Page 2 - Cbdt Chairman

Average time taken for issuing I-T refunds reduced to 16 days in FY23: CBDT

Average time taken for issuing refunds by the income tax department has been brought down "significantly" and 80 per cent of refunds were issued in the first 30 days of filing of returns during the 2022-23 fiscal, CBDT Chairman Nitin Gupta has said. The chief of the Central Board of Direct Taxes (CBDT) said the work of processing Income Tax Returns (ITRs) has been "expedited" as the tax department is leveraging technology in a big way and was working to ensure 'ease of doing business' for the taxpayers by promoting voluntary compliance. "We have expedited the processing of returns and quicker issue of refunds. The average time taken for processing of returns has been reduced to only 16 days in the financial year 2022-23 as against 26 days in the previous 2021-22 fiscal," Gupta said. "We have seen a hundred per cent increase in the total percentage of ITRs processed within one day of their filing. This percentage has increased from 21 per cent for assessment year (AY) 2021-22 to 42 p

Tax evasion: 89 high-value foreign remittances come under I-T scanner

The Central Board of Direct Taxes (CBDT), the top direct tax body, has directed the officers concerned to initiate verification and send notices to those behind these transactions on March 28

Linking PAN with Aadhaar: CBDT chairperson says 480 mn linked so far

About 48 crore individual Permanent Account Numbers (PANs), out of the total 61 crore issued till now, have been linked with Aadhaar till date and those who do not link it by the declared deadline of March 31 will not get benefits while undertaking various business and tax-related activities, CBDT Chairperson Nitin Gupta said. The government has made the linkage of the two databases mandatory and declared that those individual PANs that are not attached to the Aadhaar by the end of this financial year (March 31, 2023) will be rendered inoperative. A fee of Rs 1,000 will be payable for those who want to link their PAN and Aadhaar between now and March 31. "There are about 61 crore individual PANs issued till now and out of this, around 48 crore have been seeded with Aadhaar. The difference is around 13 crore now, including the exempt category, and we hope the rest will also be linked by the end date," Gupta told PTI in a post-Budget interview. We have undertaken a number of public .

Trustees will be liable in case of non-payment of exit tax: CBDT chief

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

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