Page 16 - Cbdt

Only 1.5 million entities declared short-term capital gains in FY18

This is less than a fifth of total number of investors and an even smaller fraction of total demat accounts in existence

Why tax officials are upset about govt's faceless assessment plan

In their letter dated October 3, tax officials have expressed strong displeasure over unilateral decision-making, saying it is not in the interest of the efficient working of the I-T department

Income-tax officials give thumbs down to govt's faceless assessment move

Dubbed an important initiative in tax reforms, the government launched the faceless assessment scheme in a bid to eliminate the interface between the assessee and the tax officer

CBDT extends deadline on final assessment of post-demonetisation cases

This is the second extension given by the Board in this case after the first deadline of June 30 was extended up to September, the official said

Doesn't make sense to let go MAT credits: Vedanta's Pallavi Joshi Bakhru

Pallavi Joshi Bakhru, group head taxation, Vedanta Limited, the metals-cum-mining conglomerate, explains why some large corporate groups may not avail of the lower tax rates anytime soon

Taxpayer without e-filing a/c, PAN to not be eligible for I-T e-assessment

The CBDT, which frames policy for the Income Tax Department, issued a circular on Thursday stating exceptions to the new system

Centre for I-T e-assessment to be based in Delhi; CBDT issues order

The Centre will have 16 officials and will be headed by a Principal Chief Commissioner of Income-tax as its chief

Govt reworking strategy to enhance direct tax mop-up: CBDT member

CBDT member Akhilesh Ranjan, who headed a panel on the new direct tax law, said corporation tax rate in India is somewhat higher - compared to international standards - and must be reduced

Can I-T share overseas black money info with ED? With permission, says CBDT

The field authorities, it added, therefore, required to take all steps to ensure that the information received under tax treaties is not disclosed inappropriately

E-assessment of taxpayers: Video conferencing in, personal interviews out

Faceless assessment scheme, however, provides video conferencing facility to those seeking changes in draft assessment order

Evasion of tax up to Rs 25 lakh won't be prosecuted in court: CBDT

The directive is being seen as a major move to cut down tax litigation and will save a number of assessees from legal proceedings

Monetary limits won't matter in organised tax evasion, says CBDT

It has been reported that in many cases, tribunals and high courts have recognised the unique modus operandi involved in such scams, and have passed judgements in favour of the revenue

I-T dept to issue PAN if taxpayers use Aadhaar for filing returns: CBDT

PAN will be generated automatically if a taxpayer uses Aadhaar for filing returns: CBDT

Overlooked for chairman post, CBDT Member Akhilesh Ranjan seeks retirement

Ranjan, who headed the tax force on direct taxes, has sought retirement from the service owing to "family and personal reasons," say sources

Enhanced limits to reduce pending direct tax litigation in one stroke

The CBDT circular has come at an appropriate time. It will provide much needed respite to business entities and taxpayers

Direct tax collection sees dismal growth; mid-August mop-up growth under 5%

The collections had shot up that year because people regularised their unaccounted income by paying higher levies

Removing angel tax notices will help start-ups in growth: Experts

The government's recent decision to give relief to start-ups on assessment of angel tax notices would provide a safeguard to them and promote their growth, according to experts. Seeking to calm the nerves of start-ups worried about angel tax, the government last week assured that explanation given by them to a tax notice in a limited scrutiny case would be summarily accepted without any questions asked by the taxman. The Central Board for Direct Taxes' (CBDT) circular with this effect "brings in more safeguard by requiring assessing officers to procure his or her supervisor's consent before starting on any inquiry under the angel tax provision against a start-up company which has not got DPIIT approval," S. Vasudevan, Partner, Lakshmikumaran & Sridharan said. However, he added that the circular does not specify any minimum rank of the consenting superior officer. "Also, lack of guidelines as to how the assessing officer or his supervisory officer selects cases for scrutiny may ...

All communications from tax dept to assessees to carry DIN from Oct 1: CBDT

Earlier, Prime Minister Narendra Modi had assured honest and law-biding taxpayers that they will not be harassed by the tax department

No tax notices sent to Durga Puja committees in Kolkata this year: CBDT

CBDT added that ITD had been getting information that several contractors who were doing work for the Puja committees were not paying due taxes

Govt announces revised procedure for angel tax assessment of start-ups

No verification will be done by an assessing officer if a startup has been recognised by DPIIT and the case is selected under limited scrutiny