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  • IT dept detects Rs 500-crore unaccounted transactions after raids on Gujarat realty group Oct 02, 2021 02:31 PM IST

    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 Sep 25, 2021 06:27 PM IST

    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 Sep 12, 2021 03:51 PM IST

    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 Feb 05, 2021 09:16 PM IST

    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 Jan 12, 2021 09:27 PM IST

    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 Nov 07, 2020 08:09 PM IST

    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 Sep 24, 2020 08:47 PM IST

    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 Sep 16, 2020 07:41 PM IST

    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 Sep 01, 2020 05:10 PM IST

    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 Aug 27, 2020 07:10 AM IST

    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 Aug 21, 2020 10:41 AM IST

    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.

  • Income Tax | Faceless assessment eliminates tax officers' subjective discretion, says CBDT chief PC Mody Jul 21, 2020 01:36 PM IST

    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 Jul 13, 2020 08:52 PM IST

    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 Jun 30, 2020 07:40 PM IST

    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 May 22, 2020 03:52 PM IST

    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 May 07, 2020 08:40 PM IST

    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.

  • GST refunds worth Rs 5,575 crore processed since March 30; Rs 5,204 crore I-T refunds issued in 10 days Apr 17, 2020 10:10 PM IST

    GST refunds worth Rs 5,575 crore processed since March 30; Rs 5,204 crore I-T refunds issued in 10 days

    In a statement, the CBIC said it has processed 7,873 refund claims worth Rs 3,854 crore last week to facilitate trade and industry so that their refund claims are processed faster.

  • Coronavirus lockdown | Govt extends validity of lower withholding tax orders by 3 months till June due to COVID-19 Mar 31, 2020 04:40 PM IST

    Coronavirus lockdown | Govt extends validity of lower withholding tax orders by 3 months till June due to COVID-19

    The Central Board of Direct Taxes (CBDT) in its order gave a major relief to taxpayers whose application for lower or nil deduction of TDS/TCS is pending for disposal

  • TDS on Mutual Funds: I-T Dept clarifies 10% tax at source only on dividends, not on capital gains Feb 04, 2020 09:04 PM IST

    TDS on Mutual Funds: I-T Dept clarifies 10% tax at source only on dividends, not on capital gains

    In a statement, the Central Board of Direct Taxes (CBDT) said queries have been raised if mutual fund would be required to deduct TDS also on the capital gains arising on redemption of units.

  • Raids on BMC contractors unearths Rs 735-cr financial irregularities: I-T dept Nov 14, 2019 09:52 PM IST

    Raids on BMC contractors unearths Rs 735-cr financial irregularities: I-T dept

    The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation (BMC), it said.

  • CBDT mops up Rs 6 lakh cr in direct tax collection so far Nov 14, 2019 08:36 PM IST

    CBDT mops up Rs 6 lakh cr in direct tax collection so far

    The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer.

  • Number of crorepati taxpayers up 20% to 97,689 in AY 2018-19: CBDT data Oct 11, 2019 09:49 PM IST

    Number of crorepati taxpayers up 20% to 97,689 in AY 2018-19: CBDT data

    The Central Board of Direct Taxes on October 11 released time-series data updated up to fiscal year 2018-19 and income-distribution data for AY 2018-19 (fiscal year 2017-18).

  • CBDT gives 2 months extension to I-T Dept to finalise assessment in demonetisation cases Jul 26, 2019 09:33 PM IST

    CBDT gives 2 months extension to I-T Dept to finalise assessment in demonetisation cases

    The assessing officers (AOs) of the Income Tax Department had earlier this month petitioned the Central Board of Direct Taxes (CBDT) to extend the deadline, saying it was 'humanly impossible' to finish the task by July as it requires a lot of 'paperwork and manpower'.

  • CBDT chief pulls up I-T officials for 'lackadaisical attitude' in resolving taxpayers grievances Jun 24, 2019 09:25 PM IST

    CBDT chief pulls up I-T officials for 'lackadaisical attitude' in resolving taxpayers grievances

    Mody said the figures of pending cases are a cause of "serious concern and point to a lackadaisical attitude in the effective redressal of the grievance by the concerned authority."

  • I-T dept extends deadline for employers to issue Form 16 to employees till July 10 Jun 04, 2019 09:32 PM IST

    I-T dept extends deadline for employers to issue Form 16 to employees till July 10

    The Central Board of Direct Taxes (CBDT) in a statement said with a view to redress genuine hardship of deductors in timely filing of TDS statement on account of revision of its format and consequent updating of the file validation utility for its online filing, the deadline is being extended.

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