Page 2 - Cbdt Chairman

Govt expects 'fabulous' response to revamped I-T regime: CBDT chief

The benefit of the revamped I-T regime will percolate down to every section of the taxpayer and the government expects a 'fabulous' response to it, a top Income Tax official said on Friday. The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided. "The benefit percolates down to every section of taxpayer.... Considering that standard deduction will be available to salaried taxpayers in the new regime, effectively a salaried employee with an income of Rs 7.50 lakh would not be required to pay any tax," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said. In addition to extending the standard deduction, the Budget has also raised the exemption limit and tweaked the tax rates to make the ne

Direct tax collections may exceed budget targets, CBDT chief says

Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion

Prompt grievance redressal of taxpayers top priority: CBDT chairman

Prompt redressal of taxpayers' grievances remains the top priority for the tax department, the newly appointed chairman of Central Board of Direct Taxes (CBDT) Nitin Gupta said on Sunday

Govt appoints Indian Revenue Services officer Nitin Gupta new CBDT chairman

IRS officer Nitin Gupta has been appointed as the new CBDT chairman, a recent government order said

Income tax returns increased in FY22 over the previous fiscal: CBDT chief

Talking to PTI, Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth.

IRS officer Sangeeta Singh given additional charge of CBDT chairman

Singh will take charge on Monday.

Working to improve tax literacy for widening taxpayer net: CBDT chairman

Income Tax department is working to improve abysmally poor tax literacy in India so that the number of tax paying people, entities can be increased leading to enhanced collections, J B Mohapatra said

Taxpayers can update ITRs only once in an assessment year: Official

To correct any discrepancy or omissions, the Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes

Direct tax collections expected to breach Rs 12.5-trn target: CBDT chairman

Direct tax collections are expected to breach the revised target of Rs 12.50 lakh crore and set an all-time high and "historic" record by the end of this financial year in March

We have been studying crypto sector for the past five years: JB Mohapatra

We now have sufficient working knowledge as to how the sector works, and in what manner surplus is being generated, says Mohapatra

Ex-CBDT chairman PC Mody appointed as new secretary general of Rajya Sabha

Rajya Sabha Chairman M Venkaiah Naidu has signed an order to this effect, sources in the Rajya Sabha Secretariat said

Top headlines: Punjab gets new CM; India questions big tech firms

Business Standard brings the top headlines of the day

Govt appoints J B Mohapatra as Chairman, Central Board of Direct Taxes

Mohapatra is a 1985-batch Indian Revenue Service (Income Tax) officer

I-T dept must not operate in isolation: CBDT chairman J B Mohapatra

'There is always a time and context when an amendment is brought in', said J B Mohapatra

Retro tax withdrawal bill aimed for investors' confidence in India: CBDT

The move to do away with retrospective taxation is aimed at instilling foreign investors' confidence in the Indian economy and to deliver "equity" of justice in tax matters

CBDT Chairman Mody's tenure ends; Mohapatra given additional charge

J B Mohapatra, a 1985-batch Indian Revenue Service officer, was on Monday given the additional charge as CBDT chairman after the extended tenure of incumbent P C Mody ended, a government order said

Glitch-free faceless assessment addressed industry fears: P C Mody

Of the 57,985 cases picked for assessment during its pilot last year, orders have been passed in 46,822 cases

Big players stayed away from Vivad se Vishwas: CBDT chairman P C Mody

The scheme announced in the Budget last year allowed for the settlement of tax disputes due up to January 31, 2020.

21.5% growth in direct tax revenue for FY22 a realistic goal: CBDT chairman

In a Q&A, P C Mody says while income tax slabs have been left untouched, more money is being put in the hands of taxpayers with faster refunds. Tax administration reforms will boost tax compliance

Rs 95,000-cr disputed sum settled under 'Vivad se Vishwas': CBDT chairman

This relates to entities resolving long pending litigation issues with the Income Tax Department