Central Board Of Direct Taxes

MIAL has submitted a representation to CBDT seeking reprieve from the demand, sources.

IRS officer Sanjay Kumar appointed as Member in Central Board of Direct Taxes

The Central Board of Direct Taxes (CBDT), headed by a chairperson, can have a maximum of six members who are in the rank of special secretary. The Board has attained full strength with the appointment of Kumar.

Faceless tax assessment scheme fuels deluge of appeals, puts taxpayers in limbo

Over 6 lakh appeals are pending before the I-T department and tribunal; the finance ministry claims less manpower is leading to the pile-up.

Over 4.52 crore ITRs filed till July 29 as deadline ends Sunday

According to data updated till July 28, around 4.05 crore ITRs were filed and among this the number of returns verified/validated by taxpayers stood at 3.09 crore.

Number of income tax returns rising: CBDT Chairman

The Board is witnessing an increase in tax collection, which usually happens if the country is showing an upward trend in economic growth, the chairman said, adding that "if the economic activities are going high, the purchases and sales will also increase".

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.

CBDT issued refunds of Rs 1.54 lakh crore to 1.59 crore taxpayers from April 1 to January 10

Income tax refunds of Rs 53,689 crore have been issued in 1,56,57,444 cases and corporate tax refunds of Rs 1,00,612 crore have been issued in 2,21,976 cases

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 500-crore unaccounted transactions after raids on Gujarat realty group

"Documents reveal unaccounted income of more than Rs 200 crore in the hands of the real estate group and also unaccounted income of more than Rs 200 crore in the hands of the parties recorded in the documents found from the possession of the brokers."

I-T department notifies FY21 'safe harbour' rates for foreign companies

Transfer pricing implies the prices at which various overseas divisions of a company transact with each other.

I-T refunds worth Rs 70,120 crore issued until September 6: CBDT

Personal income tax refunds of Rs 16,753 crore have been issued in over 24.70 lakh cases and corporate tax refund of Rs 53,367 crore have been issued in 1.38 lakh cases.

Budget 2021 underlines principle of providing stable tax regime, says CBDT Chairman Pramod Mody

The 26 AIS would not only serve as a checklist for a taxpayer in filing returns but would also enhance the tax base, Mody said.

CBDT will now let you register complaints of tax evasion, black money and benami properties online

This portal will be available on the website of the Department to receive any possible complaints of tax evasion, foreign undisclosed assets and complaints regarding benami properties.

I-T detects Rs 1,000 crore black money after raids on Chennai info tech infra group

"The shareholding of this company is held by two companies, one owned by the group searched while the other company is a subsidiary of a major infrastructure development and financing group,” the CBDT said.

CBDT chairman Pramod Chandra Mody tests COVID positive

Mody's blood has also been tested, apart from oxygen saturation. Lungs specialists are monitoring his health, Agarwal said.

Tax refunds worth over Rs 1.06 lakh crore issued to 30.92 lakh taxpayers till September 15: CBDT

The tax refunds includes personal income tax (PIT) refunds amounting to Rs 31,741 crore issued to 29.17 lakh taxpayers and corporate tax refunds worth Rs 74,729 crore to over 1.74 lakh taxpayers.

I-T authorities can share info with scheduled commercial banks: CBDT

In a notification dated August 31, the Central Board of Direct Taxes (CBDT) included 'scheduled commercial banks', listed in the second schedule of the Reserve Bank of India Act, 1934, under Section 138 of Income Tax Act for sharing of information.

I-T refunds of Rs 95,853 crore issued to 25.55 lakh taxpayers this fiscal

This include personal income tax refunds amounting to Rs 29,361 crore issued to 23.91 lakh taxpayers and corporate tax refunds amounting to Rs 66,493 crore to over 1.63 lakh taxpayers during this period.

Income Tax refunds worth Rs 88,652 crore issued to 24.64 lakh taxpayers

Corporate tax refunds amounting to Rs 60,472 crore were issued to over 1.58 lakh taxpayers this fiscal, the Income Tax Department said.

All communication with taxpayers to be from NeAC under faceless assessment

All the functions would be through electronic means for which the NeAC will be the gateway and will function as such for all the flow of information.

Income Tax | Faceless assessment eliminates tax officers' subjective discretion, says CBDT chief PC Mody

PC Mody hopes for lower litigations now as the faceless assessment system will eliminate bias, vested interest and individual subjective discretion of tax officers.

I-T Department asks taxpayers to verify ITRs for AYs 2015-16 to 2019-20 by September 30

The Central Board of Direct Taxes (CBDT) in an order said that a large number of electronically filed ITRs still remain pending with the IT Department for want of receipt of a valid ITR-V (Verification) form at Centralised Processing Centre (CPC), Bengaluru from the taxpayers concerned.

I-T exemption on buying shares at discounted price in firms under insolvency proceedings

The Central Board of Direct Taxes (CBDT) through a notification said the exemptions would come into effect from April 1, 2020, and shall be applicable for the assessment year 2020-21 and thereafter.

Tax refunds worth Rs 26,242 crore issued since April 1: CBDT

Income tax refunds amounting to Rs 14,632 crore have been issued to over 15.8 lakh assessees and corporate tax refunds to the tune of Rs 11,610 crore issued to over 1 lakh assesses.

Govt amends I-T rules for faster resolution of multinational corporations' tax disputes under MAP

MAP is an alternative dispute resolution process under the tax treaties, under which competent authorities of two countries enter into discussions to resolve tax-related disputes. As many as 600 tax disputes were resolved under MAP between April 1, 2014, and December 31, 2018.