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Top Tax Authority CBDT Forms Panel To Review Income Tax Law
An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said.
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High-Value Cash Transactions At Hotels, Hospitals Come Under Income Tax Scrutiny
Rampant cash transactions in business sectors like hotels, luxury brand sales, hospitals and IVF clinics need to be checked in a "non-intrusive" manner, the CBDT has asked the I-T department.
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66% Taxpayers Opted For New ITR Regime In Current Season: Tax Body Chief
About 66 per cent of taxpayers out of the over 4 crore filers have opted for the new regime for income tax return (ITR) filing during the current season till now, CBDT Chairman Ravi Agrawal said Wednesday.
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IRS Officer Ravi Agrawal Appointed Central Board of Direct Taxes Chairman
Ravi Agrawal, a 1988-batch IRS officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department.
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After Congress Complaint, Poll Panel To Verify Union Minister's Affidavit
Lok Sabha elections 2024: The ECI has directed the CBDT to verify potential mismatch - between actual and declared assets, and income - in affidavits filed by the BJP's Rajeev Chandrasekhar ahead of his candidature for the Lok Sabha el
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Cash Seizures Rise Ahead Of Elections In Five States, Says Tax Department
In the run-up to the assembly elections in five states, the Income Tax department has seized more unexplained cash as compared to elections held in those states earlier, CBDT (Central Board of Direct Taxation) chairman Nitin Gupta said on Wednesday.
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35 Lakh Income Tax Refund Cases "Held Up" For Various Reasons: Tax Body Chief
Around 35 lakh cases for issuance of refunds are currently "held up" with the Income-Tax Department owing to mismatch and validation of the taxpayers' bank accounts.
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How To Calculate Income From Life Insurance Where Premium Exceeds Rs 5 Lakh, CBDT Explains
The Income Tax department on Wednesday prescribed a mechanism for calculating income proceeds from life insurance policies where aggregate annual premium exceeds Rs 5 lakh.
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Centre Proposes Changes To Tax On Angel Investors In Unlisted Entities
The Income Tax Department on Friday proposed to exempt Sebi-registered FPIs, pension funds and SWFs from the purview of angel tax.
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Over 40 Crores Of "Unaccounted" Income Detected After Raids On Bengal Firm
The income tax department has detected alleged black income of more than Rs 40 crore after it recently raided a West Bengal-based group "controlled" by a person with an active political background, the CBDT said Tuesday.
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Irregularities Worth Rs 1000 Crore Detected At Cooperative Banks In Karnataka: Tax Body
The Income-tax department has detected "bogus"expenditure and alleged financial irregularities worth Rs1,000 crore after it raided some cooperative banks in poll-bound Karnataka sometime ago, the CBDT (Central Board of Direct Taxes) said today.
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PAN Card, Aadhaar Card Linking Deadline Extended to June 30
PAN card and Aadhaar linking deadline has been extended till 30 June, the Central Board of Direct Taxes (CBDT) said in a notification today. The new deadline will offer some more time for taxpayers to link their PAN and Aadhaar. The earlier deadline was ending on March 31.
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68,000 Cases Flagged For Mismatch In 2019-20 Income Tax Returns
Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Information Statement (AIS) about financial transaction and the I-T returns filed.
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Centre Notifies Income-Tax Return Forms For 2022-23
The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form.
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Two-Thirds Taxpayers May Shift To New Regime In 2023-24: Tax Body
Central Board of Direct Taxes (CBDT) chairman Nitin Gupta has said that he expects at least 50-66 per cent (two-thirds) of the taxpayers to switch over to the new tax regime in the next financial year itself.
-
Top Tax Authority CBDT Forms Panel To Review Income Tax Law
An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said.
-
High-Value Cash Transactions At Hotels, Hospitals Come Under Income Tax Scrutiny
Rampant cash transactions in business sectors like hotels, luxury brand sales, hospitals and IVF clinics need to be checked in a "non-intrusive" manner, the CBDT has asked the I-T department.
-
66% Taxpayers Opted For New ITR Regime In Current Season: Tax Body Chief
About 66 per cent of taxpayers out of the over 4 crore filers have opted for the new regime for income tax return (ITR) filing during the current season till now, CBDT Chairman Ravi Agrawal said Wednesday.
-
IRS Officer Ravi Agrawal Appointed Central Board of Direct Taxes Chairman
Ravi Agrawal, a 1988-batch IRS officer, has been appointed as the new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the Income Tax Department.
-
After Congress Complaint, Poll Panel To Verify Union Minister's Affidavit
Lok Sabha elections 2024: The ECI has directed the CBDT to verify potential mismatch - between actual and declared assets, and income - in affidavits filed by the BJP's Rajeev Chandrasekhar ahead of his candidature for the Lok Sabha el
-
Cash Seizures Rise Ahead Of Elections In Five States, Says Tax Department
In the run-up to the assembly elections in five states, the Income Tax department has seized more unexplained cash as compared to elections held in those states earlier, CBDT (Central Board of Direct Taxation) chairman Nitin Gupta said on Wednesday.
-
35 Lakh Income Tax Refund Cases "Held Up" For Various Reasons: Tax Body Chief
Around 35 lakh cases for issuance of refunds are currently "held up" with the Income-Tax Department owing to mismatch and validation of the taxpayers' bank accounts.
-
How To Calculate Income From Life Insurance Where Premium Exceeds Rs 5 Lakh, CBDT Explains
The Income Tax department on Wednesday prescribed a mechanism for calculating income proceeds from life insurance policies where aggregate annual premium exceeds Rs 5 lakh.
-
Centre Proposes Changes To Tax On Angel Investors In Unlisted Entities
The Income Tax Department on Friday proposed to exempt Sebi-registered FPIs, pension funds and SWFs from the purview of angel tax.
-
Over 40 Crores Of "Unaccounted" Income Detected After Raids On Bengal Firm
The income tax department has detected alleged black income of more than Rs 40 crore after it recently raided a West Bengal-based group "controlled" by a person with an active political background, the CBDT said Tuesday.
-
Irregularities Worth Rs 1000 Crore Detected At Cooperative Banks In Karnataka: Tax Body
The Income-tax department has detected "bogus"expenditure and alleged financial irregularities worth Rs1,000 crore after it raided some cooperative banks in poll-bound Karnataka sometime ago, the CBDT (Central Board of Direct Taxes) said today.
-
PAN Card, Aadhaar Card Linking Deadline Extended to June 30
PAN card and Aadhaar linking deadline has been extended till 30 June, the Central Board of Direct Taxes (CBDT) said in a notification today. The new deadline will offer some more time for taxpayers to link their PAN and Aadhaar. The earlier deadline was ending on March 31.
-
68,000 Cases Flagged For Mismatch In 2019-20 Income Tax Returns
Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Information Statement (AIS) about financial transaction and the I-T returns filed.
-
Centre Notifies Income-Tax Return Forms For 2022-23
The Central Board of Direct Taxes (CBDT), through a notification dated February 10, has notified ITR forms 1-6, ITR-V (verification form) and ITR acknowledgement form.
-
Two-Thirds Taxpayers May Shift To New Regime In 2023-24: Tax Body
Central Board of Direct Taxes (CBDT) chairman Nitin Gupta has said that he expects at least 50-66 per cent (two-thirds) of the taxpayers to switch over to the new tax regime in the next financial year itself.
