Tag: CBDT
17 Results
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CBDT allows taxpayers another chance to file appl. for tax settlement
The CBDT has decided that relief will only be applicable to taxpayers who were eligible to file application for settlement on January 31, 2021 for the assessment years for which the application is sought to be filed (relevant assessment years)
September 7, 2021 -
CBDT grants further relaxation in IT Forms, 15CA | 15CB: FinMin
It has now been decided to extend the aforesaid date to August 15 from the earlier deadline of July 15.
July 21, 2021 -
Over 24K responses, 40,000 ITRs filed daily on new portal: CBDT
The corrective measures are being taken based on feedback from taxpayers, tax professionals, and representatives of ICAI to provide taxpayers with a smooth e-filing experience.
July 12, 2021 -
Payments made in advance may not absolve you from TDS/TCS provisions
The Finance Act, 2021 inserted a new Section 194Q in the Income-Tax Act, 1961, which took effect from July 1, 202I.
July 2, 2021 -
CBDT comes up with new functionality for compliance check of non-filers
The functionality allows the tax deductor or collector to feed the single PAN (PAN search) or multiple PANs (bulk search) of the deductee/coIIectee, which can get a response if such deductee/collectee is a specified person.
June 23, 2021 -
India’s net tax collection stands at Rs 9.45 lakh crore, exceeds revised estimates by 5%
A lot of measures have been taken to ease compliance burden and provide better taxpayer services, Mody said, adding that this got reflected in the tax collection for last fiscal.
April 9, 2021 -
Income Tax department issued over Rs 1.06 lakh crore refund between April 1-Sep 15
This includes personal income tax (PIT) refunds amounting to Rs 31,741 crore.
September 17, 2020 -
I-T authorities can share info with scheduled commercial banks: CBDT
Section 138 of the Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other agencies.
September 1, 2020 -
CBDT meets officials to dispel doubts on faceless tax collection
Finance Ministry sources said that the demand management strategy to be adopted by the Income Tax Department was also discussed in the meeting.
August 19, 2020 -
97 percent of Income Tax work force feeling left out
The JCA has pointed out that the restructuring exercise if not implemented in a thoughtful manner may result in massive displacement of manpower.
August 17, 2020 -
Faceless assessment to start with I-T Dept restructuring
In order to implement the scheme, the Board has diverted the existing manpower at all levels of the department to the Faceless Assessment charges.
August 15, 2020 -
PM Modi launches platform to empower honest taxpayers; faceless assessment, taxpayers’ charter from today
In a tweet earlier in the day, PM Modi said the initiative will strengthen the Government's efforts of reforming and simplifying the tax system and will benefit several honest taxpayers, whose hard work powers national progress.
August 13, 2020 -
New Form 26AS to have details of high-value financial transactions: CBDT
Form 26AS is an annual consolidated tax statement that can be accessed from the income-tax website by taxpayers using their Permanent Account Number (PAN).
July 18, 2020 -
Covid-19 relief for taxpayers: Govt extends time limit of tax compliances
The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act has also been further extended to September, 30, 2020 for the units which received necessary approval by 31st March, 2020.
June 24, 2020 -
FinMin exempts B2B firms from using only BHIM, RuPay for accepting payments
To encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU
May 20, 2020 -
Lockdown period not to be counted for determining residency status of NRIs, foreign nationals: CBDT
As per I-T laws, for 2019-20 fiscal, individuals staying in India for 182 days or more in a fiscal or 60 days or more in a fiscal and at least 365 days in the past 4 fiscals will be considered as resident of India for taxation purpose.
May 9, 2020 -
CBDT charge sheets 3 IRS officers involved in controversial tax report ‘FORCE’
The Finance Ministry on Sunday had slammed the report released under the aegis of the Indian Revenue Service Association (IRSA), terming it ill-conceived and ordered an inquiry.
April 28, 2020