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  • Prompt grievance redressal of taxpayers top priority: CBDT chairman Nitin Gupta Jul 24, 2022 12:48 PM IST

    Prompt grievance redressal of taxpayers top priority: CBDT chairman Nitin Gupta

    According to Nitin Gupta, the Central Board of Direct Taxes' (CBDT) recently appointed chairman, prompt redress of taxpayer complaints continues to be the tax department's top priority.

  • Income-Tax Return Filing | How to select the right form? Jul 13, 2022 10:55 AM IST

    Income-Tax Return Filing | How to select the right form?

    The choice of income-tax return forms depends on your source of income, income level, and so on. This year, there are a few changes in the details sought and some new disclosure norms have been introduced.

  • Finance Ministry clarifies on what NFTs qualify as virtual digital assets Jul 01, 2022 07:43 PM IST

    Finance Ministry clarifies on what NFTs qualify as virtual digital assets

    In a separate notification issued on June 30, CBDT also clarified that gift cards, vouchers, mileage points, reward points, and loyalty cards are not virtual digital assets (VDAs) and will not be taxed.

  • IRS officer Nitin Gupta appointed new CBDT chairman Jun 27, 2022 12:42 PM IST

    IRS officer Nitin Gupta appointed new CBDT chairman

    Nitin Gupta, an Indian Revenue Service (IRS) officer of the 1986 batch of the Income Tax cadre, is serving as the Member (investigation) in the Board and is scheduled to retire in September next year.

  • Government appoints Nitin Gupta as chairman of CBDT Jun 27, 2022 11:55 AM IST

    Government appoints Nitin Gupta as chairman of CBDT

    Nitin Gupta will take over as Chairman from the date of assumption of charge of the post

  • TDS on cryptocurrency transfers from July 1: Onus on buyers, brokers, exchanges to withhold TDS Jun 27, 2022 09:52 AM IST

    TDS on cryptocurrency transfers from July 1: Onus on buyers, brokers, exchanges to withhold TDS

    TDS of 1 per cent on transfer of cryptocurrencies is set to come into force from July 1. The responsibility of withholding this tax will be on the buyer, crypto exchanges and brokers, depending on the type of transaction, CBDT has clarified.

  • CBDT notifies TDS disclosure requirements for cryptos, virtual digital assets Jun 22, 2022 07:59 PM IST

    CBDT notifies TDS disclosure requirements for cryptos, virtual digital assets

    The income tax administration has published comprehensive disclosure guidelines for TDS deductions for virtual digital assets, which stipulate that the date of transfer and the method of payment must be indicated.

  • Cost Inflation Index value increases to 331: How does it help in big tax savings? Jun 16, 2022 11:28 AM IST

    Cost Inflation Index value increases to 331: How does it help in big tax savings?

    On June 14, the government released its annual cost inflation index number. For those who wish to save on long-term capital gains tax levied on debt mutual funds, property and other assets, the index is important.

  • PAN, Aadhaar a must for cash transactions above Rs 20 lakh a year May 13, 2022 11:31 AM IST

    PAN, Aadhaar a must for cash transactions above Rs 20 lakh a year

    CBDT’s move aimed at curbing unaccounted financial transactions and keeping a check on cash transactions, say tax experts

  • CBDT asks tax officers to not issue reassessment notices for 3 years till FY15 May 12, 2022 01:49 PM IST

    CBDT asks tax officers to not issue reassessment notices for 3 years till FY15

    Issuing an instruction on implementation of the apex court judgement regarding notices sent beyond the three-year reassessment period, the department said that for FY16 and FY17 where the timeline for issue of such notices falls within the 3 years, tax officers will issue show-cause notices and provide information to taxpayers for initiating reassessment proceedings within 30 days.

  • Direct tax collection up by 49% in FY22: CBDT chief Apr 27, 2022 07:09 AM IST

    Direct tax collection up by 49% in FY22: CBDT chief

    “This growth clearly indicated that India’s economy has strengthened and bounced back after two bad years,” Mohapatra told reporters after a two-day annual conference of Income Tax India.

  • Deposited more than Rs 50 lakh in savings account in a single year? Filing ITR has become compulsory Apr 22, 2022 05:40 PM IST

    Deposited more than Rs 50 lakh in savings account in a single year? Filing ITR has become compulsory

    The central Board of Direct Taxes has just added four new conditions that make income-tax filing mandatory.

  • Indians with hidden income in US on I-T radar: Report Apr 04, 2022 10:16 AM IST

    Indians with hidden income in US on I-T radar: Report

    According to the Central Board of Direct Taxes' internal action plan for FY23, persons named in global leaks may be searched, shown-caused, and prosecuted,

  • Govt exempts 5% TCS on overseas tour packages sold to NRIs visiting India Apr 01, 2022 05:09 PM IST

    Govt exempts 5% TCS on overseas tour packages sold to NRIs visiting India

    Currently, domestic tour operators are required to collect 5 per cent tax collected at source (TCS) on sale of overseas tour packages.

  • I-T department has made highest tax collection in its history: CBDT Chairman Mar 17, 2022 09:15 PM IST

    I-T department has made highest tax collection in its history: CBDT Chairman

    The net collection numbers as on March 17 is Rs 13.63 lakh crore which is against Rs 11.18 lakh crore of 2018-19, Rs 10.28 lakh crore of 2019-20, and Rs 9.24 lakh crore of 2020-21, CBDT Chairman JB Mohapatra

  • Direct tax collection beats revised estimates, stands at Rs 13.63 lakh crore: CBDT chief Mar 17, 2022 05:46 PM IST

    Direct tax collection beats revised estimates, stands at Rs 13.63 lakh crore: CBDT chief

    The government's cumulative collection through tax deducted at source (TDS) currently stood at Rs 6.79 lakh crore and corporate tax collection stood at Rs 7.19 lakh crore, CBDT Chairman JB Mohapatra said.

  • I-T department issues refunds of over Rs 1.92 lakh crore till March 15 Mar 16, 2022 05:22 PM IST

    I-T department issues refunds of over Rs 1.92 lakh crore till March 15

    "CBDT issues refunds of over Rs 1,92,119 crore to more than 2.24 crore taxpayers from 1st April, 2021 to 15th March, 2022,” the income tax department tweeted.

  • CBDT issues refunds worth Rs 1.71 lakh crore to taxpayers in FY22 Feb 16, 2022 01:27 PM IST

    CBDT issues refunds worth Rs 1.71 lakh crore to taxpayers in FY22

    Majority of refunds worth Rs 1.39 lakh crore issued for assessment year FY21. Refunds worth 31,857 crore were paid for the current financial year (FY22) as well.

  • Taxpayers can update ITRs only once in an assessment year: Official Feb 09, 2022 06:12 PM IST

    Taxpayers can update ITRs only once in an assessment year: Official

    Speaking at a CII event, CBDT Chairman J B Mohapatra said the intent of this provision is to help people who have genuinely missed out on filing his/her returns.

  • Around 6.17 crore ITRs, 19 lakh audit reports filed on new I-T portal: CBDT Feb 07, 2022 06:25 PM IST

    Around 6.17 crore ITRs, 19 lakh audit reports filed on new I-T portal: CBDT

    Out of 6.17 crore ITRs filed for the assessment year 2021-22 (FY2020-21), 48 per cent of these are ITR-1 (2.97 crore), nine per cent is ITR-2 (56 lakh), 13 per cent is ITR-3 (81.6 lakh), 27 per cent are ITR-4 (1.65 crore), ITR-5 (10.9 lakh), ITR-6 (4.84 lakh) and ITR-7 (1.32 lakh).

  • I-T refunds of Rs 1.50 lakh crore issued till January 3 this fiscal year Jan 05, 2022 04:49 PM IST

    I-T refunds of Rs 1.50 lakh crore issued till January 3 this fiscal year

    Of this, income tax refunds of Rs 51,194 crore have been issued in 1.46 crore cases and corporate tax refunds of Rs 99,213 crore have been issued in over 2.19 lakh cases.

  • Appointments Committee of Cabinet appoints Subashree Anantkrishnan as CBDT Dec 27, 2021 05:00 PM IST

    Appointments Committee of Cabinet appoints Subashree Anantkrishnan as CBDT

    Anantkrishnan, a 1987 batch Indian Revenue Service officer is the Principal Chief Commissioner of Income Tax (PCCIT), Mumbai.

  • IT dept detects Rs 250 crore unaccounted cash transactions after raids on Neyveli based group Dec 21, 2021 10:29 PM IST

    IT dept detects Rs 250 crore unaccounted cash transactions after raids on Neyveli based group

    The searches were carried out on December 16, and 30 premises of the unidentified group, also engaged in real estate and finance business, in Neyveli (Cuddalore district), Coimbatore, Nilgiris and Chennai were covered.

  • CA associations seek extension of December 31 income-tax return filing deadline Dec 21, 2021 04:34 PM IST

    CA associations seek extension of December 31 income-tax return filing deadline

    Several chartered accountants’ associations and industry bodies want the December 31 due date for filing tax returns to be extended again

  • CBDT issues refunds of Rs 1.37 lakh crore to 1.27 cr taxpayers Dec 15, 2021 08:50 PM IST

    CBDT issues refunds of Rs 1.37 lakh crore to 1.27 cr taxpayers

    This includes 90.95 lakh refunds of Assessment Year (AY) 2021-22, amounting to Rs 18,848.60 crore, it said.

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