Page 2 - Central Board Of Direct Taxes

CBIC floats new norms to curb undervaluation of goods by importers

Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties

Apply for re-computation of income under Rule 132 to avoid tax penalty

Those with income from business or profession, who have availed deduction on cess/surcharge, must do so by March 31

CBDT targets resolving about 3,000 taxpayers' grievances by Oct-end

Sources in the tax department attributes it to the difficulties, taxpayers faced due to some glitches in the new portal since its inception in June of last year.

Overseas firms see compliance burden increasing to get tax treaty benefits

Chartered accountants' group asks CBDT to do away with PAN requirement for filing form electronically

CBIC offers clarity on classification of cranes for GST, customs duty

Experts say this would reduce litigation in courts, as different classes of cranes attract different tax rates

Rs 58.5K cr of taxes lost in 5 industries due to illicit trade: FICCI study

Says 1.5 mn jobs lost because of such trade; FMCG sector worst affected

Govt forms 5-member committee to review pharma marketing practices

It will recommend 'legally enforceable mechanisms', is expected to give a report in 90 days

Centre upbeat on Rs 1.5-trillion GST revenue every month from October

GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion

Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt

The ministry said refunds amounting to Rs 1.19 trillion have been issued till September 8 this fiscal year, 65.3 per cent higher than the refunds issued for the same period in FY22.

Centre may cap upcoming first green bond issues at Rs 25,000 crore

Green bond proceeds will be used to fund projects which will help India meet COP commitments

Direct tax collections may exceed budget targets, CBDT chief says

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

Explained: What is PNR data, why will Indian airlines have to share it?

This information will be used by the Customs department for surveillance and risk assessment of international passengers

DOLO-650 makers distributed freebies worth Rs 1,000 cr to doctors: FMRAI

The petitioner, while seeking statutory backing to the Uniform Code of Pharmaceutical Marketing Practices (UCPMP), said that corruption in pharma marketing practices is yet unregulated in India

Can PMLA really be the go-to legislation to probe financial crimes?

Several older legislations like the Black Money Act and the Benami Transactions Act have become subservient to the Prevention of Money Laundering Act now

GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1

Presently, the process is mandatory for businesses with an annual turnover of Rs 20 cr and above

No more freebies! Influencers, music bands, doctors liable to 10% TDS

Ensure value of goods doesn't exceed Rs 20,000 to avoid TDS

Transactions to paper trail: CBDT clears the air on TDS levy on cryptos

From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year

ITR filing for AY 2022-23 now available on e-filing portal, says I-T Dept

'Check your Form 26AS, AIS and other relevant documents before submission. Be an early filer,' says I-T Dept

CBDT issues fresh guidance on cross-border disputes for taxpayers

NRI taxpayers cannot seek MAP if they opt for Vivad se Vishwas

I-T portal faces fresh glitches; CBDT chief assures no breach of data

This comes after the Income-Tax (I-T) Department got complaints about search functionality on the portal and also that it had been hacked and might pose risks to security