Page 26 - Cbdt

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 ...

CBDT devises special plan to dispose of 300,000 pending cases

The pending cases choked Rs 6.11 lakh crore revenue to tax department

CBDT forms task force for a unified I-T assessment system

This proposal is aimed at reducing instances of corruption and harassment of the taxpayers

CBDT chairman Sushil Chandra's term extended by a year

Chandra had taken over as CBDT chairman on November 1, 2016

CBDT signs two unilateral APAs with taxpayers

APAs pertain to information technology and banking and finance sectors

CBDT accomplishes Direct Taxes collection of Rs 10 lakh crore for FY17

With this the CBDT has accomplished 100 per cent of the direct tax target for Financial Year 2016-17

CBDT to waive interest liability if tax demand paid in retrospective cases

New guidelines are primarily targeted at companies like Cairn India, Vodafone

CBDT to identify absconding I-T officers, says will take strict action

A committee has been formed for the purpose

CBDT asks taxman to make all out efforts to recover arrears

CBDT has pulled up the I-T department asking it to take steps to achieve the set targets

Fast-track cases against shell firms: CBDT to taxmen

Serious Fraud Investigation Office has filed cases against 49 shell companies

Direct tax collections show 10.7 per cent rise up to Feb: CBDT

The net growth in CIT collections is 2.6 per cent while that in PIT collections is 19.5 per cent

Monitor tax collection to meet target by March 31:CBDT to taxman

Direct tax collection for the current financial year which ends on March 31, is about Rs 8.47 lkh cr

Shell companies on radar, will strike them off MCA website: CBDT chief

He warned that the I-T Department will take action if people did not volunteer information

CBDT proposal to tap Aadhar database needs Cabinet OK

The CBDT is working on using the extensive Aadhaar database

Over 1.62 cr refunds issued till February 10: CBDT

Taxpayers are advised to verify & update their email address, mobile number on the e-filing website

Treat honest taxpayer with dignity and courtesy: CBDT to I-T department

Letter comes against backdrop of people's concern that taxman may harass them post demonetisation

CBDT signs 4 advance pricing pacts with taxpayers

Four APAs pertain to manufacturing, financial and information technology sectors of the economy