Page 11 - Cbdt

CBDT asks the winners of online games to pay taxes, file updated ITR

The winners of online games will have to pay taxes at the rate of 30 per cent without any rebates or 25-30 per cent on taxes and the interest due

Income tax dept collects Rs 28 cr in taxes from new ITR-U filing

The Income-tax department has collected around Rs 28 crore in taxes after about 1 lakh returns were filed by taxpayers under the newly introduced return filing form called ITR-U, that was notified this year as part of the Budget 2022-23. CBDT Chairman Nitin Gupta said the scheme was brought by the Union government for the benefit of taxpayers so that they can comply with their tax responsibilities without getting into hassles of the law. The abbreviation ITR-U stands for 'income tax return-updated' and is available to taxpayers for filing updated returns for 2019-20 and 2020-21 financial years or assessment years 2020-21 and 2021-22. Taxpayers filing this form, which can be filed within 2 years of the end of the relevant assessment year, will have to give reasons for updating the income -- return previously not filed or income not reported correctly or wrong heads of income chosen or reduction of carried forward loss. "We have got around 1 lakh returns... (under the ITR-U). The ...

Dolo 650 freebies case: Supreme Court asks Centre to file reply in 10 days

The apex court described the Dolo 650 "freebies case" as a serious matter and listed the next hearing on September 29

Paid tax abroad? Remember to submit Form 67 and proof at earliest

If you don't do so, both processing of your tax return and refund could get delayed

CBDT exempts non-resident corporates from TCS on remittances, tour packages

The income tax department has exempted non-resident corporate entities and firms not having a permanent establishment or a fixed place of business in India from 5 per cent TCS on foreign remittances and tour packages. The Central Board of Direct Taxes (CBDT) has notified changes to I-T rules and expanded the scope of exemption (that was previously available only to non-resident individuals) under section 206(1G) of the I-T Act. Section 206C(1G) was introduced by Finance Act, 2020, effective October 2020 to keep a tab on forex spends by persons resident in India. The provision requires tax to be collected at source (TCS) at the rate of 5 per cent on foreign remittances of Rs 7 lakh or more under the Liberalized Remittance Scheme (LRS) of RBI. The TCS was to be deducted by domestic tour operators on money received from non-resident Indians visiting India and booking their overseas tour package from the country. AMRG & Associates Director (Corporate & International Tax) Om ...

DOLO-650 makers distributed freebies worth Rs 1,000 cr to doctors: FMRAI

The petitioner, while seeking statutory backing to the Uniform Code of Pharmaceutical Marketing Practices (UCPMP), said that corruption in pharma marketing practices is yet unregulated in India

I-T dept detects over Rs 150 cr black income after raids on Rajasthan group

The CBDT frames policy for the tax department

Amid robust tax growth, customs and excise duties decline over 10% in Q1

Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23

Filing income-tax return after July 31? Verify within 30 days, say experts

Use any one of six methods of verification available

ITR 2021-22: How to e-verify income tax return to complete filing process

If the income tax return (ITR 2021-22) is not verified before the last date, it is deemed invalid (not filed) by the Income Tax Department

7.24 million income tax returns filed in one day, a record: CBDT

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)

Taxpayers fear notices due to AIS discrepancies; CBDT says unfounded

The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on Sunday

ITR: What happens if you miss July 31 deadline for filing income tax return

For people with an annual income of over Rs 2.5 lakh, filing an ITR is mandatory. Failing to do so may attract fines and penalties

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

ITR 2021-22: Everything you need to know about updated income tax return

In the Finance Bill, 2022, the government introduced the concept of 'updated ITR'. It allows the assessee to file the ITR within 24 months of the expiry of a financial year

ITR 2021-22: Using the Demat account to verify your income tax return

Once the ITR 2021-22 is filed, the taxpayer needs to verify their return within 120 days, or it is deemed invalid

Delhi banquet halls get notices for 'massive' tax evasion in wedding biz

Based on GST records, the income tax department's investigation arm has begun to piece together the evidence and send out notices

Top headlines: 5G spectrum auction, economic growth projection, and more

From 5G spectrum auction to tax irregularities, here are the top headlines on Thursday morning

I-T Dept alleges business, tax irregularities against Dolo-650 maker

The CBDT on Wednesday accused the makers of the widely-known Dolo-650 medicine tablet of indulging in "unethical practices" and distributing freebies of Rs 1,000 cr to docs and medical professionals

Wait and watch: Industry players on 1% TDS on crypto investments in India

The 1 per cent TDS will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, according to the Section 194S in the I-T Act (as per the Finance Act, 2022)