Page 20 - Cbdt

I-T exemption on buying shares at lower price in firms under insolvency

The CBDT has exempted from income tax the purchase of shares at rates lower than the market price in companies undergoing insolvency proceedings and whose board has been taken over by the government

Govt allows I-T exemption on conveyance allowance under new tax regime

The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees

Income tax exemptions to lower tax assessee for certain allowances

The Budget for 2020-21 came out with an option of lower tax regime for those who forgo certain exemptions

'Faceless assessment of tax to help reduce corruption charges'

The CBIC has issued detailed instructions appointing nodal commissioners for the purpose of administratively monitoring the assessment practice in respect of imported goods

New ITR forms call for filing return even if your income isn't taxable

Joint property holders can file simplified forms. But even if your income is low, file returns if you meet one of three newly-introduced conditions

CBIC to roll out pan-India faceless assessment by Dec 31, trial underway

The first phase would begin from June 8, 2020, at Bengaluru and Chennai, for items of imports primarily covered by Chapter 84, 85 of the Customs Tariff Act, 1975

Fall in direct tax collection on expected lines and temporary: CBDT

The CBDT said the assertion that in spite of the tax reforms, the investment has not been picking up is not correct and is without an appreciation of the reality of the business world

FM Sitharaman launches scheme for instant allotment of online PAN

In a statement, the Central Board of Direct Taxes (CBDT) said Finance Minister Nirmala Sitharaman on Thursday formally launched the facility.

CBDT sets a minimum fee for managers of India-based offshore funds

The Finance Act, 2015, had introduced Section 9A to encourage fund management activity from India and provide a safe harbour to onshore managements of offshore funds

CBDT issues tax refund worth Rs 26,242 cr to tax assesses since April 1

Tax refunds issued to 16,84,298 tax assesses, says the government.

Income Tax department notifies safe harbour rates for fiscal year 2019-20

The Central Board of Direct Taxes (CBDT) has notified changes to Rules 10TD and 10TE of Income Tax Rules relating to Safe Harbour Rules

Tax tweaks can spur economic revival

These are extremely challenging times, and collective efforts by the government and industry would be required to bring the economy back on track

CBDT orders tax officials to not issue scrutiny notices to taxpayers

Move comes after a group of IRS created panic and tax policy uncertainty

Lockdown period not to be counted for determining residency of NRIs: CBDT

There were apprehensions that this extended stay could lead to these individuals becoming Indian residents as per Section 6 of the Income Tax Act

Central Board of Direct Taxes amends Rule 44G of Income-tax Rules 1962

It also states that if a resolution is arrived, the same shall be communicated to the assessee, who shall communicate his acceptance or non-acceptance within 30 days

CBDT amends rule for speedy resolution of tax disputes under treaties

Change in rule 44G of MAP calls for mutually resolution of tax disputes as agreement between India and the other nation, within 24 months

Covid-19 crisis: CBDT chargesheets 3 IRS officers for leaked report

The IRS Association has forwarded its report to the CBDT.

CBDT chargesheets 3 senior IRS officers for 'misguiding' young taxmen

These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules

Covid-19 relief: CBDT starts inquiry on IRS officers for unsolicited report

In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report

Covid-19: Taxmen suggest 40% tax on super-rich, higher levy on foreign cos

The suggestions are part of a paper titled 'Force', which stands for 'Fiscal Options & Response to the COVID-19 Epidemic'