Page 7 - Central Board Of Direct Taxes

I-T department issues refunds worth Rs 26,000 cr to around 1.7 mn taxpayers

Expediting refunds of up to Rs 5 lakh was announced as part of the government's policy initiative to tackle the economic impact of Covid.

DGS has to take a call on waiving detention charges

The CBIC has also instructed field formations to make special efforts to dispose of all pending refund and drawback claims through a "special refund and drawback disposal drive"

GST, GAAR reporting delayed till March 2021 amid coronavirus outbreak

The I-T Dept had, in 2018, changed the tax audit form 3CD, seeking details under GST as well as GAAR, which seeks to prevent firms from routing transactions through other countries to avoid taxes

Be flexible with your financial plan, don't make big commitment

Clearly, these are unusual times. So, things need to be done differently

Covid-19 crisis: Govt extends validity of e-way bills; gives relief in ITC

The Centre has also deferred the application of restricted input tax credit (ITC) of 10% under goods and services tax (GST), providing relief to industry

Vivad se Vishwas: Let this be the last scheme

We need innovative solutions to address tax litigation

Struggling to meet target, IT staffers urge to extend FY20 to Apr 30

The associations say at least 95 per cent of their members commute via public transport and "government advisories are suggesting to avoid public transport as far as possible"

Coronavirus outbreak may delay roll-out of Vivad se Vishwas scheme

Disputes relating to wealth, securities transactions, commodities transaction tax, and the equalisation levy are not covered under the scheme.

Licence to harass

CBDT's new performance appraisal needs review

Vivad se Vishwas scheme: 100% target or poor appraisal, taxmen told

Declarants will need to attach the application on withdrawing cases from the CIT (A), the IATA, High Court, or the Supreme Court, along with the Vivad se Vishwas form.

Budget 2020: NRI tax to only impact India earnings, govt clarifies

The Union Budget had proposed on Saturday that NRIs have to pay up taxes on global earnings, if they're not paying in any other jurisdiction or country, generating much debate

Direct tax collections from Mumbai dip 13%, a double-digit fall in 10 years

It had declined by slightly over 4% in December. The city contributes 37% to the total direct tax revenues

Direct tax immunity scheme likely in Budget as govt looks for funds

Proposal will allow assessees to revise declared income without fear of past cases being opened up, or prosecution

Looking at Budget with hope for making offshore funds India-friendly

The objective of introducing this Section was to ensure offshore funds do not pay incremental tax just because those are managed out of India.

Firms opting for lower tax regime can't adjust accumulated credits on MAT

The ordinance to cut the corporation tax rate has said MAT provisions will not apply to a company which has exercised the option for a lower rate of tax

Dispose of 5-year-old pending cases by March, CBDT tells officials

There are about 31,000 pending cases, locking revenue worth Rs 500 crore

Mukesh Ambani family case: I-T department seeks details from seven nations

According to the I-T department, the Ambani family refuted all the charges in the show-cause notice and submitted the copy of GDR offer documents on June 7 for RUPL along with other documents

Oriental India Group admits Rs 3,000-cr black money after I-T raids: CBDT

Last week, searches and surveys were conducted at over 25 premises of the group that has interests in infrastructure, mining and real estate

In fifth such crackdown, govt retires 21 more 'corrupt' tax officers

CBDT compulsorily retired 21 Group B officers of the rank of Income Tax Officer under Fundamental Rule 56 (J) in the public interest due to corruption and other charges and CBI traps

At Rs 6 trn, CBDT's direct-tax mop-up so far less than 50% of FY20 target

The income tax department has also launched a faceless e-assessment scheme to eliminate interface between an assessing officer and a taxpayer