CBDT
The refunds previously failed due to address not found, bank account closed among other reasons.
Tax dept issues 2.10 crore tax refunds till Nov; Rs 1.46-lakh crore refunded
03 Dec 2019 8:21 PM

The number of verified refunds pending as on November 29 are 20.76 lakh and currently being processed.

K V Chowdary has joined the board of India's most valuable company Reliance Industries as an independent director.
Former tax dept head K V Chowdary joins Reliance board
19 Oct 2019 11:47 AM

Chowdary was in August 2014 appointed as chairman of the CBDT, the top policy making body of the income tax department.

Making the biggest recent reform of tax collection methods, the government introduced faceless assessment this month, but resistance to change from within the bureaucracy could lead to a bumpy roll-out for the new system.
Tax unions irked by PM Modi's switch to faceless assessment: Letter
15 Oct 2019 12:02 PM

The scheme is being implemented in a hurry without considering the concerns of the majority of the stakeholders, said the letter.

In all, more than 5.87 crore income tax returns were filled, as per the statistics generated from e-filed returns submitted up to August 15, 2019.
No of crorepati taxpayers up 20 pc to 97,689 in AY 2018-19: CBDT data
12 Oct 2019 1:50 PM

The number such individuals having taxable income of over Rs 1 crore stood at 81,344 during AY 2017-18.

The CBDT clarified that as there is no timeline within which option under section 115BAA can be exercised.
Cos opting for new lower tax can't claim MAT credit, other deductions: CBDT
03 Oct 2019 9:19 AM

The section does not provide any timeline for companies to opt for the new regime of lower tax rate.

CBDT directive added cases where a taxman has conducted raids and instances categorised under "extraordinary circumstances" shall also not be covered under the faceless assessment system set to be launched on October 8 in the country.
Taxpayer without e-filing a/c, PAN to not be eligible for I-T e-assessment
27 Sep 2019 7:09 PM

The CBDT, which frames policy for the Income Tax Department, issued a circular on Thursday stating exceptions to the new system.

Compounding in I-T parlance means that the taxman does not file a prosecution case against the offender or tax evader in the court in lieu of payment of due taxes and surcharges. (Photo: ANI)
CBDT launches one-time facility for compounding of income tax offences
12 Sep 2019 12:09 PM

In order to avail the facility a taxpayer will have to file an application for compounding a tax offence before the competent authority.

Nearly 50 lakh people filed their tax returns online on August 31, the last date for ITR filing. (Representational image)
ITR Filing 2019: Over 5.65 cr income tax returns filed as deadline ended on Aug 31
02 Sep 2019 4:40 PM

Out of the 5.65 crore ITRs filed so far, 3.61 crore have been verified.

Cash withdrawal prior to September 1, 2019, will not be subjected to the TDS.
2 pc TDS on cash withdrawals of over Rs 1 crore from Sep 1: Tax dept
31 Aug 2019 11:09 AM

If a person has already withdrawn Rs 1 cr or more in current fiscal, the 2 pc TDS shall apply on all subsequent cash withdrawals.

CBDT said, the perception that the withdrawal of enhanced surcharge has created the differential regime in certain sections of media is completely misplaced. (Photo: PTI)
Surcharge rollback creates no differential regime between FPIs, domestic investors
28 Aug 2019 2:07 PM

FM on Friday announced the withdrawal of enhanced surcharge on short-term and long-term capital gains earned by FPIs.


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