Cbdt
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10% TDS only on dividend paid by Mutual Funds, not on redemption on units, CBDT clarifies
Business | Feb 04, 2020, 09:03 PM ISTThe Central Board of Direct Taxes (CBDT) on Tuesday clarified that the budget proposal of 10 percent TDS will be applicable only on dividend payment by mutual funds and not on the gain arising out of redemption of units.
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Attention employees! CBDT says 20% of your salary will be deducted if you don't do THIS
Business | Jan 29, 2020, 11:22 AM ISTAre you a salaried person and earning over ₹ 2.5 lakh per annum? Then this news is important for you. The Income Tax Department has reiterated that employers must cut tax at source at 20 per cent or a higher rate if the employees do not provide PAN and Aadhaar details to the employer.
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Hefty fine for not using digital payments by January 31, 2020
Business | Dec 31, 2019, 02:49 PM ISTShops, business firms or companies with an annual turnover of Rs 50 crore or more and required to provide digital payment facilities to customers as part of government's stride towards a less-cash economy, will not have to pay any penalty till January 31 for not installing the system.
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Aadhaar-PAN linking deadline extended till March 31, 2020
Business | Dec 30, 2019, 08:54 PM ISTThe Central Board of Direct Taxes (CBDT) has extended the Aadhaar-PAN linking deadline till March 31, 2020.
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PAN-Aadhaar linking deadline: PAN card may become 'inoperative' from Jan 2020. Check details
Business | Dec 30, 2019, 01:43 PM ISTPAN-Aadhaar linking deadline: Your PAN card will be treated as 'inoperative' if you fail to link it with your Aadhaar card by 31 December 2019. The income tax department extended the Aadhaar-PAN linking deadline seven times. The Central Board of Direct Taxes (CBDT) in September extended the deadline from September 30 to December 31, 2019.
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Reports of GST on salaries false, Finance Ministry clarifies
Business | Nov 15, 2019, 05:37 PM ISTThere are no plans to impose Goods and Services Tax (GST) on salaries paid to CEOs or employees, the Central Board of Indirect Taxes & Customs (CBIC) clarified on Friday. The CBIC clarification comes after reports in certain sections of media that the government was mulling to bring salaries paid to CEOs and high-paid employees will be brought under GST. The CBIC has categorically denied such reports as "false."
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CBDT extends deadline for filing IT-returns till Nov 30 in J&K, Ladakh
Business | Oct 31, 2019, 08:48 PM ISTThe Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax returns till November 30 in the Union Territories of Jammu and Kashmir, and Ladakh.
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Number of crorepati taxpayers shoot up 20% to 97,689: CBDT data
Business | Oct 11, 2019, 08:59 PM ISTThe number of crorepati taxpayers shot up 20 per cent to 97,689 during assessment year (AY) 2018-19, as per tax returns data released by the revenue department.
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CBDT says Taxpayer with no PAN, won't be able to avail THIS facility
Business | Sep 27, 2019, 05:33 PM ISTPAN-Aadhaar link deadline: If you are a taxpayer but don't have a valid PAN number then this news is very important for you. As CBDT had fixed September 30, 2019, as the deadline to link PAN card with Aadhaar card, those unlinked PAN number will be 'inoperative' after the deadline.
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Date for filing ITRs, Tax Audit Reports extended till Oct 31
Business | Sep 26, 2019, 11:55 PM ISTThe Central Board of Direct Taxes (CBDT) has extended the due date for filing of ITRs & Tax Audit Reports to October 31.
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Need to simplify tax system, lower corporate tax: CBDT Member
Business | Sep 19, 2019, 09:39 PM ISTGiving a brief idea for the first time about the new Direct Tax Code (DTC), the Central Board of Direct Taxes (CBDT) member and also Convenor of the Task Force Akhilesh Ranjan on Thursday said the draft law focuses on improving litigation system and easing compliance among others.
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CBDT launches one-time facility for compounding of income tax offences
Business | Sep 11, 2019, 10:57 PM ISTA one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT directive said.
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New CBDT Circular: Tax offences, failure to pay TDS up to Rs 25 lakh not be prosecuted
Business | Sep 11, 2019, 10:49 PM ISTInstances of wilful attempt to evade tax, failure to furnish return of income and not remitting TDS in the government exchequer up to the limit of Rs 25 lakh will not be ordinarily filed for criminal prosecution before a court by the taxman, a latest CBDT circular said.
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PAN will be generated automatically if a taxpayer uses Aadhaar for filing returns: CBDT
Business | Sep 02, 2019, 02:59 PM ISTAccording to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, "shall be deemed" to have applied for allotment of PAN and they will not be required to apply or submit any more documents.
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Missed filing ITR? Here's what you MUST do
Business | Sep 02, 2019, 01:47 PM ISTITR Filing Deadline: August 31 was the last date to file income tax return. On the deadline day, the Income Tax department witnessed a record number of ITR (Income Tax Returns) filed. In a single day, a record number of more than 49 lakh ITRs filed. A record number of 49,29,121 ITRs were filed on August 31.
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Overlooked for chairman post, CBDT member Akhilesh Ranjan seeks retirement
India | Aug 30, 2019, 07:49 PM ISTThe government on Thursday gave a one-year extension to CBDT Chairman P C Mody, who was set to retire on August 31. Ranjan, Member Legislation in the CBDT, was next in the succession line for the CBDT chief and is stipulated to retire in April next year.
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Government extends CBDT Chairman Mody's tenure by 1 year
India | Aug 29, 2019, 04:17 PM ISTA 1982-batch Indian Revenue Service (Income Tax cadre) officer, Mody took over as the Central Board of Direct Taxes (CBDT) chief in February.
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CBDT chief PC Mody gets 1-year extension
India | Aug 29, 2019, 02:15 PM ISTThe move is aimed at ensuring continuity at the top post so that policy measures initiated are not affected. An official order on Thursday said that the Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Mody as the CBDT chief for a period of one year from September 1, 2019.
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FPI surcharge rollback has not created differential regime between FPIs, domestic investors: CBDT
Business | Aug 28, 2019, 02:08 PM ISTThis differential regime existed even prior to the 2019 Budget, the Central Board of Direct Taxes (CBDT) said, adding that it was, therefore, not the creation of the Finance (No 2) Act, 2019, or the announcement made by the Finance Ministry last week.
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Notices to Income Tax assessees will now carry identification number
Business | Aug 14, 2019, 08:47 PM ISTFurther, CBDT has also laid down the timelines and procedure by which such communication issued manually will have to be regularised and intimated to the Principal Director General of Income-tax (Systems).