Page 13 - Cbdt

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

Tax administration finally being cleaned up, being made more efficient

GST collections dropped below the Rs 1.2 trillion mark only once in the last six months. These are astounding statistics for a tax system that naysayers had written off as being a failure.

Income in US on I-T radar in FY23, non-disclosure to invite action

The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets

New ITR forms need income disclosure from foreign retirement a/cs

Experts said there aren't too many changes in the forms this year. "The forms have been largely kept unchanged," said Rohit Arora, advocate, Uttarakhand High Court.

Govt notifies ITR forms for 2021-22; seeks details on overseas pension a/c

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) forms cater to small and medium taxpayers.

I-T dept issues refunds of over Rs 1.93 trillion so far in FY22

This includes 1.85 crore refunds of 2020-21, AY2021-22, amounting to Rs 38,447.27 crore

I-T dept says found Rs 224-cr black income at Maharashtra-based unicorn

The Income Tax department has detected undisclosed income of about Rs 224 crore after it recently raided a unicorn start-up group based in Pune and Thane in Maharashtra, the CBDT said on Sunday

Proptech startup under scanner, suspected of tax evasion worth Rs 224 cr

According to CBDT, the startup allegedly obtained huge foreign funding via the Mauritius route, issuing shares at an "exorbitantly" high premium.

I-T Dept reforms, stronger economy led to record tax collections: CBDT

Reforms undertaken within the Income Tax department and the "strengthening" of the economy are among the major factors that led to the highest-ever direct tax collections, CBDT Chairman said.

I-T dept has made highest tax collection in its history: CBDT Chairman

The net collection numbers as on today is Rs 13.63 trn which is against Rs 11.18 trn of 2018-19, Rs 10.28 trn of 2019-20 and Rs 9.24 trn of 2020-21, he said

Income tax refunds of over Rs 1.83 trn issued so far this fiscal: CBDT

Refunds worth over Rs 1.86 trillion have been issued to more than 2.14 crore taxpayers during the current financial year, the Income Tax department said on Thursday.

Sitharaman raps CBDT and CBIC for not addressing tax assessees grievances

Union Finance Minister Nirmala Sitharaman on Monday came down heavily on the tax boards for allegedly not responding to grievances of the tax assessees and directed their officials to reserve Saturdays to hold meetings with them. During the Budget Outreach Programme between Finance Ministry officials, the industry and trade bodies in Bengaluru, the General Manager and the Chief Financial Officer of the Karnataka Bank Muralidhar Krishna Rao posed a question seeking clarity on certain provisions of the GST Act and the direct tax deductions impacting the banking sector. Even before the officials responded, Sitharaman intervened and pulled up the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes & Customs (CBIC) officials. "I'm very curious to know if the CBIC and CBDT are here. Are you all engaging with your own assessees? The questions which are being asked here are not those questions where I want the secretaries of the Ministry of Finance sit here and ...

CBDT claims Huawei manipulated account books to reduce taxable income

The CBDT statement made multiple charges against the company including that it 'made inflated payments against receipt of technical services from its related parties outside India'

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