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News Category : CBDT

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 : 102

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 : 773

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 : 493

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 : 602

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 : 373

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 : 252

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 : 484

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 : 359

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 : 936

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 : 395

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 : 428

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 : 1018

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 : 753

CBDT instructs Income Tax Dept to add 1.25-cr fresh tax filers this year
Posted Date : 23-Jul-2018 , 10:03:38 am | Posted By CASANSAAR

The Central Board of Direct Taxation (CBDT) has directed the Income Tax Department to add at least 1.25 crore fresh tax filers from across the country - the highest being from Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir - in view of increased economic activities. The directions have b...

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Category : CBDT | Comments : 0 | Hits : 515

CBDT directs tax sleuths to survey, inspect high value transactions
Posted Date : 19-Jul-2018 , 08:27:34 am | Posted By CASANSAAR

Banking companies, co-operative banks, trustees of mutual funds (MFs), post offices, registrars, and others who are mandated to file the statement of financial transaction (SFT) report on high-value transactions have come under the income-tax department’s (I-T) scanner. The Central Board of Di...

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Category : CBDT | Comments : 0 | Hits : 1098

CBDT instructs taxmen to withdraw appeals below threshold
Posted Date : 18-Jul-2018 , 07:49:45 am | Posted By CASANSAAR

Following the government’s move increasing the threshold for appeals filed by the direct taxes department in order to reduce litigation, the Central Board of Direct Taxes (CBDT) on Tuesday directed its field offices to withdraw by August 20 the appeals pending before tribunals and courts that ...

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Category : CBDT | Comments : 0 | Hits : 460

Election Commission writes to CBDT on affidavits
Posted Date : 12-Jul-2018 , 08:19:10 am | Posted By CASANSAAR

The Election Commission has told the Central Board of Direct Taxes (CBDT) to create a uniform format for reporting discrepancies between the assets and liabilities shown by candidates in their affidavits and those declared to the Income-Tax Department.  It plans to make the findings public. ...

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Category : CBDT | Comments : 0 | Hits : 316

Income Tax refunds worth Rs 70,000 crore issued, 99% claims processed - CBDT
Posted Date : 05-Jul-2018 , 09:24:41 am | Posted By CASANSAAR

Income Tax refunds worth over Rs 70,000 crore have been issued to the taxpayers and nearly all refund claims pending as on June-end has been processed, the Central Board of Direct Taxes (CBDT) said today. The Income Tax Department had observed a dedicated fortnight from June 1-15, which was later...

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Category : CBDT | Comments : 0 | Hits : 519

Prompt investigation taking place in fresh series of cases pertaining to Panama Papers
Posted Date : 22-Jun-2018 , 07:56:17 am | Posted By CASANSAAR

Central Board of Direct Taxes(CBDT) today said, prompt investigation is being taken in fresh series of cases pertaining to Panama Papers.  In a release, the Board said, the fresh Panama Papers reveal made in the media is being promptly looked into by the law enforcement agencies under the ae...

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Category : CBDT | Comments : 0 | Hits : 507

CBDT issues draft notification for amending computation of interest income
Posted Date : 21-Jun-2018 , 10:34:19 am | Posted By CASANSAAR

The Department of Income Tax (IT) through the Central Board of Direct Taxes (CBDT) has prposed to amend Rule 10CB of IT Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment u/s 92CE of IT Act, 1961. In this regard, a CBDT spokesperson said that a draft notific...

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Category : CBDT | Comments : 0 | Hits : 885

CBDT marks Jun 1-15 for expeditious disposal of pending appeals
Posted Date : 07-Jun-2018 , 07:27:33 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has dedicated a fortnight beginning June 1 for expeditious disposal of pending appeals and rectification matters.  The direct tax body in a statement said the assessing officers have been directed to accord top priority to such matters and to give spe...

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Category : CBDT | Comments : 0 | Hits : 304

CBDT directs IT dept to hold grievance redressal fortnight in June
Posted Date : 16-May-2018 , 06:17:50 pm | Posted By CASANSAAR

CBDT has directed the Income Tax department to hold a special 'grievance redressal fortnight' next month to address taxpayers' disputes regarding rectification and adjustments made in tax demands. The policy-making body for the tax department has asked the regional chiefs of the depar...

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Category : CBDT | Comments : 0 | Hits : 566

CBDT notifies the Protocol amending the DTAA between India and Kuwait
Posted Date : 07-May-2018 , 05:37:44 pm | Posted By CASANSAAR

A Protocol to amend the existing Double Taxation Avoidance Agreement (DTAA) between India and Kuwait signed on 15.06.2006 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income was signed on 15.01.2017. The said Protocol has entered into force o...

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Category : CBDT | Comments : 0 | Hits : 249

CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962
Posted Date : 04-May-2018 , 09:31:24 am | Posted By CASANSAAR

Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has also been prov...

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Category : CBDT | Comments : 0 | Hits : 410

CBDT achieves another milestone by signing its 200th UAPA in April, 2018
Posted Date : 04-May-2018 , 09:21:23 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has entered into one Unilateral Advance Pricing Agreement (UAPA) during the month of April, 2018. With the signing of this Agreement, the CBDT has achieved another milestone of having signed its 200th UAPA. The total number of APAs entered into by CBDT has go...

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Category : CBDT | Comments : 0 | Hits : 264

CBDT proposes changes in norms for advance ruling
Posted Date : 12-Apr-2018 , 08:24:08 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has proposed changes in the application process for obtaining advance ruling to bring it in line with Base Erosion and Profit Shifting (BEPS) Action 5 objectives, which mandate spontaneous exchange of information on ruling with countries of immediate as well ...

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Category : CBDT | Comments : 0 | Hits : 390

CBDT amends PAN application form to include third gender option
Posted Date : 11-Apr-2018 , 08:38:22 am | Posted By CASANSAAR

In a positive move, the government has amended its Income Tax rules to allow transgenders to be recognised as the third gender in the Permanent Account Number (PAN). Changing its application form by including a new tick box for transgenders, Central Board of Direct Taxes (CBDT) on Monday issued a no...

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Category : CBDT | Comments : 0 | Hits : 658

Clarification regarding applicability of standard deduction to pension received from the former employer
Posted Date : 05-Apr-2018 , 02:55:50 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961(“the Act”) to provide that a taxpayer h...

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Category : CBDT | Comments : 0 | Hits : 245

Indian Advance Pricing Agreement regime moves forward with the signing of 16 APAs by CBDT in March, 2018
Posted Date : 03-Apr-2018 , 04:06:06 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018. The 2 bilateral APAs have been entered into with the United States of America. With the signing of these Agreements...

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Category : CBDT | Comments : 0 | Hits : 243

CBDT extends date till 31.3.18 for linking of Aadhaar with PAN
Posted Date : 08-Dec-2017 , 08:18:51 pm | Posted By CASANSAAR

Under the provisions of recently introduced section 139AA of the Income-tax Act, 1961 (the Act), with effect from 01.07.2017, all taxpayers having Aadhaar Number or Enrolment Number are required to link the same with Permanent Account Number (PAN). In view of the difficulties faced by some of the ta...

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Category : CBDT | Comments : 0 | Hits : 532

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