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Gujarat witnesses 49% surge in crorepati taxpayers Gujarat has witnessed a significant surge of 49 per cent in the number of 'crorepati' taxpayers, individuals declaring an annual income of Rs 1 crore or more, for the assessment year 2022-23, as per the latest data from the Central Board of Direct Taxes (CBDT). Comparatively, the count of individuals with taxable income exceeding Rs 1 crore surged by 4,500, reaching a record-breaking figure of 14,000, as indicated by official statistics, in contrast to the 9,300 individuals in the ...
Gujarat witnesses 49% surge in crorepati taxpayers
Gujarat witnesses 49% surge in crorepati taxpayers
Source: IANS
29/08/2023 2:02:06 PM
Gujarat witnessed 13% rise in IT collections in FY 2022-23 In the financial year 2022-23, Gujarat experienced a boost in income tax (I-T) collections, with the figures rising by 13 per cent from the previous year. According to data released by the I-T department, the collections soared from Rs 36,800 crore in FY 2021-22 to Rs 41,700 crore in FY 2022-23. The amount comprised various components, including Rs 24,800 crore from tax deducted at source (TDS), Rs 17,300 crore from advance tax, Rs 7,800 crore from self-assessment, and Rs 1,000 crore fr...
Gujarat witnessed 13% rise in IT collections in FY 2022-23
Gujarat witnessed 13% rise in IT collections in FY 2022-23
Source: IANS
24/06/2023 9:04:04 AM
India to tax incentives offered by online gaming firms to customers Bonuses, referrals and incentives offered by online gaming companies to their customers will be considered as part of winnings and is subject to tax, the Indian government said on Monday. Online gaming companies will be required to deduct taxes at source if players claim their net winnings, including bonuses or incentives, according to guidelines issued by the Central Board of Direct Taxes. However, bonuses or incentives will not be taxed if they are not claimed or withdrawn, the agency...
India to tax incentives offered by online gaming firms to customers
India to tax incentives offered by online gaming firms to customers
Source: Reuters
23/05/2023 9:16:39 AM
RBI may cancel licence of ARCS after Income Tax report The Reserve Bank of India may cancel the licences of a few asset reconstruction companies (ARC) who had been issued show cause notices. RBI had earlier sent show cause notices to a few asset reconstruction companies (ARCs), seeking answers on why their licences should not be cancelled, as per media reports. RBI is contemplating cancelling the licenses of four Asset Reconstruction Companies (ARCs) namely, Omkara Asset Reconstruction Pvt Ltd, Rare Asset Reconstruction Pvt Ltd, CFM Asset R...
RBI may cancel licence of ARCS after Income Tax report
RBI may cancel licence of ARCS after Income Tax report
Source: IANS
19/05/2023 3:53:24 PM
Centre notifies cost inflation index for 2023-24 The cost inflation index (CII) for 2023-24 relevant to assessment year 2024-25 stood at 348, according to a notification issued by the Central Board of Direct Taxes (CBDT) on Tuesday. The income tax department notified the CII for calculating long-term capital gains which arise from sale of assets like immovable property, securities and jewellery. The CII number for 2022-23 was 331 and for 2021-22 it was 317. CII is notified under the Income-tax Act, 1961 annually. It is commonly ...
Centre notifies cost inflation index for 2023-24
Centre notifies cost inflation index for 2023-24
Source: IANS
11/04/2023 11:46:15 AM
Hyderabad, Pune, and Bengaluru witnessing more than 50% of transactions in above 100,000 sq ft segment in 2022 || Knight Frank India According to Knight Frank India, leading international property consultancy, transactions for office spaces above 100,000 sq ft remained high in the IT office locations of Hyderabad, Pune, and Bengaluru in the calendar year 2022 (CY22). An estimated 53% of office area transacted were for spaces measuring 100,000 sq ft or more in Hyderabad and Pune, while it was 51% in Bengaluru. Share of area transacted across size categories in 2022   STEADY TRANSACTION PACE CONTINUED IN 20...
Hyderabad, Pune, and Bengaluru witnessing more than 50% of transactions in above 100,000 sq ft segment in 2022 || Knight Frank India
Hyderabad, Pune, and Bengaluru witnessing more than 50% of transactions in above 100,000 sq ft segment in 2022 || Knight Frank India
Source: PR Agency
24/03/2023 2:39:09 PM
South Indian Bank ties up with Central Board of Direct Taxes (CBDT) for Direct Tax Collections Thrissur: South Indian Bank announced that it has associated with the Central Board of Direct Taxes for the collection of Direct Tax for retail and corporate tax payers. The payment facility is now LIVE, allowing any taxpayers to remit Direct Taxes under ‘Over the Counter Mode’ and specifically for SIB customers, payment can be made via ‘Over the Counter’ as well as ‘Internet Banking’ modes, thereby making the process seamless and faster like never before. ...
South Indian Bank ties up with Central Board of Direct Taxes (CBDT) for Direct Tax Collections
South Indian Bank ties up with Central Board of Direct Taxes (CBDT) for Direct Tax Collections
Source: PR Agency
24/03/2023 2:36:19 PM
Net direct tax collection grows 17% to reach Rs 13.73 lakh crore so far this fiscal: CBDT The Central Board of Direct Taxes (CBDT) has said that net direct tax collection so far this fiscal grew 17 per cent to reach Rs 13.73 lakh crore, which is 83 per cent of the revised target for the full financial year. The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT (Personal Income Tax) collections. On a gross basis, the collection grew 22.58 per cent to Rs 16.68 lakh crore. Refunds amounting to Rs 2.95 lakh crore have been issue...
Net direct tax collection grows 17% to reach Rs 13.73 lakh crore so far this fiscal: CBDT
Net direct tax collection grows 17% to reach Rs 13.73 lakh crore so far this fiscal: CBDT
Source: Accord Fintech
13/03/2023 11:35:21 AM
Direct Tax collections for FY 2022-23 at Rs 16.68 lakh cr Government data has revealed that Direct Tax collections up to March 10, 2023, stood at Rs 16.68 lakh crore which is 22.58 per cent higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year. As per the Central Board of Direct Taxes, Department of Revenue, this collection is 96.67 per cent of the total Bu...
Direct Tax collections for FY 2022-23 at Rs 16.68 lakh cr
Direct Tax collections for FY 2022-23 at Rs 16.68 lakh cr
Source: IANS
11/03/2023 1:13:51 PM
Government begins daily monitoring of revenue receipts, expenses from March 1 to check fiscal deficit in 2022-23  From March 1 onwards, the finance ministry has begun monitoring of revenue receipts like tax collections and even expenses, to control fiscal deficit in the current fiscal. "In order to keep a close track of receipts, expenditure and involving fiscal position of the central government in the month of March, 2023, it is necessary to have updated information on a day-to-day basis," the Controller General of Accounts (CGA) under the finance ministry said in an office memorandu...
Government begins daily monitoring of revenue receipts, expenses from March 1 to check fiscal deficit in 2022-23
Government begins daily monitoring of revenue receipts, expenses from March 1 to check fiscal deficit in 2022-23
Source: IANS
5/03/2023 4:34:00 PM
CBDT notifies ITR forms for assessment year 2023-24 The Central Board of Direct Taxes (CBDT) has notified income-tax return forms (ITR forms) for the assessment year 2023-24, which will come into effect from April 1, 2023. The department said in a statement that the new forms have been notified well in advance in order to enable filing of returns from the beginning of the ensuing assessment year. In order to improve ease of filing, no significant changes have been made in the ITR forms, as was the case in last year's ITR forms. On...
CBDT notifies ITR forms for assessment year 2023-24
CBDT notifies ITR forms for assessment year 2023-24
Source: IANS
15/02/2023 2:14:44 PM
Gross direct tax collections surge 24% to Rs 15.67 trillion so far this fiscal: CBDT Central Board of Direct Taxes (CBDT) has said that gross direct tax collections grew 24 per cent to Rs 15.67 trillion so far this fiscal. After adjusting for refunds, the net direct tax collection stood at Rs 12.98 trillion, a growth of 18.40 per cent. The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimat...
Gross direct tax collections surge 24% to Rs 15.67 trillion so far this fiscal: CBDT
Gross direct tax collections surge 24% to Rs 15.67 trillion so far this fiscal: CBDT
Source: Accord Fintech
13/02/2023 10:06:17 AM
Foreign portfolio investors in India to pay higher tax on debt securities Foreign portfolio investors will lose a preferential tax rate on interest from Indian government securities and corporate and foreign currency bonds, a senior tax official said on Saturday. Foreign portfolio investors have been enjoying a lower 5% tax on interest earned on bonds since 2013, making investments in the country more attractive. Ending this treatment would require them to pay a 20% tax on interest income from July 1. "It has not been extended," Central Board of Dir...
Foreign portfolio investors in India to pay higher tax on debt securities
Foreign portfolio investors in India to pay higher tax on debt securities
Source: Reuters
4/02/2023 4:51:18 PM
Government has tried to simplify taxation regime in budget: Revenue secretary Government has tried to simplify the taxation regime in the budget, be it corporate tax or personal tax, Revenue Secretary Sanjay Malhotra said on Thursday. Addressing a post-budget discussion organised by industry body FICCI, Malhotra further said that the government's thrust is on improving trust, having tax rates without increasing the tax cuts and on certainty and stability. Central Board for Direct Taxes (CBDT) chairperson Nitin Gupta, who was also present on the occasion, said...
Government has tried to simplify taxation regime in budget: Revenue secretary
Government has tried to simplify taxation regime in budget: Revenue secretary
Source: IANS
3/02/2023 11:10:09 AM
Gross direct tax collections grow 26% to over Rs 13.63 lakh crore so far this fiscal The Central Board of Direct Taxes (CBDT) has said that the gross direct tax collections have grown 26 per cent to over Rs 13.63 lakh crore so far this fiscal, aided by TDS deductions and healthy corporate advance tax mop-up. After adjusting for refunds, the net direct tax collection so far this fiscal stands at Rs 11.35 lakh crore, which is about 80 per cent of the full-year gross Budget target. Refunds worth about Rs 2.28 lakh crore have been issued till December 17, 2022, a growth of 68 per...
Gross direct tax collections grow 26% to over Rs 13.63 lakh crore so far this fiscal
Gross direct tax collections grow 26% to over Rs 13.63 lakh crore so far this fiscal
Source: IANS
19/12/2022 9:54:22 AM
CBDT issues circular on TDS on salaries for current fiscal The Central Board of Direct Taxes (CBDT) in a circular related to TDS deduction from salaries has said that any person responsible for paying salary must deduct income tax while paying the amount. The circular said that the tax should be deducted at the average rate calculated, based on the rates in force for the current financial year, on the estimated salary income of the recipient for that year. The circular was issued last week by CBDT. The circular basically explains the obligat...
CBDT issues circular on TDS on salaries for current fiscal
CBDT issues circular on TDS on salaries for current fiscal
Source: IANS
12/12/2022 9:46:32 AM
Direct tax collection in current fiscal likely to exceed budget target: CBDT Chairman Nitin Gupta Expressing optimism over tax collection, Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that the direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent. He also said that the Budget for next fiscal could bring about some tweaks in the TDS provision for online gaming to check tax evasion. He said ‘Currently there is a provision for deduction of TDS on online gaming. There is existing provision, ...
Direct tax collection in current fiscal likely to exceed budget target: CBDT Chairman Nitin Gupta
Direct tax collection in current fiscal likely to exceed budget target: CBDT Chairman Nitin Gupta
Source: IANS
16/11/2022 9:54:12 AM
CBDT extends due date for filing of Form 26Q The Central Board of Direct Taxes (CBDT) has extended the last date for filing of Form 26Q for the second quarter of 2022-23 to November 30. The original due date was October 31. The deadline has been extended due to difficulties being faced in filing of the TDS statement in the revised and updated Form 26Q, the CBDT said.
CBDT extends due date for filing of Form 26Q
CBDT extends due date for filing of Form 26Q
Source: IANS
27/10/2022 9:02:12 AM
Direct tax collection jumps 24% in first half of FY23 The Central Board of Direct Taxes (CBDT) has said that gross collection of tax on corporate and individual earnings jumped nearly 24 percent so far in the current fiscal year that started on April 1, 2022. CBDT said direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 percent higher than the gross collection in the corresponding period a year ago. Tax on corporate and individual income makes up for direct taxes. The gross collection of taxes on corporate e...
Direct tax collection jumps 24% in first half of FY23
Direct tax collection jumps 24% in first half of FY23
Source: Accord Fintech
10/10/2022 4:21:23 PM
Direct tax collection grows 23.8% to Rs 8.98 lakh cr till October 8  Direct Tax collection up to October 8 stood at Rs 8.98 lakh crore, which is 23.8 per cent higher than the gross collection for the corresponding period of last year. Direct tax collection, net of refunds, stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period of last year. This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23. Refunds amounting to Rs 1.53 lakh crore have been issued b...
Direct tax collection grows 23.8% to Rs 8.98 lakh cr till October 8
Direct tax collection grows 23.8% to Rs 8.98 lakh cr till October 8
Source: IANS
9/10/2022 2:05:07 PM
Net direct tax collection increases 23% to Rs 7.04 lakh crore so far in FY23: CBDT Chairman Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that the net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far in FY23. He said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22. Gupta said the I-T e-filing portal has stabilised and it has facilitated 5.83 crore tax return filing as of July 31. A record 72 lakh returns were filed on the portal on a single day. July 31 was the last date for filing I...
Net direct tax collection increases 23% to Rs 7.04 lakh crore so far in FY23: CBDT Chairman
Net direct tax collection increases 23% to Rs 7.04 lakh crore so far in FY23: CBDT Chairman
Source: Accord Fintech
28/09/2022 12:12:22 PM
Private companies required to deduct tax at source while issuing bonus or rights shares The Central Board of Direct Taxes (CBDT) on Tuesday issued another circular to further clarify issues arising on deduction of tax at source under the newly-inserted Section 194-R in respect of benefits or perquisites provided to residents in cash or in kind in the course of business or profession. As per the circular, now bank and financial institutions need not deduct tax at source in respect of benefits provided to its borrowers by waiver of loan or advance by way of one-time settlement....
Private companies required to deduct tax at source while issuing bonus or rights shares
Private companies required to deduct tax at source while issuing bonus or rights shares
Source: IANS
14/09/2022 11:03:00 AM
Nitin Gupta appointed as CBDT chairman The government has appointed Nitin Gupta as the chairman of Central Board of Direct Taxes (CBDT). "The Appointments Committee of the Cabinet (ACC) has cleared the appointment of Nitin Gupta, IRS (IT:86), Member, Central Board of Direct Taxes (CBDT) as Chairman, Central Board of Direct Taxes (CBDT) from the date of assumption of charge of the post," an official notification by the Department of Personnel and Training said.  
Nitin Gupta appointed as CBDT chairman
Nitin Gupta appointed as CBDT chairman
Source: IANS
27/06/2022 4:04:57 PM
Net direct tax collections till mid-June increase 45% at Rs 3,39 lakh crore The Central Board of Direct Taxes (CBDT) said net direct tax collections for the Financial Year 2022-23, as on June 16, 2022 (mid-June) increased 45 per cent at Rs 3,39,225 crore as compared to Rs 2,33,651 crore over the corresponding period of the preceding year. The rise in tax collection buoyed by decent advance tax mop-up. The net direct tax collection of over Rs 3.39 lakh crore includes Corporation Tax (CIT) at over Rs 1.70 lakh crore and Personal Income Tax (PIT), including Security ...
Net direct tax collections till mid-June increase 45% at Rs 3,39 lakh crore
Net direct tax collections till mid-June increase 45% at Rs 3,39 lakh crore
Source: Accord Fintech
20/06/2022 9:29:40 AM
Number of income tax returns surges in FY22: CBDT Chairman Sangeeta Singh Central Board of Direct Taxes (CBDT) Chairman Sangeeta Singh has said that the number of income tax returns has increased in FY22 over the previous fiscal. She noted that the number of income tax returns was 7.14 crore in FY22 as against 6.9 crore in the preceding financial year, showing a clear growth. She also said there is an increase in the base of taxpayers and the filing of revised returns. The chairman stated that the Board is witnessing an increase in tax collection, which usually ...
Number of income tax returns surges in FY22: CBDT Chairman Sangeeta Singh
Number of income tax returns surges in FY22: CBDT Chairman Sangeeta Singh
Source: Accord Fintech
13/06/2022 12:29:06 PM
Net direct tax collection reaches highest-ever figure in FY 22 The net direct tax collections (income tax and corporate tax) reached an all time high of Rs 14.09 lakh crore in financial year 2021-22 against Rs 9.45 lakh crore collections in FY 2020-21, CBDT Chairman J.B. Mohapatra said on Tuesday. The net direct tax collection has increased by 49.02 per cent during financial year 2021-22, while it has registered a growth of 34.16 per cent in FY 2021-22 over the collections of 2019-20 when the net collection was Rs 10,50,680.56 crore, and a growth of 2...
Net direct tax collection reaches highest-ever figure in FY 22
Net direct tax collection reaches highest-ever figure in FY 22
Source: IANS
27/04/2022 9:05:13 AM
Income tax department issues refunds worth over Rs 1.83 lakh crore so far this fiscal The income tax department stated that it has issued refunds worth over Rs 1.83 lakh crore to more than 2.09 crore taxpayers so far this fiscal. This includes 1.70 crore refunds of the 2020-21 fiscal ended March 31, 2021, amounting to Rs 34,202.31 crore. The Central Board of Direct Taxes (CBDT), a part of Department of Revenue in the Ministry of Finance, has issued refunds of over Rs 1,83,579 crore from April 01, 2021 to February 28, 2022. The refund includes personal income tax refunds ...
Income tax department issues refunds worth over Rs 1.83 lakh crore so far this fiscal
Income tax department issues refunds worth over Rs 1.83 lakh crore so far this fiscal
Source: Accord Fintech
3/03/2022 11:17:14 AM
CBDT issues Rs 1.62 lakh crore income tax refunds to over 1.79 crore taxpayers till January 24 The Central Board of Direct Taxes (CBDT) has issued Rs 1.62 lakh crore income tax refunds to over 1.79 crore taxpayers till January 24, 2022 of the current financial year. In absolute terms, Income Tax Department said CBDT issues refunds of over Rs 1,62,448 crore from April 01, 2021 to January 24, 2022. Income tax refunds of Rs 57,754 crore have been issued in 1,77,35,899 cases and corporate tax refunds of Rs 1,04,694 crore have been issued in 2,23,952 cases. This includes 1.41 crore refun...
CBDT issues Rs 1.62 lakh crore income tax refunds to over 1.79 crore taxpayers till January 24
CBDT issues Rs 1.62 lakh crore income tax refunds to over 1.79 crore taxpayers till January 24
Source: Accord Fintech
28/01/2022 10:12:01 AM
New CBDT chief divested of investigation, ex Mumbai DGIT takes charge of position In an interesting development, the government has divested the Central Board of Direct Taxes Chairman from the added responsibility of overseeing and coordination of all matters pertaining to tax investigations and made the Member, Investigation, the sole authority over this key function. However, being the head of the tax administration board, the CBDT Chairman will coordinate and exercise overall supervision of the body, including getting updates on matters related to tax investigations....
New CBDT chief divested of investigation, ex Mumbai DGIT takes charge of position
New CBDT chief divested of investigation, ex Mumbai DGIT takes charge of position
Source: IANS
4/10/2021 3:32:37 PM
Net direct tax collection grows 74% to Rs 5.70 lakh crore so far this fiscal The Central Board of Direct Taxes (CBDT) said the net personal income and corporate taxes collection grew 74 per cent to Rs 5.70 lakh crore so far this fiscal, driven mainly by advance tax and TDS payments. as per the data, the mop up of net direct tax (which is arrived at after deducting refunds from gross collection) between April 1-September 22 was at Rs 5,70,568 crore, a 74.4 per cent growth over Rs 3.27 lakh crore collected in the same period last fiscal. It was 27 per cent growth over R...
Net direct tax collection grows 74% to Rs 5.70 lakh crore so far this fiscal
Net direct tax collection grows 74% to Rs 5.70 lakh crore so far this fiscal
Source: Accord Fintech
27/09/2021 10:26:53 AM
Government booster for strategic disinvestment, no gift tax on transfer of shares in PSUs The government has decided to exempt investors picking up state's equity shares under strategic disinvestment programme from the provisions of gift tax. A notification issued by the Central Board of Direct Taxes (CBDT) has amended the Income Tax Rules, 1962 to provide that taxability of gift is not applicable on transfer of any movable property, being equity shares, of the public sector company, received by a person from the Central Government or any State Government under strategic di...
Government booster for strategic disinvestment, no gift tax on transfer of shares in PSUs
Government booster for strategic disinvestment, no gift tax on transfer of shares in PSUs
Source: IANS
14/09/2021 12:09:23 PM
No TDS on transfer of assets from Air India to SPV In a bid to further sweeten the Air India sale offer, the government has decided to waive taxes on the transfer of assets from the national carrier to Air India Assets Holding Limited, a special purpose vehicle (SPV). "The Central Government hereby specifies that no deduction of tax shall be made under section 194-IA of the said Act on any payment made to the Air India Ltd for transfer of immovable property to Air India Assets Holding Ltd under a plan approved by the Central Governmen...
No TDS on transfer of assets from Air India to SPV
No TDS on transfer of assets from Air India to SPV
Source: IANS
13/09/2021 9:15:18 AM
CBDT issues tax refunds worth Rs 70K cr so far in FY22 The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 70,120 crore to more than 26 lakh taxpayers so far in the current financial year. In a tweet on Sunday, the Income Tax Department said that out of the total refunds income tax refunds consisted of Rs 16,753 crore and corporate tax refunds were worth Rs 53,367 crore. "CBDT issues refunds of over Rs 70,120 crore to more than 26.09 lakh taxpayers between 1st April, 2021 to 6th September, 2021. Income tax refunds of...
CBDT issues tax refunds worth Rs 70K cr so far in FY22
CBDT issues tax refunds worth Rs 70K cr so far in FY22
Source: IANS
12/09/2021 4:28:17 PM
Deadline for Income Tax return filing extended to December 31 The Central Board of Direct Taxes (CBDT) has extended deadlines for several compliances, including the filing of Income Tax returns for the Assessment Year (AY) 2021-22. The due date of furnishing of returns of income for the assessment year 2021-22, has been extended to December 31, 2021, from September 30. In a statement, the Finance Ministry said that the decision has been on consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Return...
Deadline for Income Tax return filing extended to December 31
Deadline for Income Tax return filing extended to December 31
Source: IANS
10/09/2021 9:02:36 AM
CBDT allows taxpayers another opportunity to file application for tax settlement In order to provide relief to the taxpayers, the Central Board of Direct Taxes (CBDT) has permitted filing of tax settlement applications for period upto January 31, by September 30. It has been decided that such application can now be filed before the Interim Board for Settlement by taxpayers who have a pending case where filings could not be made earlier. The CBDT has decided that relief will only be applicable to taxpayers who were eligible to file application for settlement on Janua...
CBDT allows taxpayers another opportunity to file application for tax settlement
CBDT allows taxpayers another opportunity to file application for tax settlement
Source: IANS
8/09/2021 10:04:02 AM
EPF contribution of over Rs 2.5 lakh now requires 2 PF accounts People with Employees' Provident Fund and Voluntary Provident Fund (VPF) contribution of over Rs 2.5 lakh per financial year will now have two separate PF accounts. Finance Minister Nirmala Sitharaman had announced, in this year's budget, that PF contribution of more than Rs 2.5 lakh in a fiscal will be taxable. In line with the decision, recently, the Central Board of Direct Taxes (CBDT) notified the rules for taxation of the interest on the excess EPF contributions. "For ...
EPF contribution of over Rs 2.5 lakh now requires 2 PF accounts
EPF contribution of over Rs 2.5 lakh now requires 2 PF accounts
Source: IANS
5/09/2021 4:16:28 PM
SEBI reminds investors to link PAN with Aadhaar before Sep 30 Capital market regulator SEBI has reminded investors to link their permanent account number (PAN) with Aadhaar number before September 30 to continue smooth transactions in the securities market. In a circular, the regulator has also directed entities incuding exchanges to ensure accept only operative PAN (those linked with Aadhaar number) by the client while opening new accounts post September 30, 2021. The directive comes on the back of the notification of Central Board of Direct Taxe...
SEBI reminds investors to link PAN with Aadhaar before Sep 30
SEBI reminds investors to link PAN with Aadhaar before Sep 30
Source: IANS
4/09/2021 9:42:20 AM
CBDT extends deadline for payment under 'Vivad Se Vishwas' scheme The Central Board of Direct Taxes (CBDT) has further extended the deadline for the payment of amounts under the direct tax dispute resolution scheme -- 'Vivad Se Vishwas' -- without any additional charge till September 30. The earlier deadline for was August 31. "Considering the difficulties being faced in issuing and amending Form no 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of pay...
CBDT extends deadline for payment under 'Vivad Se Vishwas' scheme
CBDT extends deadline for payment under 'Vivad Se Vishwas' scheme
Source: IANS
30/08/2021 9:56:05 AM
CBDT extends due dates for e-filing of various Income Tax forms In a relief for taxpayers, the Central Board of Direct Taxes (CBDT) has extended the due dates for filing of various electronic forms under the Income Tax Act, 1961. In a statement, the Finance Ministry said that the move comes on the back of difficulties reported by taxpayers and other stakeholders. "On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income Tax Act, 1961, read with Inc...
CBDT extends due dates for e-filing of various Income Tax forms
CBDT extends due dates for e-filing of various Income Tax forms
Source: IANS
30/08/2021 9:08:24 AM
CBDT extends due dates for electronic filing of various forms The Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of tax forms in view of difficulties reported by the taxpayers and other stakeholders. The Income Tax Department had mandated electronic filing of certain forms under the provisions of the Income Tax Act, 1961, read with Income Tax Rules, 1962 by taxpayers. But with the electronic system still giving trouble and making it difficult to file returns, the extension has been granted till ...
CBDT extends due dates for electronic filing of various forms
CBDT extends due dates for electronic filing of various forms
Source: IANS
4/08/2021 8:58:28 AM
CBDT grants further relaxation in e-filing of I Tax Forms  The Central Board of Direct Taxes (CBDT) has granted further relaxation in the electronic filing of forms 15CA and 15CB, a Finance Ministry statement said on Tuesday. It has now been decided to extend the aforesaid date to August 15 from the earlier deadline of July 15, it said. As per the Income Tax Act, 1961, there is a requirement to furnish Forms 15CA and 15CB electronically. Currently, taxpayers upload Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, w...
CBDT grants further relaxation in e-filing of I Tax Forms
CBDT grants further relaxation in e-filing of I Tax Forms
Source: IANS
21/07/2021 9:05:51 AM
Startups, pharma Cos face tax liability on new goodwill rules In what can increase tax liability on companies that have undergone mergers and acquisitions in recent years, the Central Board of Direct Taxes (CBDT) has notified new set of rules on tax treatment of goodwill where depreciation provisions have been used. The new rules that frame guidelines for computation of short-term capital gains (STCG) gives prescription for arriving at written down value (WDV) of intangible assets such as goodwill where depreciation had been availed earlier, has crea...
Startups, pharma Cos face tax liability on new goodwill rules
Startups, pharma Cos face tax liability on new goodwill rules
Source: IANS
13/07/2021 3:44:28 PM
Deadline for filing of foreign remittance tax forms extended The Central Board of Direct Taxes (CBDT) has again extended the deadline for filing of income tax forms 15CA and 15CB, which are filed in terms of foreign remittances. The last date of filing the forms is now July 15, said an official statement. As per the Income Tax Act, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, bef...
Deadline for filing of foreign remittance tax forms extended
Deadline for filing of foreign remittance tax forms extended
Source: IANS
6/07/2021 9:18:56 AM
Firms do not have to deduct TDS on shares, commodities traded on bourses In a major move towards ease of doing business, new guidelines direct that businesses buying shares or commodities traded through recognised exchanges will not be required to deduct TDS on the transaction. The Central Board of Direct Taxes (CBDT) has brought into effect a provision relating to tax deducted at source (TDS) applicable to businesses with turnover of over Rs 10 crore. The Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 which takes effect from July 1...
Firms do not have to deduct TDS on shares, commodities traded on bourses
Firms do not have to deduct TDS on shares, commodities traded on bourses
Source: IANS
4/07/2021 3:20:05 PM
Payments made in advance may not absolve you from TDS/TCS provisions Buyers will have to deduct tax at source at 0.1 per cent of the amount paid for goods for all purchases made during the year post June 30, 2021 if the value of purchases or advance payments during the year between April and June exceeds Rs 50 lakh. In a clarification issued by the Central Board of Direct Taxes (CBDT), it said that since the threshold of Rs 50 lakh for the payment of TDS or TCS is with respect to the previous year, calculation of sum for triggering TDS under Section 194Q sh...
Payments made in advance may not absolve you from TDS/TCS provisions
Payments made in advance may not absolve you from TDS/TCS provisions
Source: IANS
2/07/2021 9:02:28 AM
CBDT comes up with new functionality for compliance check of non-filers As part of the efforts to ease the compliance burden of taxpayers, the Central Board of Direct Taxes (CBDT) has issued a new functionality that would disclose if a person is liable to pay taxes at a higher rate for non-filing of returns with just a click of the button. Accordingly, the CBDT on Tuesday clarified that its new functionality -- Compliance Check for Sections 206AB & 206CCA -- is operational and would reduce the compliance burden by putting out the need to tax a person at hi...
CBDT comes up with new functionality for compliance check of non-filers
CBDT comes up with new functionality for compliance check of non-filers
Source: IANS
23/06/2021 9:00:45 AM
Mohapatra gets interim charge of CBDT Jagannath Bidyadhar Mohapatra, Member, Central Board of Direct Taxes (CBDT), will discharge the duties and responsibilities of the post of CBDT Chairman for a period of three months. "Consequent upon completion of tenure of Pramod Chandra Mody, Chairman, Central Board of Direct Taxes (CBDT), on 31.05.2021, it has been decided with the approval of the competent authority that Jagannath Bidyadhar Mohapatra, Member, CBDT, shall discharge the duties and responsibilities of the post of Cha...
Mohapatra gets interim charge of CBDT
Mohapatra gets interim charge of CBDT
Source: IANS
1/06/2021 9:14:50 AM
Central Board of Direct Taxes gets three new members The Appointments Committee of the Cabinet (ACC) has approved the appointment of three members of the Central Board of Direct Taxes (CBDT). In a circular issued on Thursday by the Department of Personnel and Training, Anu J. Singh, J.B. Mohapatra and Anuja Sarangi both IRS 1985 batch officers have been appointed CBDT Members. They are amongst the most senior officers in the income tax department. Modi goverment stuck to script and chose to fill long-vacant slots in the direct taxes czard...
Central Board of Direct Taxes gets three new members
Central Board of Direct Taxes gets three new members
Source: IANS
28/05/2021 9:06:47 AM