Page 8 - Cbdt

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

Centre gets 107,000 grievances in Feb; max against financial services dept

Around 1.07 lakh public grievances were received on an online platform against different government departments, a majority of them against the department of financial services, labour and employment ministry and CBDT. These grievances were received on Centralised Public Grievance Redress and Monitoring System (CPGRAMS), an online system that allows citizens to raise complaints. In February, 2023, a total of 1,07,308 public grievances (PG) cases were received on the CPGRAMS portal, 1,09,976 PG cases were redressed and there exists a pendency of 65,215 PG cases, as of 25th February, 2023, a statement issued on Friday by the personnel ministry said. The pendency in the central secretariat has decreased from 67,883 PG cases at the end of January, 2023 to 65,215 PG cases at the end of February, 2023. For the seventh month in a row, the monthly disposal crossed one lakh cases in central ministries/departments, it said. "Department of financial services (banking division) (18,478 ...

BBC survey: Income, profits not commensurate with India ops, says CBDT

The income and profits shown by various BBC group entities are not commensurate with the scale of their operations in India, according to an official statement on Friday, a day after the Income Tax authorities ended a three-day-long survey against the British media organisation. The Central Board of Direct Taxes (CBDT) issued a statement without naming the media organisation and said that I-T teams unearthed crucial evidences by way of statement of employees, digital proof and documents. Officials said the statement pertains to the British Broadcasting Corporation (BBC). According to the statement, several discrepancies and inconsistencies with regard to transfer pricing documentation were found during the survey. The survey was launched on February 14 at BBC offices in Delhi and Mumbai and it ended after about 60 hours on Thursday night.

Early availability of ITR forms to enable return filing from April 1: CBDT

The Income Tax department on Wednesday said the ITR forms for 2022-23 will come into effect from April 1 and have been notified well in advance to enable the filing of returns from the beginning of the ensuing Assessment Year. To facilitate taxpayers and to improve the ease of filing, no significant changes have been made to the ITR forms in comparison to the last year's ITR Forms. Only bare minimum changes necessitated due to amendments in the Income-Tax Act, 1961, have been made, it added. The Central Board of Direct Taxes (CBDT) on February 10 notified income tax return forms 1-6 for individuals, professionals and businesses for income earned in 2022-23. Also, ITR-7 form for charitable trusts, scientific research institute, political parties and universities was notified on February 14. "These ITR forms will come into effect from April 1, 2023, and have been notified well in advance in order to enable filing of returns from the beginning of the ensuing Assessment Year," the Centr

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