Page 12 - Cbdt

Onus of deducting TDS primarily rests on crypto exchanges: CBDT FAQ

In case the credit/payment between exchange and the seller is through a broker (and the broker is not seller), there has to be a written agreement that the broker would be deducting the tax

CBDT issues TDS disclosure requirements for cryptos, virtual digital assets

From July 1, TD) of 1% will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the I-T Act

At Rs 3.39 trillion, direct tax collection sees a 45% surge: CBDT

Advance tax by companies and individuals rises 33%

Net direct tax mop-up rises 45% to over Rs 3.39 trillion till mid-Jun

According to the IT Dept, reports, net direct tax was reported to have crossed 45% till mid-Jun. The CBDT has claimed that this is signficant increase compared to the preceding year.

CBDT issues guidelines for new tax rule on gifts, benefits to influencers

Benefits like free medical samples received by doctors and gifts retained by social media influencers will attract TDS

Top Headlines: IPL media rights & Viacom18, CBDT on cross-border disputes

Digital media rights for IPL matches could lift the OTT play of Reliance Industries-led Viacom18, posing a challenge for the current leaders. Read more in our top headlines

CBDT issues fresh guidance on cross-border disputes for taxpayers

NRI taxpayers cannot seek MAP if they opt for Vivad se Vishwas

Get a fix on key changes in the new Income Tax Return Forms for AY 2022-23

The forms are quite elaborate and seek a lot of information, so get the documentation and paperwork ready, and make complete disclosures while filing returns

Consultation paper on cryptocurrency soon, says DEA secy Ajay Seth

He said that India was also engaging with other countries for global regulations on cryptocurrencies, and India's role in such actions

Top Headlines: Standards for shared economy, dilemma over bank licences

India will soon come up with standards for shared-economy services players owing to the rising number of complaints from consumers

File ITR to avoid TDS/TCS deduction at higher rate, say analysts

The CBDT has issued a circular pertaining to Sections 206AB and 206CCA of the I-T Act, which provide details regarding people to whom higher TDS/TCS rates should apply

Top Headlines: Wheat export push, CBDT's ITR guidelines, and more

Here are the top Business Standard headlines on Friday

CBDT lays out guidelines for manual scrutiny of income tax returns

Income-Tax department selects cases manually for comprehensive scrutiny

No new show cause notices to small taxpayers: CBDT tells officials

The CBDT said that for three years, viz. assessment years (AY) 2013-14, 2014-15 and 2015-16, reassessment notices will not be issued for small taxpayers whose asset is less than Rs 50 lakh.

PAN mandatory for cash deposit or withdrawal of Rs 20 lakh or more

PAN will also be required for opening of current and cash credit account

CBDT to taxmen: Complete 30% faceless assessments by end-June

Faceless assessment units identify issues, seek information, and analyse material to conduct assessment

IRS officer Sangeeta Singh given additional charge of CBDT chairman

Singh will take charge on Monday.

Net direct tax collection reaches highest figure of Rs 14.09 trn in FY22

The net direct tax collection has increased by 49.02 per cent during financial year 2021-22

Govt seeks to grow tax base, makes filing must for TDS/TCS above Rs 25,000

In the case of senior citizens, the aggregate of Rs 50,000 apply; rule came into force on April 21

Have big unexplained expenses? You can face IT review of past 10 years

IT sleuths can now trace all transactions of an individual, if they are not 'benami'. New reassessment regime allows them to probe any transaction worth Rs 50 lakh or more in the last 10 years