25 ViewsAs many as 68,000 cases have been picked up for e-verification by the income tax department for underreporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday. Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Information Statement (AIS) about financial transaction and […]
Online gaming cos move CBDT, PMO to oppose tax rules
28 ViewsThe online gaming industry has approached the Central Board of Direct Taxes (CBDT) and the Prime Minister’s Office (PMO) to oppose changes in tax deduction at source (TDS) and Goods and Service Tax (GST) on the sector. On 23 February, three online gaming industry bodies E-Gaming Federation (EGF), All India Gaming Federation (AIGF) and […]
CBDT notifies Income Tax Return Forms for Assessment Year 2023-24 well in advance
89 ViewsThe Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 dated February 10, 2023 & Notifications No. 05 of 2023 dated February 14, 2023. These ITR forms will come into effect from April 01, 2023 and have been notified well in […]
Indirect Tax body chairman says huge gap in filing, see scope for boosting GST tax base
30 ViewsThe scope for boosting GST tax base of the indirect tax system is high, with a huge gap in its tax filing system, the Chairman of the Central Board of Indirect Taxes & Customs, Vivek Johari has said. Even though, there is no baseline to check how many have been evading paying GST taxes […]
Bring more people into tax net, FM tells Commissioners
65 ViewsIt is now time that India widens the tax base for both direct tax and indirect tax, said Union Finance Minister Nirmala Sitharaman. This should be the focus for both the Central Board of Direct Taxes (CBDT) and also for Central GST, and SGST authorities should also ramp up, she said at a function […]
India’s direct tax mop-up to exceed budget target by 25-30 pc: CBDT head
135 ViewsThe direct tax collection in the current fiscal is likely to exceed the budget target of Rs 14.20 lakh crore by about 30 per cent, a senior official said on Tuesday. The Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta also said that the Budget for the next fiscal could bring about some […]
CBDT releases draft for public consultation; Confusion over right ITR form may end soon
120 ViewsAs per the existing norms, the taxpayers have been using ITR Form-1 to ITR Form-7 for furnishing their financial details depending on their category. The confusion over choosing the right form while filing Income Tax Return (ITR) may end soon. In order to simplify the tax filing process the Central Board of Direct Taxes […]
CBDT extends due date for filing of various reports of audit for the AY 2022-23 under IT Act, 1961
155 ViewsCBDT has issued Circular No. 19/2022 dated September 30, 2022 to extend the timeline for filing various reports of audit for the Assessment Year 2022-23 under the Income-tax Act, 1961. On consideration of difficulties faced by the taxpayers and other stakeholders in electronic filing of various reports of audit under the provisions of the […]
I-T notices being sent to winners of online games for short-payment of tax: CBDT
222 ViewsWith Rs 58,000 crore prize money won in the last three years, the income tax department has started issuing notices to individuals who have played and won online games, CBDT Chief Nitin Gupta said on Tuesday. The department has started alerting the winners on the tax compliance dashboard wherever there is a mismatch in […]
CBDT extends the due date for filing Tax audit reports for AY 2022-23
261 ViewsNoting the hardships of taxpayers & IT glitches, @IncomeTaxIndia extends the due date for filing of various reports of audit for assessment year 2022-23 (FY2021-22) to Oct 7. Earlier the deadline was 30th Sept.