Providing clarification on the 1 per cent tax deducted at source (TDS) on e-commerce transactions, the CBDT on Tuesday said that that the payment gateway will not be required to deduct the tax under section 194-0 of the Income-Tax Act on a transaction, if the tax has been deducted by the ecommerce operator under the section concerned of the Act, on the same transaction.
The Central Board of Direct Taxes (CBDT) on Friday launched the Centre's much-publicised reform measure of faceless income tax appeals.
The Central Board of Direct Taxes (CBDT) on August 30 asked banks to refund any charges they collected after January 1 on transactions made through electronic means. According to a circular, this comes after the CBDT received several representations that said banks are charging an additional fee on transactions made through UPI.
The government has assured income tax officials that implementation of the new faceless and contactless tax administration would not cause any large-scale movement of officers or officials and all the changes would be done within the existing manpower preferably at the existing locations.
Income-Tax department conducted raids on premises of few Chinese individuals and their India associates for running a money laundering racket worth Rs1,000 crore, the Central Board of Direct Taxes said on Tuesday.
CBDT on Saturday informed that from this Assessment Year (2020-20201), taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers' financial transactions as specified Statement of Financial Transactions (SFTs) in various categories.
The income tax department on Friday asked officers to process returns filed up to the assessment year (AY) 2017-18 with refund claims by October 31, 2020.
The government is not considering any proposal to merge the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC), the Union Ministry of Finance clarified today.
The income tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax.
The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees.
The government has allowed individuals under new lower tax regime to claim I-T exemption on conveyance allowance received from employers. The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees.
ITR for AY 2020-21: The Central Board of Direct Taxes (CBDT) has today notified Income Tax Return forms 1 to 7 for the Financial Year 2019-20 (Assessment Year 2020-21). The new notification announces rule changes in the Income Tax Rules 2020.
The income tax department on Thursday notified the revised Form 26AS, containing details of tax collected or deducted at source which will now include information pertaining to property and share transactions.
Central Board of Direct Taxes on Friday has issued tax refunds worth Rs. 26,242 crore to 16,84,298 tax assesses since April 1 to May 21, 2020 and corporate tax refund to 1.02 lakh assesses amounting to Rs 11,610 cr given during this period.
The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR.
The controversial FORCE document of Income Tax officers which triggered a controversy with the Central Board of Direct Taxes (CBDT) promising action has given credits to 47 officers.
The government has decided to revise the income tax return forms for assessment year 2020-21 due to the coronavirus pandemic.
The Income Tax department has issued over 10.2 lakh refunds worth Rs 4,250 crore within a week, the Central Board of Direct Taxes (CBDT) said on Wednesday.
The income tax department on Monday said employees will have to inform their employers about their intention to opt for the new optional tax regime to enable the latter to deduct TDS while paying salaries.
The Income Tax Department on Monday has issued a public message stating that it was 'mandatory' to link PAN card with Aadhaar. The IT Department also advised people not to 'miss' the deadline of March 31 for the same.
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