Income Tax : The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity,...
Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : The framework permits taxpayers to settle offences by paying prescribed compounding charges instead of facing prosecution. It clar...
Income Tax : CBDT amended Income-tax Rules to include crypto-assets and digital financial products in CRS reporting. The move expands disclosur...
Income Tax : The Draft Income-tax Rules, 2026 require salaried taxpayers to disclose their relationship with landlords, enabling enhanced scrut...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : CBDT signed a record number of APAs to provide clarity on transfer pricing and reduce disputes. The framework ensures advance dete...
Income Tax : The Government stated that representations on own merit promotions are examined regularly as per existing rules, with no separate ...
Income Tax : Draft Income-tax Rules and Forms have been released for public feedback before the new law takes effect, with inputs to shape the ...
Income Tax : Following judicial criticism of delayed appeals, officers urged structural reforms to fix institutional gaps rather than penalisin...
Income Tax : The Tribunal observed that CBDT instructions prohibit the AO from examining issues beyond the specific reason for limited scrutiny...
Income Tax : Bombay High Court held that delay in filing Form No. 10 for claiming accumulation under Section 11(2) should be condoned where gen...
Income Tax : Court found that the appellant failed to clearly identify which exceptional clause applied. Since the tax effect was below Rs.2 cr...
Income Tax : The issue was whether jewellery found during search can be taxed despite CBDT limits. ITAT held that jewellery within prescribed l...
Income Tax : The case examined whether scrutiny selection without meeting CBDT conditions was valid. The ITAT held that failure to satisfy mand...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
Income Tax : The Income Tax Department increased monetary thresholds for assigning cases between ITOs and D/ACITs in Delhi Region. The revised ...
Income Tax : The notification requires payers to generate UINs and file quarterly details of declarations even where no tax is deducted. It enh...
Income Tax : Explains the CBDT notification granting section 10(46) exemption to a district legal services authority and the categories of inco...
Income Tax : The Central Government notified an urban development authority under section 10(46A) of the Income-tax Act. The exemption applies ...
The Central Board of Direct Taxes, CBDT, has constituted an advisory group for International Taxation and Transfer Pricing. The 13 members group will be headed by Revenue Secretary. A Finance ministry release says, the others members of the group include Chairman of CBDT, Director General of Income-tax , Joint Secretary of Department of Revenue, and representatives of Chamber of Commerce and Industry of the country.
Undisclosed income exceeding Rs. 9,200 crore detected by CBDT during the search operations in the financial year 2011-12 During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) conducted searches on 330 groups involved in different businesses / activities. On the basis of assets, documents and other evidence unearthed during such searches, undisclosed income exceeding Rs.9,200 crore was detected. Number of search warrants executed in FY 2011-12 was 5,132 as against 4,852 warrants executed in FY 2010-11. Unaccounted assets of the value of Rs.880 crore (including cash amounting to Rs.500 crore) were seized in FY 2011-12 as against assets of the value of Rs.775 crore (including cash amounting to Rs.440 crore) seized in FY 2010-11.
In response to the 2011 update of the UN Model Convention which was launched on 15.3.2012, the CBDT has addressed a letter dated 12th March 2012 in which it has registered its objections to the provisions in the UN Model Convention. In particular, the CBDT has stated:
The CBDT Chairman-led committee on combating the menace of black money has been given yet another extension and it is now expected to submit its final report by this month end. It is the third time that the deadline has been extended for the panel, which was constituted in May last year.
The Income Tax Department has decided to bring its over two-lakh strong staff under biometric monitoring system to ensure strict adherence to working hours. In an ambitious project rolled out by the Central Board of Direct Taxes (CBDT), I-T’s administrative authority, the department has invited tenders for ‘purchase, installation and monitoring of biometric based attendance monitoring system’.
With the induction of 1976-batch Indian Revenue Service (IRS) officer Sudha Sharma as Member (Audit and Judicial) this month, the Central Board of Direct Taxes for the first time in its 48-year-long history has three women in the seven-member body. The two other women officers are Member (Personnel and Vigilance) Manjari Kacker and Member (Legislation and Computerisation) Poonam Kishore Saxena, both 1974-batch IRS (I-T) officials.
A reshuffle of charge of three members of the Central Board of Direct Taxes (CBDT) was effected today. In today’s reshuffle K Madhavan Nair got Investigations in place of Legislation and Computerisation (L and C) while S S Rana was shifted from Investigations to Income Tax and Poonam Kishore Saxena got L and C. She earlier held the charge of Audit and Judicial.
The members of the Committee representing different fields made various suggestions to improve tax administration, better taxpayer services and impetus to the economy. The suggestions among others include to extend the Section 80CCF of Income tax Act of deduction for investment in the infrastructure bonds introduced from 1.4.2011 to be extended at least for one more year and the monetary limit to be enhanced to Rs 50 thousand. Sub members suggested to curb black money in real estate transactions, relief to the salaried employees by retaining the standard deduction under Section 16 of Income Tax Act for a sum of Rs 50 thousand and benefit of nil TDS be extended to NBFCs under Section 194A of Income Tax Act.
Among the parameters of performance in your area, achievement of revenue collection target will obviously be given the highest weightage while writing your APAR by reporting officers and reviewing officers and will also be a major factor while considering placements during AGT 2012.
Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country.A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have “not furnished their PAN (Permanent Account Number)” while entering into high value transactions.
