Page 17 - Cbdt

Revenue department to brief PMO on Rs 1.67-trillion tax shortfall

Despite a cut in the income tax collection target in the full Budget compared to the interim Budget projections, the target is far from realistic

No change in income tax return forms, only utility software updated: CBDT

The policy-making body of the Income Tax Department issued a statement saying the updating process of these forms' utility software does not hamper the filing of returns

CBDT says FPIs can convert to corporates, rules out surcharge relaxation

Mody said the increase in surcharge was to provide benefit to the taxpayers who are in the lower end of the income tax slab

Startups should not be concerned about legacy tax issues: CBDT chief

The Budget also proposed a number of measures to resolve the problems being faced by startups with regard to their initial funding, called angel tax, their certification and verification of investors

'High-risk remittance' data under Income Tax department's scanner

The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not

Forget about taxman; focus on business: CBDT chief to start-up community

Now, I think everything has been sorted out and there should not be any cause of concern for the start-ups: P C Mody

CBDT asks I-T dept to add 13 mn new filers in FY19 to widen the tax base

A new filer is defined as a person who is not included in the base at the beginning of the year

CBDT publishes new I-T compounding norms; no relief in black money cases

Compounding in I-T parlance means that the taxman does not file a prosecution case against the offender or tax evader in the court in lieu of payment of due taxes and surcharges and it is dealt under

CBDT and GSTN sign pact to nab evaders, reduce black money generation

The move will allow the I-T department to verify the information filed by businesses in income tax returns, compared to the annual GST returns

CBDT gets down to build office in Mumbai after PM's Office intervenes

Total estimation for construction would range between Rs 200 cr and Rs 250 cr

Income-Tax department adds 10.7 million taxpayers in 2017-18: Report

In a statement, the CBDT said 6.87 crore Income Tax Returns (ITRs) were filed during FY 2017-18 as compared to 5.48 crore ITRs filed during FY 2016-17, translating into a growth of 25 per cent

Tax board's proposal of lowering budget target to Rs 11.3 trn shot down

The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal

The Rs 50,000-crore challenge

Raising the corporation tax collection target by 8 per cent in February may have made the CBDT's task more difficult

Compliance eased for US companies operating in India, says CBDT

India and US will be signing an information-sharing agreement before the end of the fiscal year

CBDT chairman P C Mody holds review meet on advance tax payment

So far the tax department has collected a little less than Rs 8 trillion against the target of Rs 12 trillion for the current financial year

IRS officer Pramod Chandra Mody takes charge as new CBDT chairman

Mody, a 1982-batch Indian Revenue Service (Income Tax cadre) officer, has been appointed in place of Sushil Chandra, who was on Thursday named as Election Commissioner

CBDT notifies verification scheme for issuance of e-notices to taxpayers

It will also process the taxpayers' information, related documents and make the data available to the assessing officer

Central tax body withdraws controversial circular on transfer of shares

The circular had prompted the Congress to demand immediate relief for its leaders, including party president Rahul Gandhi and UPA chairperson Sonia Gandhi in the National Herald case

AJL case: Cong says CBDT circular on share taxation vindicates its stand

Congress leaders Ahmed Patel and Vivek Tankha said the party would place these facts before the court

CBDT allows tax officials to widen scope of certain limited scrutiny cases

It also asked officers to 'invariably pick up such cases' for review and inspection so that the taxpayer is not harassed and no roving or fishing enquiry takes place against them