The Central Board of Direct Taxes convened a meeting of all cadre-controlling chief commissioners of income tax in Delhi on Thursday to discuss strategies for achieving the revenue collection target budgeted at Rs 3,70,000 crore (Rs.3.7 trillion) and internally reset at Rs 4,00,000 crore (Rs 4 trillion).
Measures may include tax slab and rate revisions for individuals, companies.
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
The form, introduced by the Central Board of Direct Taxes in April, is supposed to make filing tax returns easier.
'Depreciation should be claimed on original book value, not after revaluation'.
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
The Income Tax department has suggested an amendment for taxation of bad debt to the Central Board of Direct Taxes
The BBC is not driven by an "agenda" but by purpose and will not be put off reporting impartially and without fear or favour, the UK-headquartered media organisation's chief has said days after the income tax department survey operation at its New Delhi and Mumbai offices.
"In the month of April, we have issued more than 20 lakh (Rs 2 billion) refunds all over the country which is a record number of refunds issued in April," Central Board of Direct Taxes chairman, Sudhir Chandra, told reporters in Mumbai.
Lending and borrowing of securities for short-selling at stock exchanges will not attract Securities Transaction Tax or capital gains tax.
CBDT has directed officials to start scrutinising information from tax evasion petitions, and take them up on a priority basis.
Crypto exchanges have been asked to furnish details this month itself.
The guidelines on the valuation of employees' stock option plans (ESOPs) for calculating fringe benefit tax (FBT) will be issued by September 8.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
The Central Board of Direct Taxes is developing a data bank on tax returns and expenditure by tax payers to improve the quality of assessments and revenues, which could lead to reduction in raids, P L Singh, chairman, CBDT, said in Mumbai.
The Central Board of Direct Taxes (CBDT) is likely to increase the exemption limit for tax deducted at source on rental income to Rs 2,00,000 a year from Rs 1,20,000 at present.
The move is being viewed as an effort by the government to expand the taxpayer base.
Eros Group, whose premises were searched by Income Tax authorities, has admitted to unaccounted income of Rs 40 crore (Rs 400 million) and paid Rs 13 crore (Rs 130 million) as tax, a Central Board of Direct Taxes spokesman said on Wednesday.
The panel, headed by former Central Board of Direct Taxes chairman N Rangachary, will be in addition to the one set up to review the General Anti-Avoidance Rules provisions to address the concerns of foreign investors.
The home ministry has asked the revenue department to conduct a probe into the allegations of disproportionate assets against former Chief Justice of India K G Balakrishnan.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
Chidambaram to meet revenue boards on how to get much more and quickly; special audits and notices among measures likely.
The Central Board of Direct Taxes (CBDT) has signed up the country's three top economic think tanks to arrive at an official figure. This will help the government frame policies to tackle the problem.
The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the income tax (I-T) Act. The department has explained different scenarios through six questions to remove difficulties.
The committee, headed by Chairman of the Central Board of Direct Taxes, has received close to 3,300 suggestions through e-mail and the panel is now selecting the most appropriate ones for circulation among various agencies like the Enforcement Directorate, DRI and Law Ministry.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
