"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.
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.
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.
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