Page 7 - Cbdt

RBI Central Board reviews global, domestic economic situation, challenges

The Central Board of Directors of the Reserve Bank of India on Friday reviewed the global and domestic economic situation and associated challenges, including the impact of current global geopolitical developments. The 603rd meeting of the Board, chaired by Governor Shaktikanta Das, was held in Indore. The Board also discussed various areas of operations of the Reserve Bank of India including the functioning of Local Boards and activities of select central office departments, the RBI said in a statement. Directors of the Central Board S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Anand Gopal Mahindra, Pankaj Ramanbhai Patel and Ravindra H Dholakia attended the meeting. Ajay Seth, Secretary, Department of Economic Affairs and Vivek Joshi, Secretary, Department of Financial Services also attended the meeting besides RBI deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar and Swaminathan J.

CBDT notifies rules for valuing rent-free homes provided by employers

Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such perquisites. The Central Board of Direct Taxes (CBDT) on August 18 notified amendments to the Income Tax Rules for valuing perquisites of rent-free or concessional accommodation by employers to employees. The rules will come into effect from September 1. The Finance Act, 2023, had brought in an amendment for the purposes of calculation of 'perquisite' with regard to the value of rent-free or concessional accommodation provided to an employee, by his employer. The rules for calculating perquisites have been notified now. "The categorisation and the limits of cities and population have now been based on the 2011 census as against the 2001 census earlier," the income tax department said in a statement on Saturday. As per the notification, where unfurnished ..

CBDT issues draft form for biz to report inventory valuation by accountants

The income tax department has come out with a draft form for various categories of businesses to report valuation of their inventories, including equity and debt securities, livestock or other raw material/by-products, by a cost accountant when asked by a tax officer. Beginning this fiscal, tax officers have been empowered to order for inventory valuation from a cost accountant at any stage of the proceedings pending before him/her. Such valuation can be sought if the tax officer has doubts regarding the correctness of the accounts, multiplicity of transactions in the accounts or specialised nature of business activity. The Central Board of Direct Taxes (CBDT) has now come out with a draft form 6C inviting stakeholder comments by August 31 on the proposed columns for reporting inventories valuation certified by a cost accountant. Nangia Andersen LLP Partner Vishwas Panjiar said in order to protect revenue's interest and to prevent deferral of taxes through undervaluation of inventor

CBDT issues detailed guidelines on taxation of traditional policies

The Finance Act, 2023, had amended Clause (10D) of Section 10 of the Income-Tax Act, 1961

Use of multiple PAN cards for weddings, IVF under scrutiny of I-T officials

Transactions need greater scrutiny as the board has noticed rampant circumvention, according to CBDT's plan

CBDT exempts aircraft leasing biz at Gift City from tax deducted at source

The move is in line with the amendment in the Finance Act, 2023, that allows exemption in respect of dividend income earned by an aircraft leasing business in an IFSC

CBDT to keep close tabs on IVF clinics, hotels, others to add new filers

According to the I-T department, there is inadequate matching of transactions with the returns filed by individuals

4 IRS officers appointed in CBDT under finance ministry: Govt order

Four IRS officers of the Income Tax Department have been appointed as Members in the Central Board of Direct Taxes (CBDT) under the Union finance ministry, according to a government order. The CBDT is the administrative body for the department and it is tasked to collect revenue under various direct tax categories such as personal income tax and corporate tax. According to the order issued by the Appointments Committee of the Cabinet on Wednesday, two Indian Revenue Service (IRS) officers of the 1987 batch -- Pravin Kumar and Harinder Bir Singh Gill -- and two from the 1988 batch -- Sanjai Kumar Verma and Ravi Agrawal -- have been appointed as Members in the CBDT. These officers, currently posted in various regions of the tax department, will fill four positions in the CBDT which have been vacant from September 2021 to June 2023. The CBDT is headed by a chairman and can have a maximum of six Members who are in the rank of special secretary. The two serving Members in the board are

CBDT to consider PAN, Aadhaar linking requests where fees paid by Jun 30

The income tax department on Friday said it will "duly consider" cases where linking of PAN with Aadhaar is yet to happen despite individuals giving their consent and having paid the fee. The last day for linking PAN with biometric Aadhaar on paying a late fee of Rs 1,000 is June 30, 2023. From July 1, 2023, PAN will become inoperative for individuals who have failed to link it with Aadhaar and TDS and TCS will be deducted at a higher rate. In a tweet, the income tax department said instances have come to notice where PAN holders have faced difficulty in downloading the challan after payment of fee for Aadhaar-PAN linking. "In this regard, it is to be informed that status of challan payment may be checked in 'e-pay tax' tab of portal after login. If a payment is successful, then PAN holder can proceed to link PAN with Aadhaar," it said. "In cases where fee payment and consent for linking have been received, but linking has not been done till 30.06.2023, such cases will be duly ...

Craft convincing response to tax notice, backed by relevant documents

Non-appearance and failure to respond on time can have serious consequences

Average time taken for issuing I-T refunds reduced to 16 days in FY23: CBDT

Average time taken for issuing refunds by the income tax department has been brought down "significantly" and 80 per cent of refunds were issued in the first 30 days of filing of returns during the 2022-23 fiscal, CBDT Chairman Nitin Gupta has said. The chief of the Central Board of Direct Taxes (CBDT) said the work of processing Income Tax Returns (ITRs) has been "expedited" as the tax department is leveraging technology in a big way and was working to ensure 'ease of doing business' for the taxpayers by promoting voluntary compliance. "We have expedited the processing of returns and quicker issue of refunds. The average time taken for processing of returns has been reduced to only 16 days in the financial year 2022-23 as against 26 days in the previous 2021-22 fiscal," Gupta said. "We have seen a hundred per cent increase in the total percentage of ITRs processed within one day of their filing. This percentage has increased from 21 per cent for assessment year (AY) 2021-22 to 42 p

Income Tax department notifies e-appeals scheme to ensure electronic filing

The Income Tax department has notified the e-appeals scheme, which will ensure electronic filing and processing of appeals. Under the 'e-Appeals Scheme, 2023', the Joint Commissioner (Appeals) shall dispose of the appeals filed before it or allocated or transferred to it. The scheme also provides for personal hearings through video conferencing in appeal cases, where the assessee has filed an appeal against the assessment order of taxmen. Nangia Andersen India Partner Neeraj Agarwala said the implementation of e-appeals is a progressive step towards a more efficient, accessible and accountable tax system. "By taking the necessary precautions, such as meticulous preparation and providing comprehensive supporting documentation to substantiate their claims, taxpayers can look forward to speedy disposals. However, a lot will depend on the implementation of the procedures and providing adequate time for response to the taxpayers," Agarwala added.

21 nations get angel tax exemption. Here’s what this means

From US to Australia, investors from 21 nations get angeltax exemption. Watch the video to dive into the details and explore what exactly this angel tax is all about.

Leave encashment limit hiked to Rs 25 lakh: What does it mean for you?

The relief was announced by Finance Minister Nirmala Sitharaman in the Union Budget 2023 and the proposed hike has come into place since April 1, 2023, a circular from CBDT stated

Leave encashment limit for non-govt employees hiked to Rs 25 lakh: CBDT

The CBDT circular dated May 24 stated that the increased leave encashment limit will be applicable from April 1, 2023

Investment in start-ups from 21 nations will be exempt from angel tax

The Finance Ministry has notified 21 countries, including the US, UK and France, from where non-resident investment in unlisted Indian startups will not attract angel tax. The list, however, excludes investment from countries like Singapore, Netherlands and Mauritius. The government had in the Budget brought overseas investment in unlisted closely held companies, except DPIIT recognised startups, under the Angel Tax net. Following that, the startup and venture capital industry sought exemption for certain overseas investor classes. The Central Board of Direct Taxes (CBDT) on May 24 notified classes of investors who would not come under the Angel Tax provision. Excluded entities include those registered with Sebi as Category-I FPI, Endowment Funds, Pension Funds and broad-based pooled investment vehicles, which are residents of 21 specified nations, including the US, UK, Australia, Germany and Spain, as per the notification. The other nations mentioned in the notification are Aust

TDS rules: Online gaming bonus, incentives taxable if withdrawn, says CBDT

Issues clarification on TDS provisions on online gaming

Proposed angel tax norms: Start-ups may get a funding boost, say top VCs

They said the proposed norms aim to expand valuation methodologies and eliminate price differentials between resident and non-resident investors

CBDT widens valuation norms for angel tax to bring clarity, end disputes

Exempts govt entities, banks, insurance firms, FPIs from provision

Direct tax buoyancy again falls sub-2% in 2022-23

It should be noted that direct tax collection figures are still provisional and GDP figures are on the basis of second advance estimates for 2022-23. The actual figures may change the outcome slightly