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 : Refunds for AY 2025–26 are being withheld after system-based risk checks detected discrepancies. Taxpayers are advised to review...
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 NUDGE campaign targets fraudulent claims under sections 80G and 80GGC, helping taxpayers voluntarily revise returns and avoid ...
Income Tax : Reassessment proceedings was invalid for a notice issued beyond three years without the sanction of the prescribed higher authorit...
Income Tax : The ruling clarifies that unauthenticated digital chats and screenshots cannot form the sole basis of tax additions without proper...
Income Tax : ITAT held that delay in filing Form 9A cannot automatically result in denial of exemption under Section 11. The issue was sent bac...
Income Tax : The Tribunal ruled that assessment orders in e-proceedings must be digitally signed as per CBDT instructions. A manually signed or...
Income Tax : The issue was whether CBDT jewellery instructions could shield bullion found during a search from taxation. The Tribunal held that...
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 ...
Income Tax : CBDT instructs CIT(A) offices to issue intimation confirming withdrawal of appeals for MAP-resolved grounds, serving as proof for ...
Income Tax : The government has authorised all non-rural branches of 19 banks to operate Capital Gains Account Scheme accounts, enhancing taxpa...
With direct tax collection target of Rs 5.85 lakh crore looking difficult to meet,the Central Board of Direct Taxes (CBDT) on Monday said it will concentrate on big corporates and salaried employees to mop up the revenue.There is a concern… IIP and GDP are down.It will be difficult to achieve budget estimate, CBDT Chairman M C Joshi said.He,however,said the department was working hard to achieve the target given to it in the Budget.We will monitor tax deducted at source (TDS) and concentrate on bigger assessees, he said.
it is clarified that the CBDT has not shared any information received under the DTAA with Germany regarding Indians having accounts in the LGT bank, Liechtenstein, with any other agency. The CBDT has also not authorised the use of the information received for any purpose other than tax purposes.
The CBDT has indicated vide letter dated 25.11.2011 that there are several vacant/ likely to be vacant posts in the Benches of the Income Tax Settlement Commission at Delhi, Chennai, Kolkota and Mumbai. Download CBDT letter dated 25.11.2011
CBI is understood to have communicated to the Central Board of Direct Taxes that none of the individuals whose names figure in the LGT Bank accounts for stashing illegal funds abroad has any pending CBI cases against them. The list of 18 individuals was provided to the CBI by the CBDT to ascertain if these individuals have any pending cases with the agency.
I am sure that by now you have read the OM F. No. 22/1/2011/AP/DOMS dated 21-11-2011 put up on irsofficersonline.gov.in on Results Framework Document. The RFD process is aimed at making quantum improvement in the Departmental performance, leading to a win-win situation for all the stakeholders, namely, the Nation, ‘the Taxpayers’ and the ‘Employees of the Department’. RFD is to be viewed as a tool for making our Vision 2020 a reality much before 2020.
The Income Tax department has started investigating 782 people suspected of having stashed away unaccounted wealth in accounts with the HSBC Bank in Geneva. A senior official with the department, on condition of anonymity, said the newly created Directorate of Criminal Investigation has started sending notices to individuals, seeking explanation on the source of funds in these HSBC Bank accounts in Geneva.
As per the data provided, the total number of tax audit returns filed in respect of the financial year 2010-11 was 16, 16,096 which were conducted by 59,472 auditors. The data so provided is being further processed with regard to fake membership numbers, membership numbers which exceeded the specified number (ceiling) of tax audit assignments, etc. In order to prevent misuse of membership numbers of tax auditors, we have been given assurance that from next year onwards the uploading of tax audit report along with digital signatures would be made mandatory.
The gross direct tax collection jumped 20.28 per cent during the April-October period to Rs 2,84,081 crore, mainly on account of increase in corporate tax mop-up. The figure was Rs 2,36,176 crore in the same period in the previous fiscal. The gross tax collection in the first seven months of the fiscal is only about 48.5 per cent of the Rs 5.85 lakh crore target for the entire fiscal.
Following is the text of the clarification issued by Central Board of Direct Taxes, Department of Revenue, Ministry of Finance: “A section of the press has reported today that some investigations relating to banking information received from overseas have been referred to the Directorate of Criminal Investigation by the Central Board of Direct Taxes for […]
In the context of formulating the proposals for the Union Budget of 2012-13, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same.
