Page 16 - Cbdt

CBDT relaxes requirement of remunerating fund managers of offshore funds

The board's permission will be required from FY21-22 if fees paid to the manager are lower than the prescribed amount

CBDT launches e-portal for lodging complaints on tax evasion, benami assets

Tax Dept will allot unique number to each complaint; the complainant will be able to view status on Dept's website

CBDT rules out extension of deadline for filing audit reports, ITRs

It said the due dates of filing audit reports have already been extended thrice till January 15 this year.

Faceless Income Tax appeals deter participation in Vivad Se Vishwas scheme

With the appeals process going faceless from September onwards, there are no jurisdictions for the Commissioner of I-T (Appeals), or CIT(A), to approve the withdrawal request

As Vivad Se Vishwas scheme draws to close, tax officers face the heat

Vivad Se Vishwas scheme allows the waiver of interest, penalty, and prosecution for settling tax disputes due up to January 31, 2020

Tax dept allows revision of declarations under 'Vivad Se Vishwas' scheme

Declarations under the direct tax dispute resolution scheme 'Vivad Se Vishwas' can be revised till the time tax authorities issue certificate mentioning details of tax arrear and the amount payable

Professionals and kingpins among 25 held for issuing fake bills under GST

350 cases filed against 1,180 entities, actual amount of fake ITC claimed being ascertained, say sources

I-T unearths Rs 1,000-cr 'black money' after raids on Chennai IT infra firm

Income Tax department conducted searches against a Chennai-based IT infrastructure group and detected Rs 1,000 crore alleged black money and possible instances of holding of benami assets, CBDT said

LTC cash voucher scheme: If you spend less, tax benefit will be lower

Under cash scheme, now extended to private-sector employees, 3x the LTC fare has to be spent

CBDT clamps down on coercive assessment, tax recovery measures by officers

Says recovery surveys be resorted to only if assessee is not responding to notices, can only be undertaken by those in investigation or TDS wing of tax dept

Attorney General not in favour of appealing against Voda arbitration award

The finance ministry, through the Central Board of Direct Taxes (CBDT), had sought the AG's opinion around September-end on the ruling

Refunds worth over Rs 1.23 trn issued to 3.8 mn taxpayers till Oct 13

The income tax department on Wednesday said it has issued refunds of over Rs 1.23 lakh crore to more than 38 lakh taxpayers between April 1 to October 13. This includes personal income tax (PIT) refunds amounting to Rs 33,442 crore issued to 36.21 lakh taxpayers and corporate tax refunds worth Rs 90,032 crore to over 1.89 lakh taxpayers, according to the Central Board of Direct Taxes (CBDT). "CBDT issues refunds of over Rs. 1,23,474 crore to more than 38.11 lakh taxpayers between April 1, 2020 to October 13, 2020. "Income tax refunds of Rs. 33,442 crore have been issued in 36,21,317 cases & corporate tax refunds of Rs. 90,032 crore have been issued in 1,89,916 cases," CBDT said in a tweet. The government has emphasised on providing tax-related services to taxpayers without any hassles and has been clearing up pending tax refunds.

Due date for 'filing belated, revised' ITRs for AY20 extended to Nov 30

The date is being extended for the 'genuine difficulties' taxpayers face in the Covid-19 pandemic.

IT Dept issues guidelines for applicability of TCS provision from Oct 1

The CBDT said the new introduced TCS provisions would not apply to transactions in securities and commodities which are traded through recognized stock exchanges

Scrip-wise info in ITR must only for those seeking LTCG exemption: CBDT

Direct tax body denies reports that stock or day traders are required to furnish scrip wise details in return of income for AY 2020-21

Faceless regime: Appeals will be filed in assessee's state, clarifies CBDT

Dept attempts to allay apprehensions over faceless appeals, which start tomorrow

CBDT issues over Rs 1 trn refunds to 3.2 mn taxpayers since April

The I-T refunds of Rs 31,856 crore were issued in 30,29,681 cases and corporate tax refunds of Rs 79,517 crore have been issued in 176,966, the statement said

No directive to CBDT to issue notice to Sharad Pawar: Election Commission

Several media house reported Pawar as saying that that the Income Tax Department has served him a notice in connection with the declarations made by him in poll affidavits submitted to EC

Tax refunds worth Rs 1.06 trn issued to 3.09 mn taxpayers till Sep 15: CBDT

The income tax department on Wednesday said it has issued refunds of over Rs 1.06 lakh crore to more than 30 lakh taxpayers between April 1 to September 15. This includes personal income tax (PIT) refunds amounting to Rs 31,741 crore issued to 29.17 lakh taxpayers and corporate tax refunds worth Rs 74,729 crore to over 1.74 lakh taxpayers. "CBDT issues refunds of over Rs 1,06,470 crore to more than 30.92 lakh taxpayers between 1st April, 2020 to 15th September,2020. "Income tax refunds of Rs 31,741 crore have been issued in 29,17,169 cases & corporate tax refunds of Rs 74,729 crore have been issued in 1,74,633 cases," the Central Board of Direct Taxes (CBDT) tweeted. The government has emphasised on providing tax-related services to taxpayers without any hassles and has been clearing up pending tax refunds.

CBDT deploys two-third of its workforce for faceless assessment scheme

According to officials, Regional e-Assessment Centre (ReAC) has also been increased to 34 from 8 earlier