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.
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.
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.
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.
Nitin Gupta will take over as Chairman from the date of assumption of charge of the post
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.
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.
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.
CBDT’s move aimed at curbing unaccounted financial transactions and keeping a check on cash transactions, say tax experts
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.
“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.
The central Board of Direct Taxes has just added four new conditions that make income-tax filing mandatory.
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,
Currently, domestic tour operators are required to collect 5 per cent tax collected at source (TCS) on sale of overseas tour packages.
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
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.
"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.
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.
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.
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).
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.
Anantkrishnan, a 1987 batch Indian Revenue Service officer is the Principal Chief Commissioner of Income Tax (PCCIT), Mumbai.
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.
Several chartered accountants’ associations and industry bodies want the December 31 due date for filing tax returns to be extended again
This includes 90.95 lakh refunds of Assessment Year (AY) 2021-22, amounting to Rs 18,848.60 crore, it said.