Central Board Of Direct Taxes

The Appointments Committee of the Cabinet approves Ravi Agrawal's reappointment as CBDT chairman on a contract basis from July 1 to December 31, 2026

The Union government on Tuesday extended the tenure of CBDT Chairman Ravi Agrawal by six months, till December 2026. The 1988-batch Indian Revenue Service (IRS) officer was due to retire on Tuesday (June 30). An order issued by the Appointments Committee of the Cabinet (ACC) said it has approved the "reappointment" of Agrawal as Chairman, CBDT on a contract basis for a period of six months with effect from 01.07.2026 or until further orders, whichever is earlier, on the terms and conditions applicable to re-employed central government officers, in relaxation of the Recruitment Rules. He was appointed as the chief of the Central Board of Direct Taxes (CBDT), the policy-making body for the Income Tax Department, for a one-year term in June 2024. His tenure was extended by a year in June 2025. The CBDT is headed by a chairman and can have six members who are in the rank of special secretary.

The tax department has proposed a major redesign of 30 high-volume income-tax forms to reduce duplication, simplify compliance and support a data-driven regime under the new law

The draft norms reduce delegated legislation, with their number proposed to be cut to 333 from 511

Draft rules and forms placed in public domain for 15 days as part of preparatory work for implementation of Income-tax Act, 2025 from April 2026

The seven-year contract will modernise India's national tax analytics platform using AI, digital architecture and data analytics to deliver real-time insights for policymakers, the company said

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