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 due date for submission of ITR-V for A.Y. 2011-12 has been extended upto 31.03.2012 or 120 days from the date of upload whichever is later.
Salient features of this multilateral convention are – It is based on international standard of transparency and exchange of information. – This instrument is multilateral and a single legal basis for multi-country co-operation as against the DTAAs/TIEAs which are bilateral. It provides for an extensive network and there will be consistent application of provisions leaving limited scope for deviation.
The income tax department may not go in for filing a review petition on the Supreme Court’s judgement on the Vodafone taxation case. Top sources in the department said that a 10-member ‘core committee’, which has been specially constituted, will go into the details of the order. But the department may take a view not to file a review petition against the order which was delivered by a three-member Supreme Court bench headed by Chief Justice S H Kapadia on Friday, the sources said.
The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In an instruction issued today, the CBDT issued proforma for query letters and responses to be issued to the high value investors / depositors / spenders.
Senior IRS officer Laxman Das has been appointed as the new Member (Revenue) in the Central Board of Direct Taxes (CBDT). Mr Das is a 1974-batch Indian Revenue Service (IRS) officer and has held senior positions like that of Chief Commissioner (Income-Tax) in the past.
After IAS and IPS officers, the government has now turned its heat on Indian Revenue Service (Income Tax) officers asking them to mandatorily furnish their immovable property returns by this month-end failing which they would be denied promotions. Citing a Department of Personnel and Training (DoPT) order in this regard, the Central Board of Direct Taxes has said those officers who fail to submit their IPRs within the prescribed time “would be denied vigilance clearance and will not be considered for promotion and empanelment for senior level posts and deputation, among others (service benefits).
Finance Minister Pranab Mukherjee held discussions on ways to step up revenue collection for 2011-12 with top officials of Central Board of Excise and Customs (CBEC) and Central Board of Direct Taxes (CBDT) in Chennai. An official release said the meeting discussed steps for augmentation for revenue in the remaining part of the financial year.
Move aimed at unearthing black money stashed in bank accounts abroad. The income-tax department, which is facing a number of cases of denial of secret foreign bank account holdings, has decided to re-open past tax returns of some individuals in Mumbai and Delhi, among others, to unearth black money stashed abroad.
The CBDT Instruction F. No. A-32013/3/2000-Ad. VI dated 18.07.2000, wherein the date of passing the Examination was reckoned from the last date of the Examination, was modified by Instruction F.No. OA 542/1995/CAT Cuttack/2002/DIT/697 dated 22.05.2009. The modification was necessitated in the light of the decision of the Hon’ble Orissa High Court in W.P. (C) No. 224 of 2003 dated 31.10.2008 in the case of Union of India & Ors. Vs. Kishore Chandra Mohanty & Ors. In the said judgement Hon’ble Orissa High Court has also referred to the decision of the Hon’ble Supreme Court in UPSC Vs. Ajaya Kumar Das & Others [Civil Appeal No. 6295 of 2001 dated 10.09.2001]
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.
