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

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 : 497

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 : 221

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 : 1223

'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 : 455

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 : 336

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 : 671

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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Category : CBDT | Comments : 0 | Hits : 3658

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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Category : CBDT | Comments : 0 | Hits : 489

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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Category : CBDT | Comments : 0 | Hits : 299

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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Category : CBDT | Comments : 0 | Hits : 11197

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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Category : CBDT | Comments : 0 | Hits : 1218

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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Category : CBDT | Comments : 0 | Hits : 807

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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Category : CBDT | Comments : 0 | Hits : 738

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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Category : CBDT | Comments : 0 | Hits : 385

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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Category : CBDT | Comments : 0 | Hits : 2590

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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Category : CBDT | Comments : 0 | Hits : 306

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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Category : CBDT | Comments : 0 | Hits : 252

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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Category : CBDT | Comments : 0 | Hits : 343

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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Category : CBDT | Comments : 0 | Hits : 246

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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Category : CBDT | Comments : 0 | Hits : 506

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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Category : CBDT | Comments : 0 | Hits : 256

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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Category : CBDT | Comments : 0 | Hits : 992

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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Category : CBDT | Comments : 0 | Hits : 332

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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Category : CBDT | Comments : 0 | Hits : 619

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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Category : CBDT | Comments : 0 | Hits : 213

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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Category : CBDT | Comments : 0 | Hits : 418

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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Category : CBDT | Comments : 0 | Hits : 212

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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Category : CBDT | Comments : 0 | Hits : 435

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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Category : CBDT | Comments : 0 | Hits : 222

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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Category : CBDT | Comments : 0 | Hits : 404

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