Page 10 - Cbdt

Will bring scheme for disposal of small appeals: CBDT chairperson

The Central Board of Direct Taxes (CBDT) will soon come out with a scheme on the Budget announcement of reducing pendency of appeals related to TDS default issues, board chairperson Nitin Gupta said. In her Budget speech on Wednesday, Union Finance Minister Nirmala Sitharaman said she proposes to deploy about 100 joint commissioners of the Income Tax department for disposal of small appeals and to reduce the pendency of appeals at the commissioner level. "We will come up with a scheme, the appeals dealt here will be mainly relating to TDS (tax deducted at source) default, the orders on TDS default, the orders on the processing of return of income where we feel that it requires adjustment and the taxpayer feels otherwise...there could be cases of small income (under dispute)," Gupta told PTI during a post-Budget interview. The scheme will aim to expedite the process of disposal of appeals by the first appellate authority, which is the Joint Commissioner for Appeals, he said. Under t

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

Capital gains: Investment cut-off date extended, but there's a catch

Taxpayers may not be able to avail of it unless last date for filing revised ITR is extended

Delhi HC stays CIC order asking CBDT to give info on Ram Janmabhoomi Trust

The Delhi High Court has stayed an order of the Chief Information Commission directing the Central Board of Direct Taxes to provide information relating to Shri Ram Janmabhoomi Teerth Kshetra Trust

I-T dept steps up efforts to recover tax arrears of over Rs 7.7 trillion

CBDT in Dec 21 meeting discuss measures to clear backlog; asks to focus on cash collection of Rs 2.05 trillion

An NRI without a PAN? File Form 10F manually till next March for lower TDS

You should check tax residency certificates too: If it has the required details, submit it instead

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

Top Headlines: GST Council meet, exports record flat growth, and more

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CBDT seeks detailed report on the top 15 taxpayers in each region

Directive issued for maximising revenue collection and monitoring advance tax mop up

CBDT exempts NR taxpayers from mandatory Form 10F e-filing for now

The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication

CBDT issues important circular on TDS on salaries for current fiscal

The Central Board of Direct Taxes (CBDT) in a circular related to TDS deduction from salaries has said that any person responsible for paying salary must deduct income tax while paying the amount

Budget wish list: Brokers body wants STT rebate, Rs 1 lakh STCG exemption

Also seeks relaxations in set-off provisions for carry forward business loss

Direct tax mop-up to exceed budget target by 25-30 pc: CBDT chief

The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent, a senior official said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion. "Currently there is a provision for deduction of TDS on online gaming. There is existing provision, if it needs to be modified or retained in the same way that needs to be seen," he said. Currently, a 10 per cent Tax Deduction at Source (TDS) is levied on income from online gaming. Gupta further said that given the current buoyancy in collections, the Budget target for the next fiscal (2023-24) is also likely to be higher. "For current year we believe we would be exceeding the Budget estimate by sizeable margin, it could be 25-30 per cent higher than what has been given to us. Next year, given the buoyancy of tax collection, we wo

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

Pharma marketing practices: High-level committee to meet industry on Friday

The UCPMP is voluntary and there is no legal penalty for violating the code

Top headlines: Borrowing costs bite, mechanism for sharing trade data

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CBDT proposes common ITR with focus on crypto assets declaration

New return to also seeks details on foreign equity and debt held by resident Indians; much more exhaustive list for NRIs

CBDT extends last date for filing TDS for non-salaried individuals

Form 26Q contains details of the total amount paid and the tax deducted on transactions other than the salary in a quarter

Deadline for filing TDS for non-salary transactions extended till Nov 30

The Central Board of Direct Taxes on Thursday extended the deadline for filing quarterly TDS statement in Form 26Q for the June quarter by a month till November 30. Form 26Q is used for quarterly filing of TDS returns on payments other than salary. "Considering the difficulties in filing of TDS statement in the revised and updated Form 26Q, the Central Board of Direct Taxes (CBDT) has extended the due date of filing of Form 26Q for the second quarter of financial year 2022-23 from 31st October, 2022 to 30th November, 2022," CBDT said in a statement. The form captures details of total amount paid and tax deducted on such payments during the quarter. It would include payments on account of interest on securities, dividend, winnings from lotteries and crossword puzzles, rent, interest other than interest on securities, fees for professional or technical services. AMRG & Associates Director (Corporate & International Tax) Om Rajpurohit said taxpayers have been experiencing a ...

No cheat-code for online gaming industry as ministry, I-T turn up the heat

The income tax (I-T) department recently issued show-cause notices to seven online game companies, as part of an investigation into possible tax evasion by such institutions.