Cbdt

CBDT permits tax offence settlement through compounding under revised rules

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

CBDT campaign leads to disclosure of over Rs 29,000 crore foreign assets

As a result of this campaign, 6,734 taxpayers also revised their residential status from resident to non-resident

Over 30k taxpayers declare foreign assets worth ₹29k cr in CBDT's campaign

Over 30,000 taxpayers have revised their I-T returns or filed belated returns and declared additional foreign assets and income of more than Rs 30,000 crore, Government sources said on Thursday. In line with its 'trust-first' approach, the Central Board of Direct Taxes (CBDT) had on November 16 last year, launched an awareness campaign under which messages were sent to taxpayers who had not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. SMSes and emails were sent to 19,501 taxpayers with high foreign account balances or significant foreign income from interest or dividends above a specified threshold. These communications requested taxpayers to revise their Income Tax Returns (ITRs) to reflect their foreign assets and income accurately. Sources said 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed belated returns for AY 2024-25, declaring foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore. Also, 6,734

CBDT amends norms, mandates detailed income disclosures for business trusts

For tax purposes, business trusts such as REITs, InvITs, and certain AIFs get pass-through status and are not taxed on the income earned by them

40,000 taxpayers under lens for deductions, CBDT targets TDS defaulters

The focus will be on habitual violators, cases showing significant gaps between tax deductions and advance tax payments, instances involving frequent revisions to deductee details

CBDT introduces self-help tool to provide instant answers to I-T bill 2025

The tool provides a comprehensive mapping of the parts from the old and new tax legislation

There is no plan to phase out old tax regime: CBDT Chairman Ravi Agrawal

Agrawal discussed a range of topics, including framing of tax proposals, and why he feels most taxpayers would opt for the new tax regime

Over 90% taxpayers may shift to new tax regime with Budget changes: CBDT

The Budget announcement of zero tax for earnings upto Rs 12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said on Sunday. In a post-Budget interview exclusively to PTI, Agrawal said the government's and the Income-Tax Department's philosophy and approach is to ensure a "non-intrusive" tax administration in the country through an enhanced usage of Artificial (AI) apart from the regular human intelligence gathering mechanism. The CBDT chief said the tax processes available to a "common" taxpayer for reporting their income were not "very complex" giving examples of the simplified ITR-1, pre-filled Income Tax Returns, automatic computation of Tax Deducted at Source (TDS) etc. available to them. He also cited the new tax regime (NTR), where there are no deductions or exemptions allowed like the old regime, which

CBDT clarifies PPT application, grants relief to FPIs with grandfathering

Tax authority says provision will be outside the purview of PPT in respective DTAAs

CBDT notifies amendments in I-T rules for non-resident cruise ships

The income tax department has notified amendments in I-T rules to prescribe conditions for applicability of presumptive taxation regime for non-resident cruise ship operators. As a measure to promote investment and employment, the government had in the July Budget, provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships. Further, exemption has been provided for any income of a foreign company from lease rentals of cruise ships, received from a related company which operates such ship or ships in India. As per the amendment to I-T Rules, 1962, notified on January 21, the applicability of this presumptive taxation regime is subject to conditions, including that the non-resident, engaged in the business of operation of cruise ships operate a passenger ship having a carrying capacity of more than 200 passengers or length of 75 metres or more, for leisure and recreational purposes and having appropriate dining and cabin facilities fo

CBDT grandfathers treaty benefits on PPTs with Mauritius, 2 more nations

The income tax department has come out with a fresh guidance note on applicability of Principal Purpose Test (PPT) for claiming tax treaty benefits, which will apply prospectively. The Central Board of Direct Taxes (CBDT) in its guidance note on PPT also clarified that the grandfathering provisions under the India-Cyprus DTAA, India-Mauritius DTAA and India-Singapore DTAA would remain outside the purview of the newly issued PPT provision. India has made certain treaty-specific bilateral commitments in the form of grandfathering provisions in the DTAAs signed with Singapore, Mauritius and Cyprus. "These commitments, as reflected in the bilaterally agreed object and purpose of such grandfathering provisions, are not intended to interact with the PPT provision as such," the CBDT said. The grandfathering provision in these treaties would be governed by the specific provisions specified in the respective DTAAs. Deloitte India, Partner, Rohinton Sidhwa said the circular clarifies variou

More taxpayers now eligible for Vivad Se Vishwas to settle tax disputes

Scheme allows taxpayers to pay disputed tax amount and close litigation with government

Income-Tax department recovers Rs 1,070 crore from wrongful claims

The taxpayers filed updated income tax returns (ITRs) for assessment years from FY23 to FY25 after doing the corrections

I-T Department extends belated, revised ITR filing deadline to Jan 15

The decision follows a recent order from the Bombay High Court, which directed the CBDT to extend the deadline for filing belated and revised ITRs for Assessment Year (AY) 2024-25

Government extends deadline for belated and revised tax returns to Jan 15

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

Government extends deadline for direct tax Vivad Se Vishwas Scheme

Under the scheme, penalty charges vary based on the date of payment

CBDT campaign to resolve income discrepancies in annual statement, returns

People get opportunity to address discrepancies by filing revised or belated Income Tax returns for FY24 before December 31

CBDT extends deadline to Dec 15 for taxpayers with overseas transactions

This extension is applicable to taxpayers who have global transactions and are needed to provide reports under Section 92E

CBDT extends income tax return filing deadline for FY24 to Dec 15

Tax authorities have extended the income tax return filing deadline by another 15 days to December 15 for the financial year 2023-24. The due date for furnishing the return of income under section 139(1) of the Income-tax Act, 1961 in the case of an assessee who is required to furnish a report referred to in section 92E, is November 30. The Central Board of Direct Taxes has now extended the deadline to December 15, 2024 for the assessment year 2024-25, an official order said. The income tax return filing deadline has been extended for taxpayers who have international transactions and are required to furnish reports under Section 92E.

Taxpayers must disclose foreign income by Dec 31, says CBDT chairman

When asked about the progress in the income tax law review, the CBDT chief said that public consultation is ongoing and more than 6,000 suggestions have been received by the department