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Monday, October 26, 2020

Central Board of Direct Taxes (CBDT)

CENTRAL BOARD OF DIRECT TAXES (CBDT) NEWS

Tax refunds worth over Rs. 1.06 lakh cr issued to 30.92 lakh taxpayers till Sep 15: CBDT

September 16, 2020 6:19 pm

This includes personal income tax (PIT) refunds amounting to Rs. 31,741 crore issued to 29.17 lakh taxpayers and corporate tax refunds worth Rs. 74,729 crore to over 1.74 lakh taxpayers.

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.

Refund charges collected since Jan 1 on electronic payment modes to customers: I-T Dept tells banks

August 31, 2020 11:17 am

Finance Ministry sources said that action will be taken against those banks, which will collect any charges on payments made through electronic mode.

Panama Papers details led to I-T crackdown on Bharat Hotels Group

February 22, 2020 7:24 am

CBDT said “undisclosed foreign assets” of over Rs 1,000 crore had been detected during the searches. But officials said the amount would be several times that figure, and that the Bharat Hotels case was likely to become one of the biggest detection of the Panama Papers cases in India.

‘Tax chief told me to drop sensitive case, said he was secure after acting against Oppn leader’

October 05, 2019 6:23 pm

This is the key allegation in an unprecedented complaint against the nation’s top tax administrator by Alka Tyagi, who was Chief Commissioner of Income Tax (Unit 2) in Mumbai when she sent her complaint to Finance Minister Sitharaman on June 21.

Info on overseas black money confidential, share with ED, CBI only after permission: CBDT to I-T dept

September 19, 2019 5:32 pm

The directive issued by the tax board has also asked the I-T department to guard against the disclosure of such matters as they are "serious" in nature.

‘Faceless’ tax filing: E-assessment scheme notified

September 14, 2019 2:14 am

The new e-assessment regime will be voluntary and taxpayers can take a call on whether to conduct their dealings over the e-system or through the existing procedure of manual submission of documents by visiting the tax office.

IT to allot fresh PAN to those filing tax returns with Aadhaar: CBDT chief

July 07, 2019 6:45 pm

"In cases where Aadhaar is being quoted and PAN is not there, we could possibly think on the terms of allotting a PAN to the person (who is filing income tax return)," CBDT chairman Pramod Chandra Mody said.

CBDT directs I-T dept to share assets, accounts info of loan defaulters with banks

June 26, 2019 6:56 pm

It said the order has been issued in public interest after a number of such requests were received by it from public sector banks (PSBs) seeking information of immovable assets of a loan defaulter to effect recovery from them.

Compounding of offences: CBDT issues fresh set of guidelines

June 15, 2019 4:17 am

The CBDT issued the guidelines for compounding of offences under Direct Tax Laws, 2019, in supersession of its earlier guidelines dated December 23, 2014. Compoundable offences are those which can be conciliated by the parties under dispute, without the requirement of the permission of the court.