Page 8 - Cbdt

ITR forms notified for FY23, have schedule for virtual digital assets

Separate schedule for virtual digital assets requires details like date of acquisition, date of transfer head

Gross direct tax mop-up grows 24% to Rs 15.67 trn, net collection rise 18%

Gross direct tax collections grew 24 per cent to Rs 15.67 lakh crore so far this fiscal, the finance ministry said on Saturday. After adjusting for refunds, the net direct tax collection stood at Rs 12.98 lakh crore, a growth of 18.40 per cent. The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 lakh crore. "The provisional figures of direct tax collections up to 10th February, 2023 continue to register steady growth. Direct tax collections up to 10th February, 2023 show that gross collections are at Rs 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement. In the current fiscal (2022-23), the revenues from direct tax (which includes income and ...

GAIL signs advance pricing agreement with CBDT; first oil, gas PSU to do so

GAIL is the first public sector undertaking in oil & gas sector in India to successfully sign the APA

Linking PAN with Aadhaar: CBDT chairperson says 480 mn linked so far

About 48 crore individual Permanent Account Numbers (PANs), out of the total 61 crore issued till now, have been linked with Aadhaar till date and those who do not link it by the declared deadline of March 31 will not get benefits while undertaking various business and tax-related activities, CBDT Chairperson Nitin Gupta said. The government has made the linkage of the two databases mandatory and declared that those individual PANs that are not attached to the Aadhaar by the end of this financial year (March 31, 2023) will be rendered inoperative. A fee of Rs 1,000 will be payable for those who want to link their PAN and Aadhaar between now and March 31. "There are about 61 crore individual PANs issued till now and out of this, around 48 crore have been seeded with Aadhaar. The difference is around 13 crore now, including the exempt category, and we hope the rest will also be linked by the end date," Gupta told PTI in a post-Budget interview. We have undertaken a number of public .

Trustees will be liable in case of non-payment of exit tax: CBDT chief

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

Will bring scheme for disposal of small appeals: CBDT chairperson

The Central Board of Direct Taxes (CBDT) will soon come out with a scheme on the Budget announcement of reducing pendency of appeals related to TDS default issues, board chairperson Nitin Gupta said. In her Budget speech on Wednesday, Union Finance Minister Nirmala Sitharaman said she proposes to deploy about 100 joint commissioners of the Income Tax department for disposal of small appeals and to reduce the pendency of appeals at the commissioner level. "We will come up with a scheme, the appeals dealt here will be mainly relating to TDS (tax deducted at source) default, the orders on TDS default, the orders on the processing of return of income where we feel that it requires adjustment and the taxpayer feels otherwise...there could be cases of small income (under dispute)," Gupta told PTI during a post-Budget interview. The scheme will aim to expedite the process of disposal of appeals by the first appellate authority, which is the Joint Commissioner for Appeals, he said. Under t

Govt expects 'fabulous' response to revamped I-T regime: CBDT chief

The benefit of the revamped I-T regime will percolate down to every section of the taxpayer and the government expects a 'fabulous' response to it, a top Income Tax official said on Friday. The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided. "The benefit percolates down to every section of taxpayer.... Considering that standard deduction will be available to salaried taxpayers in the new regime, effectively a salaried employee with an income of Rs 7.50 lakh would not be required to pay any tax," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said. In addition to extending the standard deduction, the Budget has also raised the exemption limit and tweaked the tax rates to make the ne

Capital gains: Investment cut-off date extended, but there's a catch

Taxpayers may not be able to avail of it unless last date for filing revised ITR is extended

Delhi HC stays CIC order asking CBDT to give info on Ram Janmabhoomi Trust

The Delhi High Court has stayed an order of the Chief Information Commission directing the Central Board of Direct Taxes to provide information relating to Shri Ram Janmabhoomi Teerth Kshetra Trust

I-T dept steps up efforts to recover tax arrears of over Rs 7.7 trillion

CBDT in Dec 21 meeting discuss measures to clear backlog; asks to focus on cash collection of Rs 2.05 trillion

An NRI without a PAN? File Form 10F manually till next March for lower TDS

You should check tax residency certificates too: If it has the required details, submit it instead

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

Top Headlines: GST Council meet, exports record flat growth, and more

Business Standard brings you the top headlines at this hour

CBDT seeks detailed report on the top 15 taxpayers in each region

Directive issued for maximising revenue collection and monitoring advance tax mop up

CBDT exempts NR taxpayers from mandatory Form 10F e-filing for now

The form 10F is signed physically by the Non resident taxpayers and furnished along with the tax residency certificate to the resident payers for the purpose of determining withholding tax implication

CBDT issues important circular on TDS on salaries for current fiscal

The Central Board of Direct Taxes (CBDT) in a circular related to TDS deduction from salaries has said that any person responsible for paying salary must deduct income tax while paying the amount

Budget wish list: Brokers body wants STT rebate, Rs 1 lakh STCG exemption

Also seeks relaxations in set-off provisions for carry forward business loss

Direct tax mop-up to exceed budget target by 25-30 pc: CBDT chief

The direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent, a senior official said on Tuesday. Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion. "Currently there is a provision for deduction of TDS on online gaming. There is existing provision, if it needs to be modified or retained in the same way that needs to be seen," he said. Currently, a 10 per cent Tax Deduction at Source (TDS) is levied on income from online gaming. Gupta further said that given the current buoyancy in collections, the Budget target for the next fiscal (2023-24) is also likely to be higher. "For current year we believe we would be exceeding the Budget estimate by sizeable margin, it could be 25-30 per cent higher than what has been given to us. Next year, given the buoyancy of tax collection, we wo

Centre may introduce changes to capital gains tax rules, says report

A task force had recommended changes in indexation benefit rules for the capital gains tax in 2019, and it is expected to be the main basis of the review

Pharma marketing practices: High-level committee to meet industry on Friday

The UCPMP is voluntary and there is no legal penalty for violating the code