Plans to outsource record-keeping to private entities.
CBDT has directed officials to start scrutinising information from tax evasion petitions, and take them up on a priority basis.
User and live accounts test done, software to roll out country-wide in a year.
The proposal was announced in the Union Budget on Monday.
This scheme would help salaried people, especially those working in far-flung and remote areas with armed forces and para-military forces.
The Central Board of Direct Taxes on Friday extended the last date for the submission of income tax returns for companies.
Central Board of Direct Taxes chairman Sudhir Chandra told Business Standard that the changes have been approved in principle and necessary instructions would be issued soon.
The economic growth slowed to 6.9 per cent in the second quarter against 8.4 per cent in the same period last year.
Salaried taxpayers with no other income could get a respite from filing tax returns.
The department, which is racing to meet the budgeted target of Rs 4.30 lakh crore tax collection in this fiscal, has been ordered by the Central Board of Direct Taxes (CBDT) to immediately rejig the officials at Additional and Joint Commissioners rank level to revenue collection duties and concerned ranges.
The Central Board of Direct Taxes has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
The income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
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.
Home Minister P Chidambaram has asked the Central Bureau of Investigation and Central Board of Direct Taxes to probe the leakage of the conversations between corporate lobbyist Niira Radia, leading business tycoons and media persons.The tapes, first leaked by a national magazine, have now found their way to several media organisations and journalists.On Monday, the apex court directed the government to probe the leakage of the tape.
The Dabangg star, who has been providing assistance to those in need amid the ongoing pandemic through his charitable trust, on Monday posted a statement on his social media handles.
The CBDT has revised the target upward by 10 per cent (Rs 53,000 crore or Rs 530 billion) for the current fiscal to keep the fiscal deficit at the budgeted level of 4.6 per cent of the gross domestic product.
A senior Central Board of Direct Taxes official told Business Standard the Income Tax department had decided to intensify its vigil on the non-payment of TDS on interest earnings and non-disclosure of such income in the tax return.
The court said the company had misinterpreted the assurance of the tax department that it would set aside its earlier order seeking Rs 617 crore.
Tax officials are scrutinising other cross-border mergers like the Vodafone-Hutchison deal for possible tax evasion after the Bombay High Court rejected a petition against imposition of tax on the deal, a key Finance Ministry official said.
Chairman of the Central Board of Direct Taxes (CBDT), Prakash Chandra, has asked the income tax (I-T) department to hasten court and tribunal proceedings to meet tax collection targets in the coming quarters.
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.
The scheme would cover those salaried persons whose interest income per annum is up to Rs 10,000, Central Board of Direct Taxes said.
A senior CBDT official said the idea was to use TDS as a major driver to meet the stiff direct tax collection target of Rs 5.33 lakh crore in the current financial year.
The Central Board of Direct Taxes (CBDT) has also has been encouraging people to do so. Sudhir Chandra, chairman, CBDT, recently said, "Filing electronic income tax returns will help you verify your deduction of tax at source on screen and it will also help process your refund speedily, in less than one month."
Agencies to help get data on assets of taxpayers.
Through a notification, the CBDT amended Income Tax rules and inserted Rule 114AAA, stipulating the manner of making permanent account number inoperative.
The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from Finance Minister Pranab Mukherjee last week.
Only salaried individuals, pensioners or those earning interest income can use the new form.
The issue of delayed refunds was not a healthy trend and was tarnishing the department's image.
A senior official in the finance ministry said the Central Board of Direct Taxes addressed the nine areas of concern in the Code identified by Finance Minister Pranab Mukherjee.
The government on Friday informed the Supreme Court that it will set aside its order directing scam-hit information technology firm Satyam Computer to pay Rs 617 crore (Rs 6.17 billion) as income tax and will give a fresh hearing to the firm's plea challenging the tax demand.
In spite of having various appellate tribunals and commissions within its establishment, the Income Tax Department has registered a more than two-fold rise in appeals in Supreme Court in cases involving crores of rupees of the exchequer.
Accordingly, the deadline for obtaining tax audit report also stands extended to October 15.
The Central Board of Direct Taxes has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting Standard 11 (AS-11).
The government on Thursday extended the due date of filing income tax returns for 2020-21 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) has also extended the ITR filing deadline for companies by a month till November 30. As per the income tax law, for individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms the deadline to file ITR is July 31. The deadline for taxpayers, like companies or firms, whose accounts are required to be audited is October 31.
This facility, initially, will be available at select ATMs in the major centres.
All categories of taxpayers can now file their income returns on October 29 and 30.
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).
The new rules on perks make it better to use the company car than to get usage reimbursed, says Arnav Pandya.
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