.
This form will be utilized by employees to report to their employers the tax deductions from s...
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CBDT |
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CBDT issues new guidelines for handling delayed income tax refund claim
Posted Date : 05-Oct-2024 , 10:39:48 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued new guidelines for condonation of delay in filing income tax returns (ITRs) claiming refunds or carrying forward losses. These rules supersede all previous instructions.
Claims up to ?1 crore: Principal Commissioners of Income Tax (Pr. CsIT) can...
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CBDT |
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CBDT launches new e-DRS Scheme to ease tax disputes
Posted Date : 31-Aug-2024 , 05:18:00 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has introduced the Dispute Resolution Scheme (e-DRS), 2022, as a streamlined and efficient platform for taxpayers to resolve their income tax disputes. The scheme aims to reduce litigation and provide a faster and more cost-effective resolution for taxpayers....
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CBDT notifies Cost Inflation Index (CII) for FY 2024-25 / AY 2025-26
Posted Date : 25-May-2024 , 05:54:52 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26.
The notification specifies that for the financial year 2024-25, the Cost Inflation Index is...
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CBDT |
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CBDT releases new functionality in AIS for taxpayers
Posted Date : 14-May-2024 , 07:35:19 am | Posted By CASANSAAR
The Annual Information Statement (AIS) is available to all registered Income Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of a large number of financial transactions undertaken by the taxpayer which may have tax im...
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CBDT |
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CBDT issues guidelines for compulsory selection of returns for complete scrutiny
Posted Date : 08-May-2024 , 09:17:18 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued the guidelines for compulsory selection of income tax returns for scrutiny for the fiscal year under which it has outlined a number of cases that would be taken up.
While the guidelines are largely in line with those of previous years, exp...
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CBDT |
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CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
Posted Date : 25-Apr-2024 , 12:40:03 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), has issued Circular No. 07/2024 dated 25.04.2024 further extending the due date for filing Form 10A/ Form 10AB under the Income-tax Act, 1961 (the ‘Act’) upto 30th June, 2024.
CBDT had earlier extended the due date for fi...
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CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims
Posted Date : 10-Apr-2024 , 08:02:32 am | Posted By CASANSAAR
Certain instances of mismatch of information as filed by the taxpayer and as available with the Income Tax Department have come to the notice of the Department as part of its routine exercise of verification of data. In such cases, the Department has alerted the taxpayers to enable them to take corr...
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CBDT allows I-T dept to file appeals irrespective of monetary threshold, includes TDS disputes
Posted Date : 23-Mar-2024 , 09:02:23 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has said the Income Tax department can file appeals irrespective of monetary threshold in cases relating to TDS/TCS, undisclosed foreign income, or information received from investigating agencies like ED and GST Intelligence.
As per the present rules, tax...
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CBDT allows certain trusts / institutions to furnish the audit report on or before 31st March, 2024
Posted Date : 05-Mar-2024 , 09:01:50 pm | Posted By CASANSAAR
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...
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CBDT drops small tax demands but not TCS, TDS Claims
Posted Date : 20-Feb-2024 , 07:49:08 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) on Monday ordered withdrawal of small tax demands that finance minister Nirmala Sitharaman had announced in her FY25 budget speech to improve ease of living.
CBDT said that tax demand up to ?25,000 for assessment year up to 2010-11 and demands up to ?10,000 fr...
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CBDT releases key Direct Tax Statistics through Time-Series data
Posted Date : 23-Jan-2024 , 09:31:32 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has been releasing key statistics relating to Direct Tax collections and administration in public domain from time to time. In continuation of its efforts to place more and more information in public domain, the CBDT has further released Consolidated Time-Ser...
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CBDT clarifies applicability of TDS liability for e-retailers on ONDC
Posted Date : 29-Dec-2023 , 09:14:26 am | Posted By CASANSAAR
The income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative.
As per the FAQ issued by the Central Board of Direct Taxes (CBDT), a 1 per cent TDS will have to be deducted from the gross sale amou...
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CBDT Notifies ITR (Income Tax Return) forms 1 and 4 for AY 2024-25
Posted Date : 23-Dec-2023 , 10:13:10 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified ITR forms 1 (SAHAJ) and 4 (SUGAM), which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25.
ITR forms for a particular financial year are usually notified b...
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CBDT amends definition of intra-group loans for safe harbour
Posted Date : 21-Dec-2023 , 08:33:03 am | Posted By CASANSAAR
In line with new business practices, the Union finance ministry has amended the definition of intra-group loans and has removed the condition of sourcing the loan in Indian rupees. It has also amended the circumstances when they can be treated as safe harbour.
The Central Board of Direct Ta...
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CBDT notifies changes to Rule 11UA in respect of ANGEL TAX
Posted Date : 27-Sep-2023 , 07:50:32 am | Posted By CASANSAAR
The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fai...
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CBDT |
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CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the A,Y. 2023-24
Posted Date : 19-Sep-2023 , 08:44:35 am | Posted By CASANSAAR
The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023.
The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 20...
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CBDT |
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CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers
Posted Date : 20-Aug-2023 , 06:28:43 am | Posted By CASANSAAR
Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such perquisites.
The Central Board of Direct Taxes (CBDT) on August 18 ...
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CBDT |
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CBDT invites comments on Form 6C for inventory valuation by Cost Accountants in Special Audit
Posted Date : 17-Aug-2023 , 10:10:32 am | Posted By CASANSAAR
CBDT invites comments on draft Form No. 6C formulated for implementing the amendment to sub-section (2A) of Section 142 of the Income-tax Act, 1961, introduced vide Finance Act, 2023, pertaining to inventory valuation by Cost Accountant.
Suggestions/Comments on the draft Form No. 6C have be...
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CBDT |
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Four New Members have been appointed in the Central Board of Direct Taxes (CBDT)
Posted Date : 08-Jul-2023 , 04:06:22 am | Posted By CASANSAAR
Four IRS officers of the Income Tax Department have been appointed as Members in the Central Board of Direct Taxes (CBDT) under the Union Finance Ministry, according to a Government order.
The CBDT is the administrative body for the department and it is tasked to collect revenue under various dir...
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CBDT |
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CBDT Notifies Scheme for Online Filing and Processing of Appeals
Posted Date : 31-May-2023 , 07:34:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) notified E-Appeals Scheme, 2023 which will speed up hearing of appeals in I-T matters. The Finance Bill in February had proposed a new authority for hearing appeals: Joint Commissioner of Income-Tax (Appeals) or JCIT (A).
As the explanatory memorandu...
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CBDT |
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CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities
Posted Date : 19-May-2023 , 09:52:20 pm | Posted By CASANSAAR
In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of shares within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fa...
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CBDT |
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