Central Board Of Direct Taxes

Taxpayers and pensioners must complete mandatory tasks like ITR filing and Aadhaar-PAN linking by year-end to avoid penalties, interest liabilities and suspended benefits

Move aims to nudge 25,000 taxpayers to disclose foreign assets and income

Higher personal income tax inflows and expanding non-corporate taxpayer base drive the rise in direct tax collections, reflecting robust domestic demand and compliance

In the circular, which is seen by Business Standard, the CBIC directed principal chief commissioners to compile commodity-wise price data from trade associations

Sanjay Agarwal says CBIC will flag cases with industry bodies if firms fail to pass on GST relief

Delhi HC quashes BAR ruling and interprets 2014 CBDT circular to remove tax ambiguity for Category III AIFs, aligning with investor confidentiality and Sebi norms

CBDT raises Cost Inflation Index to 376 for FY26, offering tax relief on capital gains for assets bought before July 23 2024. New rules reduce indexation scope under Finance Act 2024

Resident individuals may use ITR-1 if their total income is within ₹50 lakh and comes from salary or pension

CBDT doubles asset reporting limit to ₹1 crore under revised ITR-3 for AY 2025-26 and introduces structured capital gains rules, buyback taxation, and dropdown menus

The Central Board of Indirect Taxes and Customs (CBIC) on Friday simplified and harmonised procedure for temporary import of Unit Load Devices (ULDs) or air containers, a move aimed at trade facilitation. With this simplified procedure, ULDs could also be imported temporarily outside the Customs area on execution of a Continuity Bond by the air carriers/air console agents, who take responsibility to export back within the specified time period. A ULD is a special container which is used to load cargo onto an aircraft. In a statement, the finance ministry said as a first step towards streamlining Customs Protocols, and aligning with the international best practices for movement of ULD outside Customs Area, CBIC has stipulated simplified and harmonised procedure for temporary import of ULDs on the lines of procedure already stipulated for marine containers being handled through the seaports since 2005. Further, the CBIC has also decided to waive the transhipment permit fee for all ..

Demands raised for FY22, FY23

Earlier, TCS under Section 206C (1F) was applicable primarily to the sale of motor vehicles above ₹10 lakh

Presently, there are five APA teams in the country with two teams in Delhi and one team each in Mumbai, Bengaluru and Gurgaon

Taxpayers can now settle offences by paying fine, announced the Central Board of Direct Taxes. But, this applies only if the taxpayer has no links to anti-national or terrorist activities

Speaker to send the bill for examination to a select committee of house members

Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal on Monday asked industry players to give their suggestions on the new income tax bill, which will be tabled in Parliament this week. The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax compliance easier for taxpayers and make it easier to read and understand. Agrawal said that the new bill has been drafted in such a way that it meets international standards. Also, the new law has been made concise, as old provisions have been removed, making it less bulky. He asked the industry to give their suggestions once the new bill is introduced and assured them that the suggestions would be looked into. With regard to updated I-T returns (ITR-U), Agrawal said in the last three years about 90 lakh such returns were filed. Around Rs 8,500 crore additional revenues were garnered. Finance Minister Nirmala ...

The minister had previously announced in July last year that a comprehensive review of the Income Tax Act of 1961 would be completed within six months

The Central Board of Direct Taxes announced on Wednesday that investments under tax treaties with Mauritius, Cyprus, and Singapore will remain unaffected by the new Principal Purpose Test rule

July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations

Bombay High Court asks CBDT to give more time for work after petition against software update