Page 23 - Cbdt

Monetary limits won't matter in organised tax evasion, says CBDT

It has been reported that in many cases, tribunals and high courts have recognised the unique modus operandi involved in such scams, and have passed judgements in favour of the revenue

I-T dept to issue PAN if taxpayers use Aadhaar for filing returns: CBDT

PAN will be generated automatically if a taxpayer uses Aadhaar for filing returns: CBDT

Overlooked for chairman post, CBDT Member Akhilesh Ranjan seeks retirement

Ranjan, who headed the tax force on direct taxes, has sought retirement from the service owing to "family and personal reasons," say sources

Enhanced limits to reduce pending direct tax litigation in one stroke

The CBDT circular has come at an appropriate time. It will provide much needed respite to business entities and taxpayers

Direct tax collection sees dismal growth; mid-August mop-up growth under 5%

The collections had shot up that year because people regularised their unaccounted income by paying higher levies

Removing angel tax notices will help start-ups in growth: Experts

The government's recent decision to give relief to start-ups on assessment of angel tax notices would provide a safeguard to them and promote their growth, according to experts. Seeking to calm the nerves of start-ups worried about angel tax, the government last week assured that explanation given by them to a tax notice in a limited scrutiny case would be summarily accepted without any questions asked by the taxman. The Central Board for Direct Taxes' (CBDT) circular with this effect "brings in more safeguard by requiring assessing officers to procure his or her supervisor's consent before starting on any inquiry under the angel tax provision against a start-up company which has not got DPIIT approval," S. Vasudevan, Partner, Lakshmikumaran & Sridharan said. However, he added that the circular does not specify any minimum rank of the consenting superior officer. "Also, lack of guidelines as to how the assessing officer or his supervisory officer selects cases for scrutiny may ...

All communications from tax dept to assessees to carry DIN from Oct 1: CBDT

Earlier, Prime Minister Narendra Modi had assured honest and law-biding taxpayers that they will not be harassed by the tax department

No tax notices sent to Durga Puja committees in Kolkata this year: CBDT

CBDT added that ITD had been getting information that several contractors who were doing work for the Puja committees were not paying due taxes

Govt announces revised procedure for angel tax assessment of start-ups

No verification will be done by an assessing officer if a startup has been recognised by DPIIT and the case is selected under limited scrutiny

Revenue department to brief PMO on Rs 1.67-trillion tax shortfall

Despite a cut in the income tax collection target in the full Budget compared to the interim Budget projections, the target is far from realistic

No change in income tax return forms, only utility software updated: CBDT

The policy-making body of the Income Tax Department issued a statement saying the updating process of these forms' utility software does not hamper the filing of returns

CBDT says FPIs can convert to corporates, rules out surcharge relaxation

Mody said the increase in surcharge was to provide benefit to the taxpayers who are in the lower end of the income tax slab

Startups should not be concerned about legacy tax issues: CBDT chief

The Budget also proposed a number of measures to resolve the problems being faced by startups with regard to their initial funding, called angel tax, their certification and verification of investors

'High-risk remittance' data under Income Tax department's scanner

The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not

Forget about taxman; focus on business: CBDT chief to start-up community

Now, I think everything has been sorted out and there should not be any cause of concern for the start-ups: P C Mody

CBDT asks I-T dept to add 13 mn new filers in FY19 to widen the tax base

A new filer is defined as a person who is not included in the base at the beginning of the year

CBDT publishes new I-T compounding norms; no relief in black money cases

Compounding in I-T parlance means that the taxman does not file a prosecution case against the offender or tax evader in the court in lieu of payment of due taxes and surcharges and it is dealt under

CBDT and GSTN sign pact to nab evaders, reduce black money generation

The move will allow the I-T department to verify the information filed by businesses in income tax returns, compared to the annual GST returns

CBDT gets down to build office in Mumbai after PM's Office intervenes

Total estimation for construction would range between Rs 200 cr and Rs 250 cr

Income-Tax department adds 10.7 million taxpayers in 2017-18: Report

In a statement, the CBDT said 6.87 crore Income Tax Returns (ITRs) were filed during FY 2017-18 as compared to 5.48 crore ITRs filed during FY 2016-17, translating into a growth of 25 per cent