CBDT | The Asian Age

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Keep in mind that if you fail to file your ITR by the due date, you will have to pay a fine and face certain restrictions after you file belated return.

If you fail to file ITR by due date, you will be penalised, even get jailed

In case, you fail to file your ITR, the income tax department may send you a notice and you could be jailed.

15 Jul 2019 2:11 PM

CBDT has issued a notice dated June 4, 2019 extending the due date for employers to file their TDS returns from June 30 to July 10. (Representational Image)

Will income tax filing deadline be extended from July 31?

Tax payers have to pay special attention this year on account of the changes in the forms.

13 Jul 2019 1:41 PM

Experts said surcharge on capital gain on companies is lesser and, therefore, these FPIs could choose to come as a company, if they wanted to pay a lesser surcharge. (Photo: Representational)

FPIs can opt for corporate route to avail lower tax surcharge: CBDT chief

FPIs get covered by higher tax rate as they have been investing as a non-corporate entity such as trust or association of persons.

10 Jul 2019 6:10 PM

The effective income tax rate for individuals with a taxable income of Rs 2-5 crore will go up from 35.88 per cent to 39 per cent.

Govt to soon issue clarification on applicability of surcharge on FPIs: Finmin

FM Sitharaman proposed to increase surcharge from 15 pc to 25 pc on taxable income between Rs 2 cr and Rs 5 cr.

09 Jul 2019 8:30 AM

Mody said the CBDT will obtain sources of income for all salaried employees from third parties. (Photo: ANI)

Govt working as an accountant for every taxpayer: CBDT Chairman

The CBDT Chairman said he is confident of achieving the Rs 13.35 lakh crore target for direct tax collections in 2019-20.

06 Jul 2019 5:16 PM

Senior citizens, above 60 years of age, have to submit Form 15H to banks at the beginning of a financial year to ensure that no tax is deducted at source on interest income. (Representational Image)

Senior citizens with taxable income up to Rs 5 lakh can seek TDS exemption on bank interest

Earlier, the limit for seeking Tax Deducted at Source (TDS) exemption was Rs 2.5 lakh.

23 May 2019 6:11 PM

The CBIC officers have recently cancelled a large number of registrations on account of non-compliance, including non-filing of returns.

Businesses can apply for revoking cancellation of GST registration by July 22: CBIC

About 1.2 crore businesses are registered under GST, which was rolled out on July 1, 2017.

25 Apr 2019 2:16 PM

Govt in February relaxed the definition of start-ups and allowed them to avail full angel tax concession on investments of up to Rs 25 cr.

342 start-ups get angel tax exemption since February

To avail the concession of exemption from this section, eligible start-ups have to file a duly signed self-declaration with the DPIIT.

24 Apr 2019 3:29 PM

Madhya Pradesh chief minister Kamal Nath

MP CM’s nephew under fire for tax evasion

According to sources, the raids were conducted at Mr Nath’s nephew Ratul Puri’s company, Hindustan Powerprojects Pvt Ltd on April 7.

23 Apr 2019 1:39 AM

An MNC having a fixed place of business in India is considered as having Permanent Establishment in India and is taxed as per domestic laws. (Photo: PTI)

I-T dept proposes new norms for taxing MNCs in India

The CBDT had set up the committee to bring greater clarity and predictability for taxing MNCs.

19 Apr 2019 9:09 AM

The last date for linking PAN with Aadhaar was March 31.

PAN-Aadhaar linking: Govt extends date for linking PAN with Aadhaar by 6 months

From April 1 onwards, it will be mandatory to quote as well as link Aadhaar number while filing income tax return.

01 Apr 2019 12:21 PM

RBI has also asked banks keep their branches open on March 31, so that all govt transactions for financial year 2018-19 are accounted for within the same financial year. (Photo: PTI)

Income tax, GST offices to remain open on Mar 30, 31 to ease year-end collection

GST collections in the current fiscal till February totalled Rs 10.70 lakh crore.

30 Mar 2019 1:52 PM

As against the budget collection target of Rs 12,00,000 crore, only 85.1 per cent of the target at Rs 10,21,251 crore has been collected as on March 23.

Direct tax collection falls short, CBDT raises alarm

CBDT frames policy for the I-T dept and is also its controlling authority that functions from the North Block in the Finance Ministry.

28 Mar 2019 10:56 AM

GST collection, however, is expected to rise to Rs 7.61 lakh crore in next fiscal.

Govt banking on advance tax collection to meet direct tax target of Rs 12 lakh cr

Government had earlier estimated Rs 11.5 lakh crore mop-up from direct tax collection.

15 Mar 2019 3:02 PM

Neemuch-resident Chandrashekhar Gaud had filed an online RTI query on February 25 last year asking the Central Board of Direct Taxation a list of 50 biggest tax defaulters as well as details of those people whose direct tax had been written off in the last 10 years. (Photo: File)

MP man receives 3,000 letters in response to RTI query by I-T dept

'Instead of sending me a consolidated reply, the CBDT forwarded my application to IT offices across India,' Gaud said.

11 Mar 2019 8:56 AM

Brunei and India share a fair degree of commonality in their perceptions on major international issues. (Photo: Pixelbay)

India, Brunei sign pact to exchange information on tax, banking matters

The pact enables exchange of information, including banking and ownership information, between the two countries for tax purposes.

01 Mar 2019 12:03 PM

The communication added taxpayers can check if their bank account is linked with their PAN by logging onto the e-filing website of the department--"https://www.incometaxindiaefiling.gov.in/"https://www.incometaxindiaefiling.gov.in. (Representional Image)

Link your PAN with bank for refunds: I-T to taxpayers

The department said refunds will be sent to bank accounts as it will issue only e-refunds from March 1, 2019.

28 Feb 2019 11:26 AM

CBDT shall also make all efforts for ensuring timely provision of service needs of its officials

New CBDT boss asks I-T dept to maximise revenue collection, get more taxpayers

Tax department has been given a target in Union budget to collect Rs 11.5 lakh cr revenue under the direct taxes category.

28 Feb 2019 11:17 AM

The task force was scheduled to submit the report by February 28.

Panel to overhaul direct tax law seeks 3 months extension

The panel was initially supposed to submit its report to the government, within 6 months, by May 22, 2018.

27 Feb 2019 3:52 PM

Currently, startups avail tax concession only if total investment, including funding from angel investors, does not exceed Rs 10 crore.

Govt relaxes norms, investment limit for angel tax concession to startups

Govt has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 cr.

19 Feb 2019 12:30 PM

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Sunil Gatade