Presently, there are five APA teams in the country with two teams in Delhi and one team each in Mumbai, Bengaluru and Gurgaon
Taxpayers can now settle offences by paying fine, announced the Central Board of Direct Taxes. But, this applies only if the taxpayer has no links to anti-national or terrorist activities
Speaker to send the bill for examination to a select committee of house members
Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal on Monday asked industry players to give their suggestions on the new income tax bill, which will be tabled in Parliament this week. The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax compliance easier for taxpayers and make it easier to read and understand. Agrawal said that the new bill has been drafted in such a way that it meets international standards. Also, the new law has been made concise, as old provisions have been removed, making it less bulky. He asked the industry to give their suggestions once the new bill is introduced and assured them that the suggestions would be looked into. With regard to updated I-T returns (ITR-U), Agrawal said in the last three years about 90 lakh such returns were filed. Around Rs 8,500 crore additional revenues were garnered. Finance Minister Nirmala ...
The minister had previously announced in July last year that a comprehensive review of the Income Tax Act of 1961 would be completed within six months
The Central Board of Direct Taxes announced on Wednesday that investments under tax treaties with Mauritius, Cyprus, and Singapore will remain unaffected by the new Principal Purpose Test rule
July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations
Bombay High Court asks CBDT to give more time for work after petition against software update
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
The move comes in response to challenges taxpayers faced with electronic submission
Only specific cases are required Income-tax Clearance Certificate, clarifies the Central Board of Direct Taxes
Rampant cash transactions in business sectors like hotels, luxury brand sales, hospitals and IVF clinics need to be checked in a "non-intrusive" manner, the CBDT has asked the I-T department. The apex body for direct taxes administration in the country -- the Central Board of Direct Taxes -- has also asked the tax department to undertake "concerted efforts" to recover arrear demands which have been witnessing a "steep rise" since the last financial year. The CBDT recently issued an annual action plan dossier called the central action plan (CAP) 2024-25. Senior officials told PTI that transactions over Rs 2 lakh in cash were required to be reported through a statement of financial transaction (SFT) by financial institutions but that was not happening. "While examining such reports, it is noticed that the circumvention of these provisions is widely prevalent," the Board told the I-T department. "Further, although section 139A requires PAN (permanent account number) to be provided o
As on April 1 this year, the arrears demand has increased to Rs 43 trillion, from Rs 24 trillion on April 1, 2023
Bhalla, who was India's executive director at the International Monetary Fund, argued that the belief that only 1-2 per cent of the population pays taxes is unfounded
In a separate move, CBIC has introduced enabling provisions for allowing rectification of GSTR-1 for businesses
The CBIC has said the Principal Commissioner or commissioner level officers can issue directions to recover GST dues before the stipulated three months of serving of demand order. Under the GST law, if a taxable person does not pay the amount specified in an order passed under the CGST Act within three months from the date of service of such order, the tax officer can initiate recovery proceedings only after the expiry of this period. However, in exceptional cases where it is necessary in the interest of revenue, the proper officer, after recording the reasons in writing, may ask a taxable person to pay the amount within a period shorter than three months. The Central Board of Indirect Taxes and Customs (CBIC) said it has been brought to its notice that some of the field formations are initiating recovery before the specified period of three months from the date of service of the order, even in the cases where the taxable person has not been specifically required by the proper ...
Union Minister of State for Home Nityanand Rai on Tuesday dismissed allegations that the central government was discriminating against non-BJP-ruled while disbursing funds for disaster relief. Replying to a question on flood relief to Tamil Nadu, Rai dismissed the allegations that the non-BJP-ruled states were being discriminated against while disbursing disaster relief funds. "In fact, Prime Minister Narendra Modi is very sensitive to the need of the state governments during any natural disaster and the central government provides all kinds of help during any crisis," he said, dismissing the allegation that Tamil Nadu was being discriminated against. He also informed that Rs 2013 crore was still lying with the Tamil Nadu government under SDRF which it is free to spend for flood relief. He said under the present government, inter-ministerial central team is being dispatched even before a request from the state government comes. Rai said a total provision of Rs 33581 crore was made
The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that," Gupta said. The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. Gupta said the move would ..
The complex language used in the notifications of the CBIC regarding customs duties needs simplification to help industry in understanding those orders as they carry crucial details, economic think tank GTRI said on Thursday. The Global Trade Research Initiative (GTRI) said for this the CBIC (Central Board of Indirect Taxes and Customs) must use services of communication experts for help in drafting easy to understand notifications containing necessary details. This will help over a lakh firms importing merchandise exceeding USD 660 billion in 2023 and it will also add to the ease of doing business with zero cost to the government and immense benefit of clarity to the Indian industry, it said. "Notifying import duties is a critical mandate of CBIC. Firms pay import duties as notified by CBIC, but firms cannot do it on their own as the CBIC notifications use complex language and mostly refer to back notifications unintentionally hiding complete details needed to know the duty or impo
The angel tax is on the amount received by a company above the fair market value as income