A Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite reminders, an official said on Saturday. “The defaulter was arrested...
The Central Board of Direct Taxes ( CBDT ) asked the taxpayers to remit Tax Deducted at Source (TDS) at five percent while paying House Rent above Rs. 50,000. It is mandatory for an individual...
After Mr. Sushil Chandra appointed as Election Commissioner by the Central Government, IRS officer Pramod Chandra Mody on Friday took over as the new chairman of the Central Board of Direct Taxes (CBDT), the policy...
The Central Board of Direct Taxes (CBDT) has mandated that the linking of PAN with aadhaar should be completed by the taxpayers by 31st March 2019. The constitutional validity of Aadhaar has been upheld by...
Weeks ahead of the 2019 general election in April, CBDT Chairman Sushil Chandra, a 1980-batch Indian Revenue Service (IRS) official has been appointed as the election commissioner. An IIT alumnus, Chandra, prior to his new...
The Central Board of Direct Taxes ( CBDT ) has constituted a committee to examine the suggestions and issues on litigation management emerging from Judicial Conference. As per the discussion held during Judicial Conference held...
The Central Board of Direct Taxes ( CBDT ) has clarified that there is nothing illegal in the proceedings by the income tax department against the startup Travel Khana. The CBDT was responding to the...
The Central Board of Direct Taxes ( CBDT ) has clarified that the circular issued by the Board on July 2018 prescribing monetary limits for tax appeals would also apply to matters relating to Wealth...
The Supreme Court, on Monday, reversed the Delhi High Court order allowing the taxpayer to file an income tax return without linking PAN with Aadhaar and the rule must be compulsorily followed from the assessment...
The Central Board of Direct Taxes ( CBDT ) has clarified that the Official Assignee, who realizes property of the insolvent and allocated it amongst the creditors of the insolvent, is required to file Income...
With a view to reducing human interactions in the income tax proceedings, the Central Board of Direct Taxes (CBDT) has notified the Centralized Verification Scheme, 2019. As per the scheme, the Department can issue a...
In a recent advisory, the Central Board of Direct Taxes ( CBDT ) has warned the benami transactions which are illegal and punishable under the law. According to the advisory issued by the Board today,...
The Union Minister of Finance, Corporate Affairs, Railways and Coal, Shri Piyush Goyal stressed out he simplification, transparency and use of latest technology in further easing and smoothening the tax filing process for the stakeholders....
The Central Board of Direct Taxes (CBDT) last day has informed that the non-filers can submit the income tax returns within 21 days. Non-compliance after this period would also lead to proceedings under the Income...
The Central Board of Direct Taxes ( CBDT ) has identified Non-Filers through Non-Filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income...
The Central Board of Direct Taxes ( CBDT ) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are...
The Central Board of Direct Taxes ( CBDT ) has asked the Tax Department Officials to speed-up the process of Withdrawal of Appeals. The CBDT has sent a letter to officers, asking them to complete...
In order to compensate the revenue leakage in the direct taxes, the income tax department has issued prosecution notices to the directors of several multinationals, ET reported. According to the report, the tax officials have...
The Commerce Ministry likely to exempt Angel Tax for Start-up investors, according to sources. The Exemption limit being raised to Rs. 50 lakh from Rs. 25 lakh for returns on the Income a year before...
Unhappy with the present revenue collections, Shri Sushil Chandra, the Chairman of the apex direct tax body, the Central Board of Direct Taxes ( CBDT ) has asked the income tax officers to “maximize” their...
The Central Board of Direct Taxes ( CBDT ) has issued a circular on the applicability of Tax Deduction at Source (TDS) from salaries. The Board had issued a Circular on 5th December 20 whereby...
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