Page 18 - Cbdt

For a change, a useful and needed circular

These prescriptions alone remove a lot of uncertainties and discretion in the hands of jurisdictional officials, bring uniformity and help in ease of doing business

CBDT directs Income Tax dept to add 12.5 million fresh filers this year

The CBDT has directed the Income Tax Department to add at least 1.25 crore fresh tax filers from across the country -- the highest to be from Punjab, Haryana, Himachal Pradesh and J&K -- in view of increased economic activities. The directions have been issued also as a part of the government's drive to widen the tax base. The policy-making body of the department said as a result of its past initiatives in this domain, about 1.06 crore new tax filers were added to the income tax net during the 2017-18 financial year. A new income tax filer is defined as a person who is not included in the tax filing base at the beginning of the year, but who files the return during the year. A new I-T filer may not be called a fresh taxpayer added to the net as a person may file their income return but may not pay tax as they can claim legitimate exemptions, a senior official explained. However, once a filer is in the I-T database there is a very bleak chance that such a person's income remains ..

CBDT directs tax sleuths to survey, inspect high value transactions

This follows a 54-page action plan drawn up by the CBDT, where an aggressive strategy was outlined to nab tax dodgers

Curb 'high-pitched' assessments against taxpayers: CBDT to I-T dept

The decision was taken as part of the Modi government's plan to check high-handedness of taxmen in deciding assessments of a common taxpayer that led to issues of corruption and bribery

Rs 700-bn I-T refunds issued to taxpayers, 99% of claims processed: CBDT

In all, refunds in 4,507,000 cases have been issued during April-June, 2018, which is 900,000 more than the refunds issued during the same period last year

CBDT proposes amendments to three IT forms, invites public suggestions

It has suggested changes in Form No.36 for filing an appeal to the Income Tax Appellate Tribunal (ITAT) and in Form 36A, which is a memorandum of cross-objections to the ITAT

CBDT seeks suggestions to bring transparency in cross-national transactions

CBDT has sought feedback from all stakeholders by April 30

CBDT invites suggestions from general public for new Direct Tax Law

A task force has been constituted to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country

CBDT allows farm produce bought for under Rs 2 lakh in cash as expenditure

It will also not require the cultivator to quote his PAN/ or furnish Form No.60: Circular

CBDT signs 2 more APAs with taxpayers in September

To reduce litigation by providing certainty in transfer pricing

CBDT proposal on advance estimates of tax liability irks industry

A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry which said it would increase compliance burden on them at a time when they are already struggling to cope up with issues of GST. However, some of them said that the notification is aimed at bringing about transparency. The CBDT had proposed that companies and taxpayers who have to get their accounts audited will be required to submit their income estimates and tax liability for six months of the financial year to the I-T department by November 15.It had come out with a draft notification seeking stakeholders' comment on filing of Form 28AA by giving details of income and advance taxes paid.Naveen Wadhwa of Taxmann says currently taxpayers are struggling with compliance burden after introduction of GST, the Income Computation and Disclosure Standards (ICDS) norms and Indian Accounting Standard (Ind-AS). "Such reporting will put additional compliance burden on taxpayers," he ...

CBDT devises special plan to dispose of 300,000 pending cases

The pending cases choked Rs 6.11 lakh crore revenue to tax department

CBDT forms task force for a unified I-T assessment system

This proposal is aimed at reducing instances of corruption and harassment of the taxpayers

CBDT chairman Sushil Chandra's term extended by a year

Chandra had taken over as CBDT chairman on November 1, 2016

CBDT signs two unilateral APAs with taxpayers

APAs pertain to information technology and banking and finance sectors

CBDT accomplishes Direct Taxes collection of Rs 10 lakh crore for FY17

With this the CBDT has accomplished 100 per cent of the direct tax target for Financial Year 2016-17

CBDT to waive interest liability if tax demand paid in retrospective cases

New guidelines are primarily targeted at companies like Cairn India, Vodafone

CBDT to identify absconding I-T officers, says will take strict action

A committee has been formed for the purpose

CBDT asks taxman to make all out efforts to recover arrears

CBDT has pulled up the I-T department asking it to take steps to achieve the set targets

Fast-track cases against shell firms: CBDT to taxmen

Serious Fraud Investigation Office has filed cases against 49 shell companies