Page 15 - Income Tax Department

IT dept launches functionality for banks to check refund filing status

The Income Tax department on Wednesday said it has launched a functionality for scheduled commercial banks to check status of income tax returns filed by entities based on their PAN

IT refunds worth Rs 98,265 cr issued to 2.62 mn taxpayers in 5 months

This include personal income tax (PIT) refunds amounting to Rs 29,997 crore issued to 2.45 million taxpayers

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

Refund charges taken since Jan 1 on UPI, RuPay payments: Tax dept to banks

To encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU, in the Finance Act, 2019

I-T dept to intimate taxpayers under scrutiny about faceless assessment

A Section142(1) notice is sent to an assessee to inquire about details and documents before making assessment under the Income Tax Act

One month on, Sebi's one-time settlement scheme remains doubtful starter

High settlement amount and prosecution from other probe agencies draws little interest

CBDT undergoing significant restructuring for faceless assessment

4,224 officers have been diverted to the faceless assessment unit, leaving 2,000 in the residual jurisdiction, which will no longer carry out assessments

Under faceless assessment, all communication with taxpayers to be from NeAC

In detailed guidelines on implementation of the scheme the CBDT said, The NeAC/ReACs hierarchy will be tasked with management of Faceless Assessment proceedings

Trusting taxpayers

The charter and faceless scrutiny should not remain just on paper

Experts give taxpayers' charter a thumbs up, want govt to walk the talk

Say more needs to be done to develop trust between assessees and authorities

No timelines in Taxpayers' Charter; vague compared to Citizens' Charter

The Taxpayers' Charter has left tax officers puzzled whether they will still need to abide by the timelines mentioned in the Citizens' Charter

Taxpayers deserve better services, they are nation-builders: Sitharaman

There are only a few countries in the world, like Australia, the UK and US, where there is a Charter of Rights for the taxpayer, she said

Soon, these 10 intel agencies will have access to your PAN, bank details

The CBDT and the NATGRID will sign a Memorandum of Understanding to finalise the latest information-sharing mechanism

I-T Dept to share assessee information with Cabinet Secretariat, IB and NCB

Currently, the department shares such information with 50 agencies including the registrar of companies, the Securities and Exchange Board of India and the financial intelligence unit

Economic activity reviving; GST collections good sign: CBDT chief Mody

He tells Dilasha Seth, in an interview, that 58,000 cases will be assessed through the faceless mechanism by October.

Over 7,000 cases disposed of under I-T dept's faceless assessment process

In faceless assessment, all communication with taxpayers is made electronically by a central cell in Delhi and the identity of all the assessing officers remains unknown to the taxpayer

Income Tax dept adds new features in 26AS Form to help taxpayers

The new variant of 26AS Form will have taxpayers' details as specified statements of financial transactions (SFTs) in various categories

I-T dept issues refunds worth Rs 71,229 cr to 2.1 million taxpayers

The Central Board of Direct Taxes (CBDT) further asked taxpayers to provide immediate response to emails of the department for quick processing of their refunds

Banks, Post Offices can now check TDS rate on high value withdrawals

Explaining the details of this facility, the Central Board of Direct Taxes (CBDT) said that now the bank/post office has to only enter the PAN of the person who is withdrawing cash

Govt extends last date for Aadhaar-PAN linking to March 31, 2021

Earlier, in another big relief to tax assessees, the IT Department had extended the last date of payment of self-assessment tax, in case of tax liability upto Rs 1 lakh till November 30, 2020