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Friday, July 23, 2021



Direct tax collections at Rs 9.45 lakh crore in FY21, exceeds revised estimates: FinMin

April 09, 2021 1:13 pm

Direct Tax collection: The net direct tax collections include Corporation Tax (CIT) at Rs 4.57 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 4.88 lakh crore.

I-T dept detects Rs 175-crore black income in raids on TN contractors

March 04, 2021 8:19 pm

It said "unaccounted" cash of Rs 3 crore was seized after the searches were conducted on Wednesday at 18 premises in Madurai and Ramanathapuram districts.

Curbs on coercive, intrusive powers of tax officers for recovery

October 17, 2020 1:15 am

The new order now allows coercive/intrusive measures only after exhaustion of other means of recovery and restrict recovery surveys to the non-responsive/non-traceable taxpayers.

CBDT issues guidelines for TDS/TCS on e-commerce transactions from Oct 1

September 30, 2020 12:21 am

The TDS is proposed to be levied on e-commerce transactions at 1 per cent in PAN/Aadhaar cases.

I-T authorities can share info with scheduled commercial banks, CBDT says

September 01, 2020 7:49 pm

In a notification dated August 31, the Central Board of Direct Taxes (CBDT) included 'scheduled commercial banks', listed in the second schedule of the Reserve Bank of India Act, 1934, under Section 138 of Income Tax Act for sharing of information.

CBDT chief on faceless assessment: Will help remove discretion of tax officers

August 10, 2020 1:43 pm

About 300 cases have required review in the tax demand, Mody said, adding that the process will happen without the taxpayer required to go to tax offices.

Tax chief seeks counsel; Jaggi Vasudev says scrap I-T

June 09, 2020 12:37 pm

At the ITAT webinar, Mody, in his query to Vasudev, asked that even as the tax department “has done a lot” to ease the compliance burden of the taxpayers, “still there exists some sort of trust deficit between the taxpayer and the government”.

CBDT: Rs 26,242 crore of I-T refunds released till May 21 this fiscal

May 23, 2020 2:10 am

The amount includes corporate tax refunds of Rs 11,610 crore to over one lakh taxpayers and Rs 14,632 crore to 15.8 lakh assessees from other categories, including salaried individuals.

I-T refunds worth Rs 4,250 crore issued in a week: CBDT

April 16, 2020 2:13 am

As a relief measure to individuals and businesses hit by the COVID-19 outbreak, the Finance Ministry had last week said it will fast track issuance of pending income tax refunds up to Rs 5 lakh, expected to benefit about 14 lakh taxpayers.

Compile data on pending appeals in high courts: CBDT to field officers

February 06, 2020 4:16 am

The CBDT in its communication dated February 4 has asked principal chief commissioners to collate the data and send it by next week. The CBDT has asked the regional Income Tax Department chiefs to personally monitor the exercise and submit the data by February 14 to it through e-mail.