Page 3 - Central Board Of Direct Taxes

Centre likely to lift veil on taxing NFT as virtual digital asset

Likely to release framework ahead of first advance tax instalment

CBDT lays out guidelines for manual scrutiny of income tax returns

Income-Tax department selects cases manually for comprehensive scrutiny

No new show cause notices to small taxpayers: CBDT tells officials

The CBDT said that for three years, viz. assessment years (AY) 2013-14, 2014-15 and 2015-16, reassessment notices will not be issued for small taxpayers whose asset is less than Rs 50 lakh.

PAN mandatory for cash deposit or withdrawal of Rs 20 lakh or more

PAN will also be required for opening of current and cash credit account

CBDT to taxmen: Complete 30% faceless assessments by end-June

Faceless assessment units identify issues, seek information, and analyse material to conduct assessment

I-T raids Infra.Market; detects undisclosed income of Rs 224 crore

The searches were launched on March 9 at the firm's 23 premises in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh

CBIC cautions against sharing Aadhaar, PAN details without valid reasons

"Protect your personal data which may be used for creating fake entities in GST for evasion of taxes," the CBIC tweeted

I-T dept raids online cricket betting group; finds Rs 600-cr cash turnover

The group was operating in a clandestine manner and had concealed its operations and income from law enforcement agencies, the Central Board of Direct Taxes (CBDT) said in a statement

I-T refunds worth Rs 1.83 trn issued to 20.7 mn taxpayers so far in FY22

This includes personal income tax refunds of Rs 65,498 crore to over 2.04 crore assessees and corporate tax refunds of Rs 1.17 lakh crore to 2.30 lakh entities

Anti-dumping rejections due to public interest: CBIC chairman Vivek Johri

Differences over data interpretation for anti-dumping duty and safeguard duty another key factor, says CBIC chairman

Of 62.6 mn income tax returns filed for FY21, 45 mn processed, says CBDT

More than 5.41 crore income tax returns (ITRs) filed have been verified and 1.58 crore refunds amounting to Rs 31,857 crore for AY 2021-22 (2020-21 fiscal) have been issued

Rs 177 cr seized by DGGI from house of Kanpur perfume trader

Central Board of Indirect Taxes and Customs called this the biggest cash seizure in history

Appellate Authority overrules AAR to bring Fryum papad under GST exemption

Holds that Fryum is a brand, not a generic product, and that it is similar to traditional round papad in all respects; normal papad attracts 0% GST

New terms for settling retrospective tax cases may be unwieldy: Experts

Any dispute subject to jurisdiction of Indian courts could be a prickly issue, say experts

'Faceless' authority proposes restructuring in Income-Tax department

Calls for merger of supervisory officers at CIT level and above

Defer income-tax filing if you have to pay a penalty, say analysts

Do so once the glitches on the new tax portal have been ironed out

A near-empty CBDT tackles arbitration cases, domestic tax issues

Four vacancies in the Central Board of Direct Taxes (CBDT) have not been filled despite the Appointments Committee of Cabinet (ACC) clearing names in February, exposing administrative gaps

Securities transaction tax collection increases 42% despite Covid-19 crisis

Tax payouts from mutual fund unit holders shoot up by 84%

CBIC tightens noose on those issuing fake GST invoices without Aadhaar

Those who have been given registration without Aadhaar authentication would be taken as deemed registration.

Taxpayers' charter: Expect more fairness

The tax charter has been issued under the newly minted Section 119A of I-T Act. It is no longer an unenforceable administrative promise made by CBDT more as a public-relations exercise