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

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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Category : CBDT | Comments : 0 | Hits : 246

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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Category : CBDT | Comments : 0 | Hits : 425

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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Category : CBDT | Comments : 0 | Hits : 79

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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Category : CBDT | Comments : 0 | Hits : 1082

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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Category : CBDT | Comments : 0 | Hits : 638

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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Category : CBDT | Comments : 0 | Hits : 230

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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Category : CBDT | Comments : 0 | Hits : 495

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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Category : CBDT | Comments : 0 | Hits : 402

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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Category : CBDT | Comments : 0 | Hits : 211

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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Category : CBDT | Comments : 0 | Hits : 267

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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Category : CBDT | Comments : 0 | Hits : 267

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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Category : CBDT | Comments : 0 | Hits : 173

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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Category : CBDT | Comments : 0 | Hits : 260

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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Category : CBDT | Comments : 0 | Hits : 957

CBDT directs taxman to withdraw select appeals by month-end
Posted Date : 24-Jan-2019 , 09:09:04 am | Posted By CASANSAAR

The CBDT has directed the taxman to withdraw all appeal cases, pertaining to certain monetary limits and parameters, from various courts by this month-end as part of the government's drive to end frivolous litigations.  CBDT Member (Revenue) Neena Kumar has recently written a letter to a...

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Category : CBDT | Comments : 0 | Hits : 620

CBDT requests non-filers to submit Income Tax Return or Online Response
Posted Date : 23-Jan-2019 , 04:23:27 am | Posted By CASANSAAR

The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high value transactions and have potential tax liabilities but have still not filed their tax returns. Analysis was carried-out to identify non-filers about whom specific information was available in the datab...

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Category : CBDT | Comments : 0 | Hits : 1089

CBDT clarifies regarding issue of Prosecution Notices
Posted Date : 21-Jan-2019 , 11:35:01 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS offi...

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Category : CBDT | Comments : 0 | Hits : 806

CBDT directs taxman to maximise collection efforts as growth rate not satisfactory
Posted Date : 07-Jan-2019 , 09:13:48 am | Posted By CASANSAAR

With growth in direct tax collections sluggish, the CBDT has directed income tax department officials to “maximise” their efforts and conduct targeted surveys and file court cases against those who wilfully evade taxes. CBDT Chairman Sushil Chandra has shot off a letter to all Princip...

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Category : CBDT | Comments : 0 | Hits : 114

No TDS on interest income up to Rs 50,000 in case of senior citizens - CBDT
Posted Date : 09-Dec-2018 , 01:04:08 pm | Posted By CASANSAAR

Are you a senior citizen and your bank is still deducting TDS on your interest income which is less than Rs 50,000 in a financial year? Here’s good news for you. The Central Board of Direct Taxes has clarified that in the case of senior citizens, no TDS (tax deducted at source) is required to ...

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Category : CBDT | Comments : 0 | Hits : 798

I-T department working on pre-filled income tax return forms - CBDT
Posted Date : 06-Dec-2018 , 08:25:27 am | Posted By CASANSAAR

Income tax payers will soon get pre-filled ITR forms that will make the process of filing returns easier, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has said.  The tax department is working on the pre-filled income tax return (ITR) forms which would be based on tax deducted...

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Category : CBDT | Comments : 0 | Hits : 516

CBDT allows taxman to widen certain Limited Scrutiny cases
Posted Date : 30-Nov-2018 , 08:19:20 am | Posted By CASANSAAR

The CBDT has issued a fresh directive on 'limited scrutiny' assessment cases allowing the tax officials to widen the scope of such probes if they receive "credible" information of tax evasion by assessees.  The policy-making body for the Income Tax Department, however, made...

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Category : CBDT | Comments : 0 | Hits : 616

Service charge not distributed to workers by restaurants liable to income tax - CBDT
Posted Date : 23-Nov-2018 , 09:28:12 am | Posted By CASANSAAR

Restaurants and hotels imposing service charge on customers in the name of tips but not passing them full to their employees could court trouble from taxmen. Central Board of Direct Taxes, the apex direct taxes body, has directed its field officials to examine balance sheet and expenditure statement...

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Category : CBDT | Comments : 0 | Hits : 398

3 new members appointed to CBDT
Posted Date : 12-Nov-2018 , 12:04:04 pm | Posted By CASANSAAR

Three IRS officers have been appointed as new members in the CBDT, the policy-making body for the Income Tax (I-T) Department. The officers P K Dash, Akhilesh Ranjan and Neena Kumar, are from the 1982-batch of the Indian Revenue Service (IRS) and have taken charge of their posts in the Central Bo...

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Category : CBDT | Comments : 0 | Hits : 270

Number of crorepatis has risen by 60 pc in India: CBDT
Posted Date : 22-Oct-2018 , 11:08:31 am | Posted By CASANSAAR

The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday. Releasing key statistics of income tax and direct taxes for a period of abou...

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Category : CBDT | Comments : 0 | Hits : 504

CBDT instructs CCITs to mop up tax collection
Posted Date : 30-Sep-2018 , 10:41:11 pm | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra chaired a meeting of Chief Commissioners of Income Tax Department (CCITs) posted in various states through video conferencing and asked them to mop up tax collection. Chandra, while speaking to ANI, said that net collection was below ex...

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Category : CBDT | Comments : 0 | Hits : 379

CBDT changes ITR preparation utilities for ITRs and validation rules for ITR 7
Posted Date : 28-Sep-2018 , 08:52:46 am | Posted By CASANSAAR

The Central Board of Direct taxes have revised the Income Tax Return preparation utilities (Excel as well as Java based) for ITR Forms 3,5,6 & 7  wef 27th September 2018. The validation rules for ITR 7 are also revised. Users are advised to download the new utilities and those who use so...

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Category : CBDT | Comments : 0 | Hits : 996

Physical settlement in F&O to attract 0.10% STT - CBDT
Posted Date : 28-Aug-2018 , 10:16:10 pm | Posted By CASANSAAR

Delivery-based or physical settlement in the equity derivatives segment will attract securities transaction tax (STT) of 0.1 per cent, the Central Board of Direct Taxes (CBDT) told the Bombay High Court on Tuesday. The clarification comes after Mumbai-based stock brokers association ANMI dragged ...

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Category : CBDT | Comments : 0 | Hits : 458

CBDT asked to clear ambiguity over STT on physical settlement in F&O
Posted Date : 24-Aug-2018 , 04:26:02 pm | Posted By CASANSAAR

The Bombay High Court today asked the Central Board of Direct Taxes (CBDT) to clear the ambiguity over the securities transactions tax (STT) rate on physical delivery of shares in the equity derivatives segment. A division bench of Justices B R Gavai and M S Karnik was hearing a petition filed by th...

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Category : CBDT | Comments : 0 | Hits : 494

CBDT to scrutinise 0.35% Income Tax returns filed last year
Posted Date : 10-Aug-2018 , 02:06:12 am | Posted By CASANSAAR

Central Board of Direct Taxes Chairman Sushil Chandra said the income tax department picked only 0.35 per cent tax evasion cases for scrutiny of the 68.6-million returns filed for the 2018-19 assessment year. He said the department had faith in the taxpayers, but would not allow evaders to go sco...

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Category : CBDT | Comments : 0 | Hits : 1062

CBDT signs 9 more unilateral APAs with taxpayers in July
Posted Date : 02-Aug-2018 , 08:58:50 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has signed nine more unilateral advance pricing agreements (APAs) with Indian taxpayers in July as it looks to reduce litigation by providing certainty in transfer pricing. The nine APAs signed in the past one month pertain to sectors like telecom, healthc...

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Category : CBDT | Comments : 0 | Hits : 780

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