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Sunday, Jul 05, 2020
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Central board of direct taxes

In a meeting, chaired by chief election commissioner Sunil Arora and attended by election commissioners Ashok Lavasa and Sushil Chandra, the issue was discussed at length.
Election Commission to take strict action against candidates filing false affidavits
Jun 17, 2020 13:00
In a meeting, chaired by chief election commissioner Sunil Arora and attended by election commissioners Ashok Lavasa and Sushil Chandra, the issue was discussed at length. read more
Finance Minister Nirmala Sitharaman had announced a slew of measures to tide over Covid-19 crisis last week including slashing of TDS/TCS rate for non-salary payments by 25 per cent.
Refunds worth Rs 26,242 crore processed since April 1, says tax department
May 22, 2020 14:14
Finance Minister Nirmala Sitharaman had announced a slew of measures to tide over Covid-19 crisis last week including slashing of TDS/TCS rate for non-salary payments by 25 per cent. read more
The suggestions were made in a report titled Fiscal Options & Response to Covid-19 Epidemic (FORCE) and released to the media on the IRS Association’s Twitter handle and website.
IRS officers pitch 40% tax rate plus Covid relief cess, under probe
Apr 26, 2020 22:13
The suggestions were made in a report titled Fiscal Options & Response to Covid-19 Epidemic (FORCE) and released to the media on the IRS Association’s Twitter handle and website. read more
The CBDT was responding to certain observations made in social media that alleged that income tax department is pursuing recovery proceedings.
Emails to seek tax updates not recovery notices, clarifies tax department
Apr 21, 2020 13:44
The CBDT was responding to certain observations made in social media that alleged that income tax department is pursuing recovery proceedings. read more
The two organisations are expected to ink a Memorandum of Understanding (MoU) soon in order to implement the decision and chalk out modalities of exchange of data, maintenance of confidentiality, mechanism for safe preservation of data and weeding out after usage.
Income Tax dept to share taxpayers’ PAN, other data with Sebi
Feb 12, 2020 15:33
The two organisations are expected to ink a Memorandum of Understanding (MoU) soon in order to implement the decision and chalk out modalities of exchange of data, maintenance of confidentiality, mechanism for safe preservation of data and weeding out after usage. read more
The notification by the tax department came in the backdrop of users expressing concern over its January 3 order. The department had then said that individual taxpayers possessing a house property in joint ownership were not eligible to file returns...
Tax department lets joint property owners file returns using simple forms
Jan 11, 2020 06:01
The notification by the tax department came in the backdrop of users expressing concern over its January 3 order. The department had then said that individual taxpayers possessing a house property in joint ownership were not eligible to file returns... read more
Taxmen have been told that the corporate tax relief worth Rs 1.45 lakh crore should not be taken as an excuse for lesser direct tax collection target.
Ensure GST collection is Rs 1.1 lakh crore every month, government tells officials
Dec 17, 2019 16:21
Taxmen have been told that the corporate tax relief worth Rs 1.45 lakh crore should not be taken as an excuse for lesser direct tax collection target. read more
The top body of the income tax department said no bank or provider of a digital payment system shall “impose any charge on a payer making payment, or a beneficiary receiving payment” through electronic modes.
Businesses over Rs 50 crore must have electronic payment mode from November 1: CBDT
Oct 18, 2019 21:54
The top body of the income tax department said no bank or provider of a digital payment system shall “impose any charge on a payer making payment, or a beneficiary receiving payment” through electronic modes. read more
The officials said the government is considering providing relief to some sectors, which mostly deal in cash.
Centre may not apply new TDS rules to some sectors
Sep 11, 2019 05:14
The officials said the government is considering providing relief to some sectors, which mostly deal in cash. read more
The action came after the department found that the transaction was made through shell companies involving a suspect in the AgustaWestland chopper scam, government officials said.
I-T attaches shares worth Rs 254 cr of Ratul Puri’s firm
Jul 31, 2019 14:00
The action came after the department found that the transaction was made through shell companies involving a suspect in the AgustaWestland chopper scam, government officials said. read more
CBDT further clarified that the updating of utility do not hamper filing of return as the taxpayers are allowed to file using the utility which is available at that point of time. For example, more than 85 lakh taxpayers have filed returns in ITR-1 till...
No change in tax forms, says I-T dept; 1.38 cr returns filed already
Jul 16, 2019 20:04
CBDT further clarified that the updating of utility do not hamper filing of return as the taxpayers are allowed to file using the utility which is available at that point of time. For example, more than 85 lakh taxpayers have filed returns in ITR-1 till... read more
Granting such income tax exemptions date back to 1922 and were among the incentives the British offered to make military services lucrative for Indians.
Pension with disability benefits for soldiers who served full term to be taxed
Jun 25, 2019 23:49
Granting such income tax exemptions date back to 1922 and were among the incentives the British offered to make military services lucrative for Indians. read more
“Earlier, banks did not deduct tax at source for total income not exceeding Rs 4.5 lakh; that included Rs 3 lakh under tax-exempt category and Rs 1.5 lakh tax benefit under [section] 80C,” the first official said.
Tax relief for senior citizens upto Rs 5 lakh
May 24, 2019 22:17
“Earlier, banks did not deduct tax at source for total income not exceeding Rs 4.5 lakh; that included Rs 3 lakh under tax-exempt category and Rs 1.5 lakh tax benefit under [section] 80C,” the first official said. read more
Revenue Secretary A B Pandey and CBDT Chairman P C Mody have been called to explain the raids amid allegations by the Congress that the ruling BJP was using enforcement agencies to target it during the poll season.
Election Commission meets CBDT chairman, revenue secretary to discuss I-T raids
Apr 09, 2019 10:46
Revenue Secretary A B Pandey and CBDT Chairman P C Mody have been called to explain the raids amid allegations by the Congress that the ruling BJP was using enforcement agencies to target it during the poll season. read more
It said that meticulous records of collections and disbursement of cash had also been found in the form of hand-written diaries, computer files and excel sheets which had been found and seized.
Rs 281-cr cash collection racket in MP linked to political party: I-T dept
Apr 08, 2019 22:05
It said that meticulous records of collections and disbursement of cash had also been found in the form of hand-written diaries, computer files and excel sheets which had been found and seized. read more

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