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Shell companies under our radar: CBDT chief

There are many companies which are currently being examined by the CBDT through a committee.

04 Mar 2017 5:27 PM

As per rules, all sums deducted as Income Tax shall be paid to the credit of the central government within seven days from the end of the month. (Photo: PTI)

TDS default: I-T dept issues over 850 prosecution notices

The I-T department has netted Rs 2.85 lakh crore revenue till January 31, 2017 under the TDS category.

22 Feb 2017 3:31 PM

In case the reliefs/concessions have been wrongly allowed, appropriate remedial action has to be taken immediately.

I-T dept to scrutinise tax relief claims by sick cos

Tax relief for sick companies approved by Board for Industrial and Financial Reconstruction.

15 Feb 2017 3:27 PM

No room to delay GST beyond Sept 15: Jaitley

Finance Minister say govt intends to table GST law in second half of ongoing Budget session of Parliament.

10 Feb 2017 2:46 PM

International transactions covered in these agreements include contract manufacturing, IT-enabled services and software development services. (Photo: PTI)

Tax dept signs 4 advance pricing pacts with taxpayers

CBDT expects more APAs to be concluded and signed before the end of the current fiscal.

07 Feb 2017 1:08 PM

As per the Finance Bill 2017, refunds can be withheld in doubtful cases if the Assessing Officer is of the opinion that grant of refund may adversely affect the recovery of revenue.

CBDT relaxes norms for refunds for scrutiny cases

The tax department will withhold refund in scrutiny cases only "in exceptional circumstances".

06 Feb 2017 3:55 PM

CBDT is nodal agency for all direct taxes.

CBDT alleys taxpayers' fears on asset freez rule

CBDT chairman Sushil Chandra says new measures were brought in only to prevent evaders from selling property.

04 Feb 2017 5:55 PM

Of the people whose data the income tax department now has, email and SMS queries have been sent to 13 lakh people today

Lakhs of suspicious cash deposited post note ban

Around Rs 4.17 lakh crore of suspicious cash was deposited by about 18 lakh people.

02 Feb 2017 6:41 PM

High net worth NBFCs can access capital markets via IPOs: Arun Jaitley

Sebi and RBI along with the CBDT will jointly put in place the necessary mechanisms and procedures.

01 Feb 2017 4:11 PM

Government had on October 1 announced that 64,275 declarants had declared Rs 65,250 crore of black money.

IDS disclosures valid even if taxes realised by Dec 5

Govt gave option to black money holders to declare unaccounted wealth and come clean by paying 45 per cent tax and penalty.

17 Jan 2017 2:19 PM

The total number of BAPAs entered into by the CBDT now stands at eight. (Photo: PTI)

Tax dept, Japanese company sign advance pricing pact

The APA scheme was introduced in the Income-tax Act in 2012 and the 'Rollback' provisions were introduced in 2014.

13 Jan 2017 8:52 PM

The international transactions covered in these agreements include intra-group services and support services.

Tax dept signs three APAs with taxpayers

The three APAs signed today pertain to engineering goods and shipping sectors of the economy.

05 Jan 2017 9:31 AM

The tax department had last week come out with the second FAQ on the scheme clarifying that the taxes cannot be paid in instalments.

CBDT extends deadline for tax settlement scheme

The scheme provides for waiving interest and penalties if the principal amount involved in retrospective tax cases is paid.

30 Dec 2016 1:21 PM

Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from April 1, 2016. (Photo: PTI/File)

Report cash receipt over Rs 2 lakh in single transaction

Norms of aggregation contained in sub-rule 3 of Rule 114E have been amended vide CBDT notification dated Oct 6, 2016.

23 Dec 2016 3:24 PM

CBDT has made available in the 'Compliance Module' on the e-filing portal of the Income Tax Department the information relating to the identified non-filers.

Lakhs of non Income Tax filers identified by CBDT

Non-filers have been identified based on data analytics carried out by the Systems Directorate of CBDT.

22 Dec 2016 9:05 PM

The CBDT said it has noticed that taxpayers and professionals have not been able to keep up with the pace of change and hence wide gap has emerged between the initiatives undertaken by the department and the acceptance by the stakeholders.

Taxpayers to be sensitise of e-initiatives

These initiatives form part of the milestone set by the revenue dept which are to be achieved in 3, 7 and 15 years time.

11 Dec 2016 12:11 PM

The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty on undisclosed wealth.

Inherited gold, jewellery to be exempt from income tax: govt

No tax on ancestral jewellery, purchase from disclosed income.

01 Dec 2016 4:21 PM

CBDT said it has already issued close to 25 crore PANs till date. (Representational Image)

Rs 2.5 lakh and above deposits require PAN: CBDT

Ruling aims to avoid ill-gotten wealth or black money being converted into white during the 50-day window.

17 Nov 2016 6:45 PM

Since December 2015, Mr Chandra was serving as member (investigation) in CBDT, considered to be the most significant post in the board.

Vacant slots in ministries, depts

Rumours are flying fast and furious about who’ll be the next chief secretary of Telangana.

13 Nov 2016 4:36 AM

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Shobhaa De