CBDT Chairman

The Central Board of Direct Taxes (CBDT), the top direct tax body, has directed the officers concerned to initiate verification and send notices to those behind these transactions on March 28

About 48 crore individual Permanent Account Numbers (PANs), out of the total 61 crore issued till now, have been linked with Aadhaar till date and those who do not link it by the declared deadline of March 31 will not get benefits while undertaking various business and tax-related activities, CBDT Chairperson Nitin Gupta said. The government has made the linkage of the two databases mandatory and declared that those individual PANs that are not attached to the Aadhaar by the end of this financial year (March 31, 2023) will be rendered inoperative. A fee of Rs 1,000 will be payable for those who want to link their PAN and Aadhaar between now and March 31. "There are about 61 crore individual PANs issued till now and out of this, around 48 crore have been seeded with Aadhaar. The difference is around 13 crore now, including the exempt category, and we hope the rest will also be linked by the end date," Gupta told PTI in a post-Budget interview. We have undertaken a number of public .

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

The benefit of the revamped I-T regime will percolate down to every section of the taxpayer and the government expects a 'fabulous' response to it, a top Income Tax official said on Friday. The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh. It also allowed taxpayers to claim standard deduction of Rs 50,000 -- a move seen as a push for the salaried class to switch to the new tax regime where no exemptions on investments are provided. "The benefit percolates down to every section of taxpayer.... Considering that standard deduction will be available to salaried taxpayers in the new regime, effectively a salaried employee with an income of Rs 7.50 lakh would not be required to pay any tax," Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said. In addition to extending the standard deduction, the Budget has also raised the exemption limit and tweaked the tax rates to make the ne

Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion

Prompt redressal of taxpayers' grievances remains the top priority for the tax department, the newly appointed chairman of Central Board of Direct Taxes (CBDT) Nitin Gupta said on Sunday

IRS officer Nitin Gupta has been appointed as the new CBDT chairman, a recent government order said

Talking to PTI, Singh said the number of income tax returns last fiscal was 7.14 crore against 6.9 crore in the preceding financial year, showing a clear growth.

Singh will take charge on Monday.

Income Tax department is working to improve abysmally poor tax literacy in India so that the number of tax paying people, entities can be increased leading to enhanced collections, J B Mohapatra said

To correct any discrepancy or omissions, the Budget 2022-23 has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes

Direct tax collections are expected to breach the revised target of Rs 12.50 lakh crore and set an all-time high and "historic" record by the end of this financial year in March

We now have sufficient working knowledge as to how the sector works, and in what manner surplus is being generated, says Mohapatra

Rajya Sabha Chairman M Venkaiah Naidu has signed an order to this effect, sources in the Rajya Sabha Secretariat said

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Mohapatra is a 1985-batch Indian Revenue Service (Income Tax) officer

'There is always a time and context when an amendment is brought in', said J B Mohapatra

The move to do away with retrospective taxation is aimed at instilling foreign investors' confidence in the Indian economy and to deliver "equity" of justice in tax matters

J B Mohapatra, a 1985-batch Indian Revenue Service officer, was on Monday given the additional charge as CBDT chairman after the extended tenure of incumbent P C Mody ended, a government order said

Of the 57,985 cases picked for assessment during its pilot last year, orders have been passed in 46,822 cases