"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.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
The Income Tax department has suggested an amendment for taxation of bad debt to the Central Board of Direct Taxes
Lending and borrowing of securities for short-selling at stock exchanges will not attract Securities Transaction Tax or capital gains tax.
The grievances of as many as 2,500-3,000 taxpayers could be addressed and resolved between October 2 and October 31. The Central Board of Direct Taxes (CBDT) has asked tax officials to dispose of at least 20 per cent of the pending matters during the period. The move comes after Union Finance Minister Nirmala Sitharaman recently nudged the income-tax (I-T) department to redress the grievances promptly.
The guidelines on the valuation of employees' stock option plans (ESOPs) for calculating fringe benefit tax (FBT) will be issued by September 8.
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.
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.
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 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.
This is the fourth extension given by the government for taxpayers to file both original and revised ITRs for 2018-19 fiscal.
The vacancies are learnt to be impacting the I-T department's day-to-day functioning.
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.
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
Income-tax payers fear they will receive notices from the government because the annual information statement (AIS) provided by the I-T department in many cases is showing incomes in excess of their earnings. The Central Board of Direct Taxes (CBDT) has dismissed these fears as unfounded. The deadline for filing income-tax returns (ITRs) for the assessment year 2022-23 ended on July 31.
Opposition MPs in the parliamentary committee scrutinising the Waqf (Amendment) Bill are scheduled to meet Lok Sabha Speaker Om Birla on Tuesday to protest its chairperson Jagdambika Pal's alleged 'unilateral' decisions and attempts to 'bulldoze' proceedings, indicating that they may disassociate themselves from the panel.
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.
The common man wants the government to demonetise high denomination currency notes like Rs 1,000 and Rs 500 to effectively combat the menace of black money in the country, a finance ministry report has revealed.
Chidambaram to meet revenue boards on how to get much more and quickly; special audits and notices among measures likely.
Wants CBDT to plug loophole in the system.
The government's committee on unaccounted ('black') money met on Friday to discuss changes in existing legislation to address the issue.
The report, floated recently, comes a few days after the government cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
The Central Board of Direct Taxes on Tuesday notified the norms for valuation of employee stock option plans (ESOPs) for calculating fringe benefit tax (FBT). The rules will take effect from April 1, 2008, and apply from assessment year 2008-09. The notification said the value of stock options of listed companies would be the listing value - the average of opening and closing price - on the day the options were vested with the employee.
The proposal was announced in the Union Budget on Monday.
Union Home Minister P Chidambaram on Tuesday said the Central Board of Direct Taxes is inquiring into alleged leak of tapes of telephone conversations between corporate lobbyist Niira Radia and politicians, journalists and industrialists.
The commodities transaction tax is likely to come into force within the next two months as the details, including the collection, payment and the procedures for filing returns, will take some more time to be firmed up. The CTT, which will be administered by the Central Board of Direct Taxes, will be levied at the rate of 0.017 per cent on sellers of commodity futures as well as options. Purchasers of options, who exercise them, will pay 0.125 per cent
The last date for filing returns of individual taxpayers has been extended by two months to September 30 from the earlier date of July 31.
Direct tax collections missed the revised target for 2019-20 by Rs 1.42 trillion at Rs 10.27 trillion, an 8 per cent fall over the previous year.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances