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

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 : 1432

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 : 385

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 : 389

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 : 601

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 : 521

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 : 222

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 : 1307

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 : 286

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 : 195

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 : 692

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 : 266

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 : 1635

'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 : 476

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 : 343

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 : 684

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 : 3688

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 : 496

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 : 304

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 : 11261

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 : 1226

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 : 809

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 : 742

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 : 388

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 : 2595

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 : 311

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 : 256

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 : 347

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 : 248

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 : 509

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 : 260

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