Page 4 - Cbdt

CBDT grandfathers treaty benefits on PPTs with Mauritius, 2 more nations

The income tax department has come out with a fresh guidance note on applicability of Principal Purpose Test (PPT) for claiming tax treaty benefits, which will apply prospectively. The Central Board of Direct Taxes (CBDT) in its guidance note on PPT also clarified that the grandfathering provisions under the India-Cyprus DTAA, India-Mauritius DTAA and India-Singapore DTAA would remain outside the purview of the newly issued PPT provision. India has made certain treaty-specific bilateral commitments in the form of grandfathering provisions in the DTAAs signed with Singapore, Mauritius and Cyprus. "These commitments, as reflected in the bilaterally agreed object and purpose of such grandfathering provisions, are not intended to interact with the PPT provision as such," the CBDT said. The grandfathering provision in these treaties would be governed by the specific provisions specified in the respective DTAAs. Deloitte India, Partner, Rohinton Sidhwa said the circular clarifies variou

More taxpayers now eligible for Vivad Se Vishwas to settle tax disputes

Scheme allows taxpayers to pay disputed tax amount and close litigation with government

Income-Tax department recovers Rs 1,070 crore from wrongful claims

The taxpayers filed updated income tax returns (ITRs) for assessment years from FY23 to FY25 after doing the corrections

I-T Department extends belated, revised ITR filing deadline to Jan 15

The decision follows a recent order from the Bombay High Court, which directed the CBDT to extend the deadline for filing belated and revised ITRs for Assessment Year (AY) 2024-25

Government extends deadline for belated and revised tax returns to Jan 15

July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations

Government extends deadline for direct tax Vivad Se Vishwas Scheme

Under the scheme, penalty charges vary based on the date of payment

CBDT campaign to resolve income discrepancies in annual statement, returns

People get opportunity to address discrepancies by filing revised or belated Income Tax returns for FY24 before December 31

CBDT extends deadline to Dec 15 for taxpayers with overseas transactions

This extension is applicable to taxpayers who have global transactions and are needed to provide reports under Section 92E

CBDT extends income tax return filing deadline for FY24 to Dec 15

Tax authorities have extended the income tax return filing deadline by another 15 days to December 15 for the financial year 2023-24. The due date for furnishing the return of income under section 139(1) of the Income-tax Act, 1961 in the case of an assessee who is required to furnish a report referred to in section 92E, is November 30. The Central Board of Direct Taxes has now extended the deadline to December 15, 2024 for the assessment year 2024-25, an official order said. The income tax return filing deadline has been extended for taxpayers who have international transactions and are required to furnish reports under Section 92E.

Taxpayers must disclose foreign income by Dec 31, says CBDT chairman

When asked about the progress in the income tax law review, the CBDT chief said that public consultation is ongoing and more than 6,000 suggestions have been received by the department

Govt to surpass Rs 22.07 trn direct tax collection target: CBDT chief

The government will exceed the Rs 22.07 lakh crore direct tax collection target set for the current fiscal, Central Board of Direct Taxes (CBDT) chairman Ravi Agarwal said on Monday. Agarwal also said that taxpayers who have not disclosed their foreign income or assets in their ITRs have time till December 31 to file their revised return for the 2023-24 fiscal. The tax department is in the process of sending SMS and emails to those assessees who have not disclosed high-value assets. Inaugurating the Taxpayers Lounge at the India International Trade Fair (IITF), Agarwal also said that more than 6,000 suggestions have come in for a review of the income tax law to make the language simple and easy to understand. "We are hopeful and we believe that we will exceed the budget target for tax collection. Collections from corporate and non-corporate taxes have risen," Agarwal told reporters here. As per the latest tax collection data released by the CBDT, between April 1 to November 10, net

CBDT launches campaign to inform taxpayers on undeclared foreign assets

The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR). In a statement, CBDT said informational messages will be sent via SMS and email to resident taxpayers who have already submitted their ITRs for AY 2024-25. These messages are intended for individuals identified through information received under bilateral and multilateral agreements, suggesting that they may hold foreign accounts or assets, or have received income from foreign jurisdictions. The purpose is to remind and guide those who may not have fully completed Schedule Foreign Assets in their submitte

REC eyes another Rs 5,000 crore fundraise through zero-coupon bonds

IRFC looking to raise Rs 3,000 crore through bonds today

CBDT allows tax officials to waive or reduce interest due from taxpayers

The income tax department has allowed tax officials to either waive or reduce interest payable by a taxpayer, subject to specified conditions. Under the Income Tax Act Section 220 (2A), if a taxpayer fails to pay the tax amount specified in any demand notice, he/she is liable to pay interest at 1 per cent per month for the period of delay in making the payment. The Act also empowers Principal Chief Commissioner (PrCCIT) or Chief Commissioner (CCIT) or Principal Commissioner (PrCIT) or Commissioner rank officers to reduce or waive the amount interest due to be paid. The Central Board of Direct Taxes (CBDT) through a circular dated November 4 has specified the monetary threshold of the interest that can be waived or reduced by the tax officers. Accordingly, PrCCIT rank officer can decide on reducing or waiving interest due of over Rs 1.5 crore. For interest due above Rs 50 lakh to Rs 1.5 crore, CCIT rank officer will decide on the waiver/reduction, while PrCIT or Income Tax ...

Tax dept simplifies compounding offence process with lower penalties

New guidelines will help businesses, individuals in rectifying mistakes in taxation

CBDT issues new form to give details on 'other taxes' paid by employees

Employees have to use Form 12BAA to report to employers any deductions from sources of income other than their salaries

CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes

Finance ministry releases new norms for handling delayed tax refund claims

You will no longer need to approach higher authorities even if the tax amount increases

CBDT sets up DRCs in 18 principal commissionerates for e-dispute resolution

The Central Board of Direct Taxes (CBDT) had notified the e-Dispute Resolution Scheme, 2022 with the aim to reduce litigation and provide relief to eligible taxpayers

CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated

An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said. The panel, comprising income tax (IT) officials from across the country, has started working to identify areas of improvement in the Income Tax Act, 1961, he said and added that the exercise is being conducted under a central government-mandated comprehensive review of the law. Central Board of Direct Taxes (CBDT) chairman Agrawal said the committee is looking at the best global practices that can be adopted as well as cutting redundancies in the existing law and finding those clauses that have reached their sunset, and hence, can be eliminated. "An internal committee of competent officers of the department from all across the country has been formed. They have started working to identify areas of improvement. This is a work in progress...," he