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Central Board of Direct Taxes

Direct tax collections poised to surpass budget target for 2024-25

Direct tax collections poised to surpass budget target for 2024-25

Tue, Nov 19, 2024

India's net direct tax collections, comprising corporate tax and personal income tax, shot up by a robust 15.4 per cent to Rs 12.1 lakh crore, from April 1 to November 10 during the current financial year, according to the latest figures released by the CBDT.

Record number of over 7.85 crore Income Tax Returns filed till October 31 this year

Record number of over 7.85 crore Income Tax Returns filed till October 31 this year

Wed, Nov 01, 2023

The Income Tax Department appreciated taxpayers and tax professionals for on-time compliance, resulting in a record number of filing of Income Tax Returns (ITRs) till October 31, 2023, said a press release by CBDT.

CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers

CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers

Sun, Aug 20, 2023

Employees enjoying rent-free accommodation would see rationalisation of perquisite value leading to a reduction in taxable salary, increasing the net take-home pay.

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IT department invites comments on draft rules for valuing startup investment by non-residents

IT department invites comments on draft rules for valuing startup investment by non-residents

Sat, May 27, 2023

Suggestions/Comments have been invited from stakeholders & general public on the draft rules, which can be sent to ustpl2@nic.In, latest by June 5, 2023, the Central Board of Direct Taxes (CBDT) tweeted.

Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal

Net direct tax mop up rises 23% to Rs 7.04 lakh crore so far this fiscal

Tue, Sep 27, 2022

The net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far this fiscal, the income tax department said on Tuesday.

Income Tax News: I-T Department collects Rs 28-cr in taxes from new ITR-U filing

Income Tax News: I-T Department collects Rs 28-cr in taxes from new ITR-U filing

Thu, Aug 25, 2022

The abbreviation ITR-U stands for 'income tax return-updated' and is available to taxpayers for filing updated returns for 2019-20 and 2020-21 financial years or assessment years 2020-21 and 2021-22.

Income Tax: How CBDT is streamlining the faceless assessment system for taxpayers - DETAILS

Income Tax: How CBDT is streamlining the faceless assessment system for taxpayers - DETAILS

Thu, Aug 18, 2022

According to the latest directions, a show cause notice will be mandatorily issued by the assessing officer (AO) to a taxpayer in whose case "any variation prejudicial to the interest of the assessee is proposed" or to say where an action against the assessee is proposed

CBDT notifies TDS disclosure requirements for cryptos, virtual digital assets

CBDT notifies TDS disclosure requirements for cryptos, virtual digital assets

Wed, Jun 22, 2022

The income tax department has come out with detailed disclosure requirements for TDS deductions for virtual digital assets, under which date of transfer and mode of payment will have to be specified

Income Tax: ITR forms for 2021-22 notified; seek details of overseas retirement benefits, PF interest accrual

Income Tax: ITR forms for 2021-22 notified; seek details of overseas retirement benefits, PF interest accrual

Fri, Apr 01, 2022

The finance ministry has notified new income tax return forms which, among other things, will seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year.

I-T refunds worth Rs 70,120 cr issued till Sep 6

I-T refunds worth Rs 70,120 cr issued till Sep 6

Sun, Sep 12, 2021

The Income Tax Department on Sunday said it has issued refunds of over Rs 70,120 crore till September 6 this year. The Central Board of Direct Taxes (CBDT) tweeted this information on its official twitter handle @IncomeTaxIndia.

Income Tax Refund ALERT! Important message from CBDT for taxpayers - Check here

Income Tax Refund ALERT! Important message from CBDT for taxpayers - Check here

Fri, Jul 30, 2021

The Income Tax India tweeted: “CBDT issues refunds of over Rs 43,991 crore to more than 21.03 lakh taxpayers between 1st April 2021 to 26th July 2021.”

Banks get 'ITR filing compliance check' tool to track non-filers

Banks get 'ITR filing compliance check' tool to track non-filers

Thu, Sep 03, 2020

"The Central Board of Direct Taxes in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961, has issued Order in F.No. 225/136/2020/ITA.II dated 31.08.2020, for furnishing information about IT Return Filing Status to Scheduled Commercial Banks, notified vide notification No. 71/2020 dated 31.08.2020 under sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Act," it said.

Sources: CBDT directive, recovery increased by focusing on central PSUs

Sources: CBDT directive, recovery increased by focusing on central PSUs

Sat, Mar 07, 2020

Zee Business got to know from sources that the Central Board of Direct Taxes has given directions to increase recovery by focusing on central PSUs.

Income tax: Unorganised sector ought to be in tax net, says CBDT chief

Income tax: Unorganised sector ought to be in tax net, says CBDT chief

Wed, Feb 05, 2020

Income Tax: Central Board of Direct Taxes (CBDT) Chairperson P.C. Mody on Tuesday said that the unorganised sector is ought to be under the tax framework. At a conference organised by FICCI here, the CBDT chief said that having a broader tax base would result in lower tax rates across the board

2.10 cr tax refunds of Rs 1.46 lakh cr till Nov 28: CBDT

2.10 cr tax refunds of Rs 1.46 lakh cr till Nov 28: CBDT

Wed, Dec 04, 2019

According to CBDT sources, there has been a 20 per cent rise in processing of refund returns. CPC processed 2.10 crore refund returns amounting to Rs 1.46 lakh crore for the current Assessment Year 2019-20 as on November 28, 2019, compared to 1.75 crore AY 2018-19 refund returns for the same period of 2018-19, or an increase of 20 per cent.

Relief for taxpayers! CBIC clarifies on 'confusing' rule

Relief for taxpayers! CBIC clarifies on 'confusing' rule

Tue, Nov 12, 2019

The new rule, announced by CBIC on October 9, limited the scope of input tax credit in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers to 20 per cent of the eligible amount.

Need to simplify tax system, lower corporate tax: CBDT Member

Need to simplify tax system, lower corporate tax: CBDT Member

Thu, Sep 19, 2019

Giving a brief idea for the first time about the new Direct Tax Code (DTC), the Central Board of Direct Taxes (CBDT) member and also Convenor of the Task Force Akhilesh Ranjan on Thursday said the draft law focuses on improving litigation system and easing compliance among others.

CBDT Launches One-Time Facility For Compounding Of Income Tax Offences

CBDT Launches One-Time Facility For Compounding Of Income Tax Offences

Thu, Sep 12, 2019

CBDT Launches One-Time Facility For Compounding Of Income Tax Offences

CBDT introduces unique ID to check issue of unauthorised notices

CBDT introduces unique ID to check issue of unauthorised notices

Wed, Aug 14, 2019

In a bid to clamp down on unauthorised notices and summons issued to individuals and corporates by tax officials, the Central Board of Direct Taxes (CBDT) on Wednesday announced the introduction of computer-generated Document Identification Number (DIN).

CBDT asks I-T Dept to probe about 3 lakh de-registered firms for money laundering

CBDT asks I-T Dept to probe about 3 lakh de-registered firms for money laundering

Fri, Mar 29, 2019

"In cases of detection of unusual transactions and beneficiaries thereof, appropriate action may be taken as per provisions of the I-T Act after seeking restoration of the struck off company by filing an appeal before the National Company Law Tribunal (NCLT)," the CBDT said.

Income Tax department to soon decide on startups to be exempt from angel tax

Income Tax department to soon decide on startups to be exempt from angel tax

Thu, Feb 07, 2019

The meeting comes against the backdrop of various startups raising concerns on notices sent to them under Section 56(2) of I-T Act to pay taxes on angel funds.

Income Tax Return Alert! Tax evaders beware! CBDT finds out who is not paying tax via this secret system; check now

Income Tax Return Alert! Tax evaders beware! CBDT finds out who is not paying tax via this secret system; check now

Wed, Jan 23, 2019

The CBDT is using data analytics via the Non-filers Monitoring System (NMS) to identify and monitor persons who enter into various transactions and have potential tax liabilities.

Income tax filers list: 75 L new tax filers added to IT net this fiscal

Income tax filers list: 75 L new tax filers added to IT net this fiscal

Sun, Nov 04, 2018

About 75 lakh new tax filers have been added to the income tax payers list in the country this fiscal till now, a senior official said.

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