CBDT

Submit Statement of Financial Transactions (SFT) in Form 61A

Income Tax - Legal Framework- Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT). Rule 114E - Furnishing of Statement of Financial Transactions in Form 61A. Form 61A - Format and Instructions...

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Why income tax website is showing GST DATA

Income Tax - CBDT MOU with CBIC has resulted in income tax website now showing GST data of a taxpayer. As discussed above, the sharing of information was to avoid tax evasion and increase reporting of turnover. This sharing of information includes tracing non-filers under the Income Tax Act, 1961 and the Goods and Services Act, 2017....

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e-Campaign for High Value Transactions in Compliance Portal

Income Tax - Introduction The income-tax department has started to reach out to certain taxpayers who have either not filed income-tax returns (ITR) or failed to accurately report high-value transactions in their returns. On 18/07/2020, CBDT said that the objective of the e-campaign is to facilitate taxpayers to validate their financial transaction in...

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Application for Exemption U/S. 10(23C)(VI) – Detailed Discussion

Income Tax - As we all know that earlier application for granting exemption u/s 10(23C)(vi) is applied in Form 56D, which is now omitted w.e.f. 05 November, 2019. Notification No. 60/2019–Income Tax- CBDT amends rules 2C and 2CA related to Application for the purpose of grant of approval for the exemption under sub-clause (iv), sub-clause (v), s...

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Why should I pay tax?

Income Tax - Some people raise the question 'Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost of vehicle but also vehicle tax and what not. Even on many roads, one has to pay toll tax! They also say that if we compare with countries like USA and UK,...

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PM launches platform for ‘Transparent Taxation – Honoring the Honest’

Income Tax - The CBDT  has carried out several major tax reforms in direct taxes in the recent years.   Last year the Corporate Tax rates were reduced from 30 percent to 22 percent and for new manufacturing units the rates were reduced to 15 percent. Dividend distribution Tax was also abolished....

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वित्त वर्ष 2018-19 के लिए आयकर के स्वैच्छिक अनुपालन पर ई-अभियान

Income Tax - वित्त वर्ष 2018-19 के लिए आयकर के स्वैच्छिक अनुपालन पर ई-अभियान शुरू करने के लिए सीबीडीटी 20 जुलाई, 2020 से आयकर विभाग की नई पहल 20 जुलाई, 2020 से ...

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CBDT prioritise Vivad Se Vishwas Scheme case of demand & Refund

Income Tax - CBDT  desires that all the work related to cleaning up of the tax demands and calculating the tax payable or refundable in respect of all eligible assesses under Vivad Se Vishwas Scheme is taken up on priority and completed by 31st August 2020. Also Read- CBDT directs all CIT(A) to dispose at least 80 appeals […]...

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CBDT directs all CIT(A) to dispose at least 80 appeals per month

Income Tax - CBDT directs all CIT (Appeal) that appeals are required to be disposed of through e-appeal proceedings by sending the communication through the e-filing portal and or through emails only. it directs that All pending appeals filed on or before 31.03.2016 to be taken up immediately and all smaller appeals with tax effect up to Rs. […...

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Investigation Wing to handle all Tax Evasion Petitions: CBDT

Income Tax - To utilize the valuable information available to the department in the form of Tax Evasion Petitions (TEPs) and to prevent harassment of the taxpayers, Board has decided that they should be handled with the help of technology in a centralized manner. All pending TEPs, of whichever category with any officer, is to be transferred to [&helli...

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CBDT cannot extend time to claim deduction under section 54F

Shivinder Singh Brar, Karta (HUF) Vs. CBDT (Punjab and Haryana High Court) - Where assessee was precluded from construction of new house due to prohibition of construction in his area then assessee could seek relaxation in terms of section 119(2)(c) at time of claiming deduction under section 54F and such claim could be made only within time period, as prescribed under Act f...

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CBDT to Provide informations related to revamp of Income Tax e-filing Website

[a] Copies of all Records Received/Issued for Revamping the Website of Income-Tax Deptt. that relates to Tax Policy & Legislation Division of CBDT in particular (Because to implement the action in question amendment in statute is required to establish due compliance)....

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CBDT to provide details of No. of Tax Audit & Auditors to RTI Applicant

CBDT has provided Tax Audit Data to ICAI based on the returns e-filed during the financial year 2010-11. This has been published in one of the leading Private Website for CAs on 16th day of November 2011. ...

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TDS on Hotel Room Rent & Other Facilities?

The East India Hotels Ltd Vs Central Board of Direct Taxes (Bombay High Court) - TDS on the charges you pay to a Barber? The word ‘carrying out any work’ in section 194C is limited to any work which on being carried out culminates into a product or result. The word ‘work’ in s.194C is limited to doing something with a view to achieving the task undertaken or carry out an...

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Clarification on PAN encrypted Digital Signature Certificate (DSC)

The Central Board of Direct Taxes (CBDT) had recently amended the Rules relating to the manner of furnishing the return of income for companies for Assessment Year 2010-11 and onwards. Under the revised Rules, all companies (including foreign compani...

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Tenure of CBDT Chairman P. C. Mody extended till 28.02.2021

Office Order No. 164/2020 - (31/08/2020) - President of India extended re-employment of Shri Pramod Chandra Mody, as Chairman,CBDT for a further period of six months with effect from 01.09.2020 to 28.02.2021...

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Faceless Assessment – CBDT designates Pr.CCsIT as cadre controlling authority

F No. 187/3/2020-ITA-I - (20/08/2020) - With the launch of the Faceless Assessment Scheme, 2019, the Income-tax Department is moving towards minimal interface with maximum governance. In order to effect the same, the NeAC, Delhi has been created under the Principal  Chief Commissioner  of Income-tax (NeAC) and 30 ReACs under the Chief...

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CCI notified to share information with Income Tax Department

Notification No. 57/2020-Income Tax [S.O. 2528(E)] - (30/07/2020) - Central Government specifies Director General / Secretary, Competition Commission of India for the purpose sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 57/2020...

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FM lauds IT Department for being responsive to people

(Release ID: 1640966 - (24/07/2020) - Finance Minister Smt. Nirmala Sitharaman lauds IT Department for being responsive to people as CBDT observes 160th Income Tax day towards Nation Building...

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Sovereign Wealth Fund notified | Section 10(23FE) | Income Tax

Circular No. 15/2020-Income Tax - (22/07/2020) - Specified person for this purpose has been defined to mean wholly owned subsidiaries of Abu Dhabi Investment Authority (ADIA), notified Sovereign Wealth Fund (SWF) and notified Pension Funds (PF), which fulfil conditions specified in the clause or to be prescribed for the PF....

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Recent Posts in "CBDT"

Submit Statement of Financial Transactions (SFT) in Form 61A

Legal Framework- Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT). Rule 114E - Furnishing of Statement of Financial Transactions in Form 61A. Form 61A - Format and Instructions...

Read More
Posted Under: Income Tax | ,

Tenure of CBDT Chairman P. C. Mody extended till 28.02.2021

Office Order No. 164/2020 (31/08/2020)

President of India extended re-employment of Shri Pramod Chandra Mody, as Chairman,CBDT for a further period of six months with effect from 01.09.2020 to 28.02.2021...

Read More

Why income tax website is showing GST DATA

CBDT MOU with CBIC has resulted in income tax website now showing GST data of a taxpayer. As discussed above, the sharing of information was to avoid tax evasion and increase reporting of turnover. This sharing of information includes tracing non-filers under the Income Tax Act, 1961 and the Goods and Services Act, 2017....

Read More
Posted Under: Income Tax |

Faceless Assessment – CBDT designates Pr.CCsIT as cadre controlling authority

F No. 187/3/2020-ITA-I (20/08/2020)

With the launch of the Faceless Assessment Scheme, 2019, the Income-tax Department is moving towards minimal interface with maximum governance. In order to effect the same, the NeAC, Delhi has been created under the Principal  Chief Commissioner  of Income-tax (NeAC) and 30 ReACs under the Chief Commissioner of Income-tax have been c...

Read More

PM launches platform for ‘Transparent Taxation – Honoring the Honest’

The CBDT  has carried out several major tax reforms in direct taxes in the recent years.   Last year the Corporate Tax rates were reduced from 30 percent to 22 percent and for new manufacturing units the rates were reduced to 15 percent. Dividend distribution Tax was also abolished....

Read More
Posted Under: Income Tax |

CCI notified to share information with Income Tax Department

Notification No. 57/2020-Income Tax [S.O. 2528(E)] (30/07/2020)

Central Government specifies Director General / Secretary, Competition Commission of India for the purpose sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 57/2020-Income Tax New Delhi, the 30th July, 20...

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e-Campaign for High Value Transactions in Compliance Portal

Introduction The income-tax department has started to reach out to certain taxpayers who have either not filed income-tax returns (ITR) or failed to accurately report high-value transactions in their returns. On 18/07/2020, CBDT said that the objective of the e-campaign is to facilitate taxpayers to validate their financial transaction in...

Read More
Posted Under: Income Tax |

वित्त वर्ष 2018-19 के लिए आयकर के स्वैच्छिक अनुपालन पर ई-अभियान

वित्त वर्ष 2018-19 के लिए आयकर के स्वैच्छिक अनुपालन पर ई-अभियान शुरू करने के लिए सीबीडीटी 20 जुलाई, 2020 से आयकर विभाग की नई पहल 20 जुलाई, 2020 से ...

Read More
Posted Under: Income Tax |

FM lauds IT Department for being responsive to people

(Release ID: 1640966 (24/07/2020)

Finance Minister Smt. Nirmala Sitharaman lauds IT Department for being responsive to people as CBDT observes 160th Income Tax day towards Nation Building...

Read More

Sovereign Wealth Fund notified | Section 10(23FE) | Income Tax

Circular No. 15/2020-Income Tax (22/07/2020)

Specified person for this purpose has been defined to mean wholly owned subsidiaries of Abu Dhabi Investment Authority (ADIA), notified Sovereign Wealth Fund (SWF) and notified Pension Funds (PF), which fulfil conditions specified in the clause or to be prescribed for the PF....

Read More

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