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Tag: Cbdt

income tax
Dates For Filing Of Income Tax Return, Audit Reports Extended

The Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.

CBDT Issues Tax Refunds Worth Rs 70K Cr So Far In FY22
CBDT Issues Tax Refunds Worth Rs 70K Cr So Far In FY22

It has also decided that the due date of furnishing of report of audit under any provision of the Act for the previous year 2020-21, has been extended to January 15, 2022.

Income Tax Recruitment 2018
CBDT Grants Further Relaxation To Tax Payers In E-Filing Of Income Tax Forms

There is a requirement to furnish Form 15CA/15CB electronically as per the Income-tax Act, 1961.

Pay Penalty If Not Already Filed I-T Returns, No More Extensions Now

New Delhi: The Central Board of Direct Taxes dashed hopes of all taxpayers waiting for further extension of due dates for filing tax returns rejecting all representation in this regard, citing that the process cannot be delayed ‘indefinitely’ and hamper the functioning of the tax department and welfare programmes of the government. The decision means […]

New Form 26AS For Easier IT Return Filing, Obtaining Transaction Details

New Delhi: In a bid to prevent suppression of information by taxpayers, the income tax department will provide full details of their financial transactions such as sale and purchase of stocks, real estate transactions, payment details of credit card bills in the form of a statement in the new Form 26AS. #BREAKING New form 26AS […]

IT Return Forms: CBDT Notifies Modified Forms For FY 19-20

New Delhi: The Central Board of Direct Taxes (CBDT) has notified new Income Tax Return Forms for the Assessment Year 2020-21 or the financial year 2019-20. The modifications come in the backdrop of the coronavirus pandemic. In a notification, the Finance Ministry said it issued ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-7 and […]

Tax officers suggest higher super-rich tax, cess to fund coronavirus fight; CBDT says not its official views

Mumbai/ New Delhi: A group of tax officers has suggested hiking super-rich tax to 40 per cent, imposing a cess and other measures to increase revenues amid the coronavirus pandemic, prompting the tax department to clarify that the proposals do not reflect its official views in any manner. The Central Board of Direct Taxes (CBDT) […]

IT Return Forms Being Revised To Allow Assessees To Avail Benefit Of Timeline Extensions: CBDT

New Delhi: The income tax department on Sunday said it is revising the IT return forms for the financial year 2019-20 to allow assessees to avail benefits of various timeline extension granted by the government following the COVID-19 outbreak. The new income tax returns forms for the financial year 2019-20 will be notified by the […]

No MAT Credit For Companies Opting For Lower Corporate Tax: CBDT

New Delhi: Clarifying on the shift from current to the new corporate tax regime, the tax department on Wednesday said that companies opting to pay for lower tax rate of 22 per cent would not be allowed to avail Minimum Alternate Tax (MAT) credit. These companies would also not be able to carry forward the […]

PAN-Aadhaar Linking Date Extended To Dec 31

New Delhi: The deadline to link permanent account number (PAN) with Aadhaar has been extended till December 31, a CBDT order said Saturday. Earlier, the deadline was September 30. This is the seventh time that the government has extended the deadline for individuals to link their PAN with Aadhaar. The Central Board of Direct Taxes […]

PAN Will Be Generated Automatically If A Taxpayer Uses Aadhaar For Filing Returns: CBDT

New Delhi: The Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases. According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall be deemed” […]

Tax Task Force Recommends New Tax Slabs For Individuals

New Delhi: A government constituted Direct Tax Code task force, headed by CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals. It has proposed dramatic changes to the Income Tax Act, which dates back 58 years. People earning between Rs 5 lakh and Rs 10 lakh per year may have to […]

CBDT refutes reports of decline in e-filing of ITR

New Delhi: The Central Board of Direct Taxes (CBDT) on Monday refuted reports that e-filing of income tax returns (ITRs) had dropped in FY19, claiming that ITR e-filing figures of financial year 2018-19 were “not comparable” to those of 2017-18. “This is factually untrue, because the figures for FY 2017-18 and FY 2018-19 are not […]

PAN-Aadhaar linking: ‘Neglect’ may land you in trouble

Even though the last date for the linking of Aadhaar and PAN card has been extended by sixth time till September 30, 2019, you may not get relief. The Central Board of Direct Taxes (CBDT) has said taxpayers would have to mandatorily quote and link Aadhaar number while filing the return of income. It is […]

Direct Tax collections rise 14% to Rs 4.8 lakh cr during April-November

New Delhi: The government on Saturday reported a growth of 14.4 per cent in direct tax collections for April-November, 2017-18. “Provisional figures of direct tax collections up to November 2017 show that net collections are at Rs 4.8 lakh crore which is 14.4 per cent higher than the net collections for corresponding period of last […]

CBDT launches online chat to answer taxpayers' queries

New Delhi: The Central Board of Direct Taxes (CBDT) has launched an online chat service for income taxpayers to enable them to seek answers to their queries relating to direct tax issues. The Income Tax Department’s website now hosts a “Live Chat” window which takes questions on tax matters from Monday to Friday between 10 […]

CBDT asked to include service charge in tax assessment

New Delhi: Union Consumer Affairs Minister Ram Vilas Paswan has asked the Central Board of Direct Taxes (CBDT) to consider inclusion of service charge while assessing tax. According to an official release, complaints were being received through the National Consumer Helpline about levying 5 per cent to 20 per cent service charge compulsorily by some […]

Govt extends ITR filing deadline to August 5

New Delhi: In a last minute decision, the government today extended the deadline for filing Income Tax Returns (ITRs) till August 5, a top official said today. The official twitter handle of the department said the move was made “in view of difficulties faced by taxpayers.” A senior official of the department said the decision […]

income tax
'Don't harass taxpayers on pretext of scrutiny'

Taking a stern view of the undue "harassment" of taxpayers during scrutiny of their cases, the CBDT has issued orders asking the I-T department to complete these enquiries in quick time and not drag them "unnecessarily"