Tag: cbdt
CBDT clarification on requirement of scrip wise reporting of listed shares.
Central Board of Direct Taxes (CBDT) had issued clarification on Scrip-wise reporting in the Income Tax Return. As per CBDT clarification, there is no requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares. Press Release for the same is as follows: There was a report in certain section […]
Read moreCBDT: Income Tax Faceless Appeals applicable w.e.f. 25.09.2020
The Income Tax Department today (25.09.2020) launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive and search matters, International tax and Black Money Act. Necessary Gazette notification has […]
Read moreCBDT Guidelines for compulsory selection of ITR for Faceless Assessment for FY 2020-21
F.No.225/126/2020/ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes (CBDT, ITA-II division) North Block, New Delhi, the 17th September, 2020 ToAll Pr. Chief-Commissioners of Income-tax/Chief-Commissioners of Income-TaxAll Pr. Director-Generals of Income tax/ Director-Generals of Income-tax. Madam/ Sir, Subject: Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2020-21-conduct of […]
Read moreCBDT advised Banks to refund the charges collected on E-transactions from 1st January, 2020
Central Board of Direct Taxes (CBDT) has issued Circular no. 16/2020 on 30th August, 2020 advising banks to immediately refund the charges collected, if any, on or after 1st January, 2020 on transactions carried out using the electronic modes prescribed under section 269SU of the Income-tax Act,1961. Banks are also advised not to impose any charges on […]
Read moreIncome Tax e-campaign on Voluntary Compliance for FY 2018-19 from 20th July, 2020
CBDT: The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/ taxpayers who are either non-filers or have discrepancies/deficiency in their returns for […]
Read moreCBDT and SEBI sign MoU to share data of transactions
A formal Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations. The MoU was signed by Smt. Anu J. Singh, Pr. DGIT (Systems), CBDT and Smt. Madhabi Puri Buch, Whole Time Member, SEBI in […]
Read moreCBIC and CBDT Merger, a false claim by News Reports : Govt Clarified
A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC). This news item is factually incorrect as the Government has no proposal to merge the two Boards created under the […]
Read moreCBDT further extended due date of various Income Tax compliance : Notification issued
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 24th June, 2020TAXATION AND OTHER LAWS S.O. 2033(E).– In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020) (hereinafter referred to as the […]
Read moreCBDT revising Income Tax Return(ITR) forms due to Covid-19 situation
Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes New Delhi,19th April, 2020 PRESS RELEASE CBDT revising Income Tax Return forms to enable taxpayers to avail benefits of timeline extension due to Covid-19 In order to enable tax payers to avail full benefits of various timeline extensions granted by the […]
Read moreCBDT issues 10.2 lakh Income Tax Refunds of Rs. 4,250 Crore
In pursuance to the Government’s decision vide press Note dated April 8th 2020 to issue pending income tax refunds up to Rs. 5 lakh in order to help taxpayers in a COVID-19 pandemic situations, the Central Board of Direct taxes (CBDT) today said that it has already issued over 10.2 lakh refunds totaling to around […]
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