Tag: CBDT

What experts say on manual filing of remittance forms

The tax department on Monday allowed manual filing of forms 15CA and 15CB, which are required for foreign remittances, as the new tax portal was...

Investigation wing of Income Tax calls the shots in black money cases

When it comes to dealing with matters under the harsh ‘Black Money’ law, tax authorities in India have a different rule: In many cases, the...

M&A: Taxing trouble for M&A special purpose vehicles

In a slump sale, companies, entities or assets are sold lock, stock and barrel on a going-concern basis. Synopsis Almost all large deals in 2020...

New income tax e-filing portal to be launched from June 7, payment services from June 18

The income tax department will launch a new e-filing portal on June 7, which will be integrated to immediately process returns and issue refunds. The...

I-T dept to launch new e-filing portal on June 7

New Delhi: The Income Tax Department on Saturday said it will launch on June 7 a new e-filing portal which would be integrated with immediate...

New income tax e-filing portal to issue quick refunds. Check features

The new ITR e-filing portal is set to go live from 7 June. The existing portal will remain non-operational till 6 June to prepare for...

Avoid credit card for paying tax if you have a choice

The Central Board of Direct Taxes (CBDT) will launch a new e-filing portal on 7 June. The new website has many features that make it...

NRIs can acquire farmland via inheritance

I’m a US citizen residing in India. For the financial year 2020-21 (the assessment year 2021-22), I will be filing my taxes as a resident...

Navigating the maze of cross-border remittances in covid-19 era

Residency under the Indian tax and exchange control law Residency under the India tax and exchange control regulations is predominantly determined basis the number of...

EC makes record seizure worth over Rs 1,000 crore in ongoing assembly elections | India News

New Delhi: Total seizures of unaccounted cash, liquor, drugs, freebies etc in the current polls to five state/UT assemblies have crossed Rs 1,000 crore, surpassing...

Tax department has launched new ITR filing utility for AY2021-22. Details here

To improve the tax filing process, the Income Tax Department has done away with the excel and java-based utility and has launched a new offline...

NRIs, foreign nationals stranded in India to submit details of double taxation by March 31

The Central Board of Direct Taxes (CBDT) has asked non-resident individuals facing double taxation on income for FY 020-21 because of forced overstay in India...

Law has to be given effect to: CBDT chairman on Cairn, Vodafone international arbitration cases

NEW DELHI: The government is “examining” the recent international tribunal order passed against India in the high-profile Energy plc retrospective tax case as CBDT chairman...

India hopes for consensus on BEPS at OECD by mid-2021

India may not wait for consensus on ongoing negotiations at the Organisation for Economic Co-operation and Development (OECD) on Pillar 1&2 of Base Erosion and...

Nationwide drive against GST fake invoices fraud, 25 arrested in last 4 days

NEW DELHI: Twenty-five people have been arrested over the last four days by the Directorate General of Goods & Services Tax (GST) Intelligence (DGGI) in...

Govt extends last date for availing direct tax dispute resolution scheme till December 31

The government has extended the last date for availing the direct tax dispute resolution scheme till December 31, 2020, the finance ministry notified on Tuesday....

I-T department carries out search and seizure operations on real estate firm in Srinagar and Delhi

The income tax department Thursday carried out search and seizure actions at 15 residential and business premises in Srinagar and Delhi, belonging to a real...

Income Tax survey to be conducted only after nod from high-ranked officers, says CBDT

NEW DELHI: Income tax surveys to collect information for scrutiny assessment will be undertaken by the tax deducted at source (TDS) directorate only after approval...

No use of coercive powers by tax officers in case of recoveries: CBDT

The Central Board of Direct Taxes (CBDT) has restricted the coercive or intrusive powers of tax officers in case of tax recoveries, with immediate effect....

new tax regime: Opting for New tax regime for FY 2020-21? You will have to fill this additional form

The Central Board of Direct Taxes (CBDT), via a notification dated October 1, 2020, has clarified that individuals opting for the new tax regime for...

ITR filing: 9 key changes in ITR-1 and ITR-2 for FY 2019-20

By CA Naveen Wadhwa and CA Rahul Singh The Income Tax Department has notified income tax return (ITR) forms 1 to 7 for the financial...

I-T dept unearths tax evasion and unexplained investments amounting to Rs 50 cr in J-K

Search and seizure operations by the income tax department in Jammu & Kashmir in two separate cases unearthed tax evasion and unexplained investments amounting to...

Some taxpayers are getting SMS or email from tax department. Know why

Income tax department has been sending SMSes and emails to taxpayers to file their income tax return (ITR) for financial year 2018-19. This is in...

CBDT deploys two-third of its workforce for faceless assessment scheme

New Delhi: The Central Board of Direct Taxes (CBDT) has deployed two-third of its workforce to deal with the faceless assessment scheme. “Now, the National...

I-T dept prepares to implement faceless income tax appeals from September 25: Finance secretary

Finance secretary Ajay Bhushan Pandey said preparations are being made to implement faceless income tax appeals from September 25. The income tax department has already...