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...
A country-wide probe conducted by the Income Tax department has found that close to 300 registered political parties have never filed their tax returns and the Election Commission has now asked the department to issue notices to them. The probe, conducted after the EC asked the Central Board of Direct Taxes (CBDT) to ascertain the financial status of these small parties for alleged violation of tax laws and money laundering, has been submitted to the election Panel.
The Concluding Ceremony for 150 years of Income Tax in India was celebrated on 15-07-2011 at a solemn function graced by H.E. Smt. Pratibha Devi Singh Patil, President of India at Vigyan Bhawan, New Delhi. The first copy of a book titled ‘A Celebration through Art: 150 Years of Income Tax in India’ comprising of artworks on the theme of ‘Income Tax in Nation Building’, executed by some of India’s top artists and the artistically gifted personnel of the Income Tax Department in the course of celebration of 150 years, was presented to Mahamahim Pratibha Devisingh Patilji, President of India by Shri Pranab Mukherjee, Union Finance Minister after it was released in the presence of Honourable Shri S.S. Palanimanickam, Minister of State for Finance (Revenue), Honourable Shri Namo Narain Meena, Minister of State for Finance (Expenditure), Shri R.S. Gujral, Revenue Secretary, Shri Prakash Chandra, Chairman, CBDT, other Members of the CBDT and a distinguished audience. The preview of the film titled ‘150 years of Income Tax- A Journey Across Three Centuries’ was screened and an informative brochure, ‘A Journey across Three Centuries’, depicting the evolving role of Income Tax since 1860, was also released.
The BM Munjal-promoted Hero Group has paid Rs 811 crore as capital gains tax for buying out erstwhile partner Honda from their joint venture — Hero Honda , Central Board of Direct Taxes (CBDT) today said. Hero has paid the entire tax amount of Rs 811 crore in two tranches, Rs 100 crore in March and Rs 711 crore in April, at the highest rate of 22%. They have not sought any concession, a CBDT spokesperson told PTI.
The Central Board of Direct Taxes (CBDT) is believed to have turned down the request of Mahindra Satyam to fully adjust taxes paid by its erstwhile owner Ramalinga Raju on fictitious income. Tech Mahindra had acquired Satyam Computer, after a multi-crore accounting fraud in the company came to light in January 2009. After acquisition, the company was re-branded as Mahindra Satyam.
Accounting regulator ICAI has set up a group of experts to suggest the government ways to deal with the menace of black money and retrieve the illegal money stashed in tax havens and overseas banks.
The Central Government had appointed a Committee in March 2011 to review the role, functioning and structure of the Central Economic Intelligence Bureau (CEIB) and to recommend steps to streamline and strengthen financial intelligence gathering and its dissemination for effective coordination amongst the Intelligence Organisations of the Government. The Committee was headed by Shri S. S. Khan, Retired Member, Central Board of Direct Taxes (CBDT). Its other members include Ms Vijay Lakshmi Sharma, Retired Member, Central Board of Excise and Customs (CBEC) and Dr. Kewal Ram, Retired Senior Economic Advisor. Shri Arun Sahu, Deputy Director General (CEIB) is the Member Secretary to the Committee. The Committee submitted its report within period of about three months.
In a bid to tighten the noose around defaulters, the Income Tax Department will set up a centralised system to identify entities which deduct tax at source but do not deposit it with the government. ‘This Centralised Processing Centre (CPC) would be set up to process TDS (tax deducted at source) statements and to identify the defaults and PAN errors…,’ the Central Board of Direct Taxes (CBDT) said.
To speed up clearances of tax exemption cases, the Central Board of Direct Taxes (CBDT) will set up 11 more specialised offices in the country. CBDT plans to have directorate [exemptions] in all the states and to begin with we will be setting up 10-11 new directorates, a revenue official said.However, the official did not specify any timeframe for creation of the specialised offices (directorates).
The Government of India signed a Protocol, amending Double Taxation Avoidance Agreement (DTAA) with Government of Singapore for effective exchange of information in tax matters today. The Protocol was signed by Shri Prakash Chandra, Chairman, Central Board of Direct Taxes (CBDT) on behalf of the Government of India and Ms. Karen Anne Tan Ping Ming, High Commissioner of Singapore to India, on behalf of the Republic of Singapore.
Notification No. 36/2011 – Income Tax Exemption u/s 139(1) to Specified Person from the requirement of furnishing a return of income for Assessment year 2011-12. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—(A) ‘Salaries’; (B) ‘Income from other sources’, by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
