Page 7 - Cbdt

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TDS rules: Online gaming bonus, incentives taxable if withdrawn, says CBDT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

I-T lens on big spenders, aims to widen taxpayer base by 10% in FY24

Targets adding 10% new filers in FY24, raising base to about 86 million

FM directs CBDT to ensure time-bound disposal of tax payers' applications

Finance Minister Nirmala Sitharaman emphasised that the Central Board of Direct Taxes (CBDT) should ensure timely action on all applications filed by tax payers

Examine top 30 cases of TDS falling short: CBDT to tax department

Apex body releases interim action plan for the first half of FY24

Highest direct tax buoyancy in 15 years in FY22, shows CBDT data

Gross direct tax collection increased 173 per cent to over Rs 19.68 trillion in 10 years to 2022-23

RBI permits Karnataka Bank to collect direct, indirect taxes for CBDT, CBIC

The Reserve Bank of India has authorised private sector lender Karnataka Bank to collect direct and indirect taxes on behalf of CBDT and CBIC. This has been done on the recommendation from the Controller General of Accounts (CGA), Ministry of Finance, Karnataka Bank said in a regulatory filing on Tuesday. Bank customers are already enjoying seamless online payments for custom duty by selecting Karnataka Bank in the Indian Customs Electronic Gateway 'ICEGATE' portal of CBIC, it added. The (ICEGA TE) portal of the Central Board for Indirect Taxes and Customs (CBIC) provides e-filing services to the trade, cargo carriers and other trading partners electronically, the statement said.

CBSE exempted from paying tax with retrospective effect from FY'21 to FY'25

The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others. The I-T exemption has been given retrospectively from the financial year 2020-2021 (for the period from June 1, 2020 to March 31, 2021) and for fiscal year 2021-22, and 2022-23. The exemption will continue in the current fiscal and the next financial year (2024-25). In a notification, the Central Board of Direct Taxes (CBDT) said the government has notified the Central Board of Secondary Education, Delhi, a Board constituted by the Central government, under section 10 (46) of the I-T Act and exempted it from paying income tax on specified income. Such income include examination fees; affiliation fees; sale of text books & publications; registration fees, sports fees, training fees and other academic receipts. Also, receipts from CBSE projects/programmes; interest on income tax refunds; and .

Employers must seek employees preferred tax regime for deducting TDS: CBDT

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. In case an employee does not intimate his/her employer about the preferred tax regime, then the employer would be required to deduct TDS from salary income as per the new revamped tax regime announced in Budget 2023-24. Individual taxpayers have the option to select whether they want to be in the old tax regime, which provides for exemptions and deductions or switch to the new tax regime which offers low tax rates but no exemptions. The Budget 2023-24 unveiled on February 1 tweaked the optional exemption-free tax regime, which is available under section 115BAC of the I-T Act to push salaried-class taxpayers to switch to the new tax regime. The revamped concessional tax regime was made the default regime for an individual taxpayer. The Central Board of Direct Taxes (CBDT) on Wednesday issued a ...

Tax evasion: 89 high-value foreign remittances come under I-T scanner

The Central Board of Direct Taxes (CBDT), the top direct tax body, has directed the officers concerned to initiate verification and send notices to those behind these transactions on March 28

PAN-Aadhaar link: Last date to link these two cards extended to June 30

PAN-Aadhaar link: The main reason behind making the linking of PAN cards and Aadhaar cards mandatory was to reduce the duplication of PAN cards

FinMin agencies attach immovable properties worth Rs 1.11 trn in 6 years

Enforcement agencies under the Finance Ministry have attached immovable properties worth about Rs 1.11 lakh crore in the last six years, the ministry informed Parliament. Of this, in the current fiscal, immovable properties worth Rs 10,683 crore were attached by various central agencies viz ED, DRI (Directorate of Revenue Intelligence), Income Tax Department, etc. under the ministry in 204 cases from 2017-18 till January 31, 2023. In 2021-22, Rs 19,832 crore immovable properties were attached in 1,657 cases. Of this, immovable properties disposed of by the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) between 2017-18 and 2021-22 was Rs 71 crore. In many cases, where properties are attached by CBDT and CBIC are challenged before the court and unless the court decides the matter, these properties cannot be disposed of, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha on Tuesday. In addition, during

1,064 prosecution complaints pending for completion of trial under PMLA

The government also clarified that all the posts of the chairperson and other members of the Appellate Authority under the PMLA are filled-up

CBDT asks Mumbai, West Bengal to step up efforts to raise revenue

CBDT asks officials to step up collection

I-T department selects 68,000 'high-value' cases for e-verification

The transactions were allegedly not reported correctly in tax returns for FY20

Net direct tax collection hits Rs 13.73 trn, 83% of FY23 revised estimate

Net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial year, the Central Board of Direct Taxes (CBDT) said on Saturday. The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections. On a gross basis, the collection grew 22.58 per cent to Rs 16.68 lakh crore. Refunds amounting to Rs 2.95 lakh crore have been issued during April 1, 2022 to March 10, 2023, which are 59.44 per cent higher than refunds issued during the same period in the preceding year. Direct tax collection, net of refunds, stands at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year. This collection is 96.67 per cent of the total budget estimates and 83.19 per cent of the total revised estimates of direct taxes for the financial year 2022-23, the CBDT said in a statement. After adjustment