Tag: CBDT

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...

View: Marry faceless regime with virtual tax hearing

MUMBAI: Large tax payers and experts have reached out to the government to say that `faceless assessment’ of Income tax must be combined with ‘virtual...

There’s no clarity on split shares’ taxation

The frequently asked questions (FAQs) released by the tax department on taxation of long-term capital gains (LTCG) under Section 112A didn’t cover the issue of...

What to do if you get a scrutiny notice from the tax department

Although the tax department didn’t disclose the absolute number of cases, the tax experts believe that better data collection and mining may have helped in...

IT department may soon reach out to you if you did a high-value transaction in FY 2018-19 and haven’t filed tax return

The tax department said in a notification issued on Saturday that it will start an 11-day e-campaign starting from 20 July to reach out to...

Tax department says now it knows more about you

NEW DELHI : The Central Board of Direct Taxes (CBDT) on Saturday reminded tax payers that the new tax credit statement—form 26AS—will contain more details...

Tax department allows one-time verification of past income tax returns by September 2020

The tax department has provided a one-time window till September this year to taxpayers who haven’t verified their income tax returns for the assessment years...

You have time till 30 Sept to rectify incomplete tax returns of last five years

New Delhi: Taxpayers who have filed tax returns electronically in the last five years but have not completed the filing process by authenticating these either...

CBDT launches tool for banks to ascertain TDS applicability rates on cash withdrawals

New Delhi: The Income Tax Department has facilitated a new functionality for banks and post offices for them to calculate the TDS applicability rates on...

Planning to file ITR early? You may have to wait longer for your Form 16

The government in its 24 June notification had announced relaxations in various tax-related deadlines, including the extension of the date of filing of the TDS...

Employees can claim I-T exemption on conveyance allowance under new tax regime: CBDT

New Delhi: The government has allowed individuals under new lower tax regime to claim I-T exemption on conveyance allowance received from employers. The Central Board...

Employees allowed to claim I-T exemption on conveyance allowance under new tax regime: CBDT

New Delhi: The government has allowed individuals under new lower tax regime to claim I-T exemption on conveyance allowance received from employers. The Central Board...