Page 24 - Cbdt

Tax board's proposal of lowering budget target to Rs 11.3 trn shot down

The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal

The Rs 50,000-crore challenge

Raising the corporation tax collection target by 8 per cent in February may have made the CBDT's task more difficult

Compliance eased for US companies operating in India, says CBDT

India and US will be signing an information-sharing agreement before the end of the fiscal year

CBDT chairman P C Mody holds review meet on advance tax payment

So far the tax department has collected a little less than Rs 8 trillion against the target of Rs 12 trillion for the current financial year

IRS officer Pramod Chandra Mody takes charge as new CBDT chairman

Mody, a 1982-batch Indian Revenue Service (Income Tax cadre) officer, has been appointed in place of Sushil Chandra, who was on Thursday named as Election Commissioner

CBDT notifies verification scheme for issuance of e-notices to taxpayers

It will also process the taxpayers' information, related documents and make the data available to the assessing officer

Central tax body withdraws controversial circular on transfer of shares

The circular had prompted the Congress to demand immediate relief for its leaders, including party president Rahul Gandhi and UPA chairperson Sonia Gandhi in the National Herald case

AJL case: Cong says CBDT circular on share taxation vindicates its stand

Congress leaders Ahmed Patel and Vivek Tankha said the party would place these facts before the court

CBDT allows tax officials to widen scope of certain limited scrutiny cases

It also asked officers to 'invariably pick up such cases' for review and inspection so that the taxpayer is not harassed and no roving or fishing enquiry takes place against them

For a change, a useful and needed circular

These prescriptions alone remove a lot of uncertainties and discretion in the hands of jurisdictional officials, bring uniformity and help in ease of doing business

CBDT directs Income Tax dept to add 12.5 million fresh filers this year

The CBDT has directed the Income Tax Department to add at least 1.25 crore fresh tax filers from across the country -- the highest to be from Punjab, Haryana, Himachal Pradesh and J&K -- in view of increased economic activities. The directions have been issued also as a part of the government's drive to widen the tax base. The policy-making body of the department said as a result of its past initiatives in this domain, about 1.06 crore new tax filers were added to the income tax net during the 2017-18 financial year. A new income tax filer is defined as a person who is not included in the tax filing base at the beginning of the year, but who files the return during the year. A new I-T filer may not be called a fresh taxpayer added to the net as a person may file their income return but may not pay tax as they can claim legitimate exemptions, a senior official explained. However, once a filer is in the I-T database there is a very bleak chance that such a person's income remains ..

CBDT directs tax sleuths to survey, inspect high value transactions

This follows a 54-page action plan drawn up by the CBDT, where an aggressive strategy was outlined to nab tax dodgers

Curb 'high-pitched' assessments against taxpayers: CBDT to I-T dept

The decision was taken as part of the Modi government's plan to check high-handedness of taxmen in deciding assessments of a common taxpayer that led to issues of corruption and bribery

Rs 700-bn I-T refunds issued to taxpayers, 99% of claims processed: CBDT

In all, refunds in 4,507,000 cases have been issued during April-June, 2018, which is 900,000 more than the refunds issued during the same period last year

CBDT proposes amendments to three IT forms, invites public suggestions

It has suggested changes in Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT) and in Form 36A, which is a memorandum of cross-objections to the ITAT

CBDT seeks suggestions to bring transparency in cross-national transactions

CBDT has sought feedback from all stakeholders by April 30

CBDT invites suggestions from general public for new Direct Tax Law

A task force has been constituted to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country

CBDT allows farm produce bought for under Rs 2 lakh in cash as expenditure

It will also not require the cultivator to quote his PAN/ or furnish Form No.60: Circular

CBDT signs 2 more APAs with taxpayers in September

To reduce litigation by providing certainty in transfer pricing

CBDT proposal on advance estimates of tax liability irks industry

A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry which said it would increase compliance burden on them at a time when they are already struggling to cope up with issues of GST. However, some of them said that the notification is aimed at bringing about transparency. The CBDT had proposed that companies and taxpayers who have to get their accounts audited will be required to submit their income estimates and tax liability for six months of the financial year to the I-T department by November 15.It had come out with a draft notification seeking stakeholders' comment on filing of Form 28AA by giving details of income and advance taxes paid.Naveen Wadhwa of Taxmann says currently taxpayers are struggling with compliance burden after introduction of GST, the Income Computation and Disclosure Standards (ICDS) norms and Indian Accounting Standard (Ind-AS). "Such reporting will put additional compliance burden on taxpayers," he ...