"Thus, in a peer-to-peer (ie buyer to the seller without going through an Exchange) transaction, the buyer (ie person paying the consideration) is required to deduct tax under section 194S of the Act," the CBDT said.
The group has a pan-India presence having an annual turnover exceeding Rs 6,000 crore. A total of 23 premises were covered in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh, in the search operation.
The decision comes as people have been facing difficulties in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961
The Central Board of Direct Taxes (CBDT), which frames policy for the tax department, said that the group received unaccounted money as part of immovable property transactions.
Mody was appointed as the secretary-general by Rajya Sabha Chairman M Venkaiah Naidu earlier in the day.
The tax refund includes 65.31 lakh refunds of AY 2021-22 amounting to Rs 12,616.79 crore.
The Central Board of Direct Taxes (CBDT) frames policy for the tax department.
"The searches, so far, have resulted in the detection of undisclosed income of over Rs 300 cr and unaccounted cash of Rs 9 cr has been seized," CBDT said in a statement.
The Central Board of Direct Taxes (CBDT) on Thursday extended the due date for filing Income Tax Returns for assessment year 2021-22 till December 31, 2021.
The CBDT on Saturday said a proposed new online tax payment system and a mobile app on its soon-to-be launched advanced e-filing website will be activated on June 18 even as the portal will go live on Monday.
Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before March 31, 2021, maybe filed on or before May 31, 2021, the CBDT said.
Transaction details of individual tax filers with respect of capital gains, dividend income, and interest income will soon become a standard of the pre-filled Income Tax return (ITR) form as the government looks to make tax compliance convenient for taxpayers.
Speaking on today's Union Budget 2021-2022, presented by Finance Minister Nirmala Sitharaman, in the Parliament, Central Board of Direct Taxes (CBDT) Chairman, PC Mody said, "The revised estimate for direct tax collection this year is Rs 9.05 lakh crores, out of which we have collected Rs 6.63 lakh crores.
The Central Board of Direct Taxes (CBDT) has launched an automated dedicated e-portal on the e-filing website of the department to receive and process complaints of tax evasion, foreign undisclosed assets as well as grievances regarding benami properties.
The income tax department had received several representations to further extend dates for filing returns as disruptions caused pandemic had continued to create problems for various taxpayers.
The raids conducted by the Income Tax department against an Odisha-based group involved in manufacturing and trading of steel products has led to the detection of about Rs 170 crore black income and presence of bogus directors who are actually gullible daily wage earners, the CBDT said on Tuesday.
The Income-Tax Department has detected alleged unaccounted income of more than Rs 150 crore after it raided premises of "leading" coal traders of Assam, the CBDT said on Monday.
As per the notification, the declaration under the Vivad se Vishwas Scheme shall be required to be furnished by December 31, however, the payment without additional amount in respect of said declaration can now be made up to March 31, 2021.
The CBDT has now amended I-T rules, thereby diluting norms for investment purposes to bonds with minimum 'A' rating, as against the earlier requirement of 'AA' rating
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.
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