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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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Foreign accounts, property, bullion can't be disclosed under Pradhan Mantri Garib Kalyan Yojana Scheme: Govt

Foreign accounts, property, bullion can't be disclosed under Pradhan Mantri Garib Kalyan Yojana Scheme: Govt

Wed, Jan 18, 2017

Drawing a line for disclosure under the new tax evasion amnesty scheme, the government on Wednesday said only unaccounted domestic cash holding can be declared through it and not jewellery, stocks, immovable property or overseas accounts.

Tax dept keeps in abeyance circular on indirect transfer

Tax dept keeps in abeyance circular on indirect transfer

Wed, Jan 18, 2017

Nangia & Co Partner Amit Agarwal said FII/FPIs are highly sensitive breed of investments and the circular had brought in more apprehensions than clarity.

GJEPC expects FM Arun Jaitley to reduce import duty on gold to 5% in Budget 2017

GJEPC expects FM Arun Jaitley to reduce import duty on gold to 5% in Budget 2017

Thu, Jan 12, 2017

To curb grey market and boost the organised players, the Gem and Jewellery Export Promotion Council (GJEPC) is expecting Finance Minister Arun Jaitley to reduce the import duty on gold to around 5%in the upcoming Union Budget.

Tax Dispute Resolution Scheme: Government extends deadline to January 31, 2017

Tax Dispute Resolution Scheme: Government extends deadline to January 31, 2017

Fri, Dec 30, 2016

The DRS which came into force on June 01, 2016, aimed on settling pending disputes with the Commissioner of Income Tax (Appeals). It covers two kinds of litigation.

Companies must drop retro tax cases to avail settlement scheme: CBDT

Companies must drop retro tax cases to avail settlement scheme: CBDT

Sun, Dec 25, 2016

Vodafone, Cairn Energy and other firms facing retrospective tax demand will have to withdraw legal cases and give up the right to contest constitutional validity of back-dated amendment to Income Tax (I-T) laws if they want to avail of the dispute resolution scheme ending on December 31.

Single cash payments over Rs 2 lakh need to be reported: CBDT

Single cash payments over Rs 2 lakh need to be reported: CBDT

Fri, Dec 23, 2016

The Central Board of Direct Taxes (CBDT) has clarified that reporting requirements as per the rules are applicable when a single transaction involves receipt of cash payment exceeding Rs 2 lakh for sale of goods or services, signifying that no aggregation is required, a Union Finance Ministry release here said.

Income Tax Department identifies over 67 lakh non-filers

Income Tax Department identifies over 67 lakh non-filers

Thu, Dec 22, 2016

The Income Tax Department (IT) has identified 67.54 lakh non-filers for financial year 2014-15, it said in a statement.

Income Tax Raid? Your gold worth 500 grams per lady, 250 grams for unmarried lady and 100 grams per man is safe

Income Tax Raid? Your gold worth 500 grams per lady, 250 grams for unmarried lady and 100 grams per man is safe

Fri, Dec 02, 2016

In a statement, Meenakshi J Goswami, I-T Commissioner and Spokesperson of the Central Board of Direct Taxes (CBDT), clarified that jewellery bought from disclosed income will not be taxed under existing or proposed amended provisions.

CBDT extends date for filing tax returns under IDS to Oct 17

CBDT extends date for filing tax returns under IDS to Oct 17

Fri, Sep 09, 2016

In a move to remove inconvenience and facilitate smooth process of filing tax returns under the Income Declaration Scheme (IDS), the Central Board of Direct Taxes (CBDT) has extended the date for taxpayers to October 17, Zee Business news channel reported on Friday.

Tax Collected at Source to be levied above Rs 2 lakh only if payment in cash: CBDT

Tax Collected at Source to be levied above Rs 2 lakh only if payment in cash: CBDT

Mon, Jun 27, 2016

The Income Tax Department has been levying 1% TCS on cash purchase of bullion in excess of Rs 2 lakh and jewellery in excess of Rs 5 lakh.

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