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CBDT to closely monitor top taxpayers, crack down on bogus deductions

The government aims for ₹25.20 lakh crore in direct taxes for the fiscal year, while focusing on arrear collection and taxpayer education.

CBDT has instructed IT officials to monitor top advance taxpayers to boost direct tax collections this financial year(Pixabay/Representational image)

business

Published on May 04, 2025 03:01 PM IST

PTI |

I-T Dept uncovers ₹22,000 crore in undisclosed foreign assets and investments

The Income Tax department sends notices to taxpayers for failing to declare foreign assets, with penalties up to ₹10 lakh for non-compliance.

Revised Income tax slabs: Under the new tax regime, a nil tax slab will apply to annual incomes up to <span class='webrupee'>₹</span>12 lakh ( <span class='webrupee'>₹</span>12.75 lakh for salaried taxpayers with a standard deduction of <span class='webrupee'>₹</span>75,000).

business

Published on Feb 18, 2025 04:38 PM IST

ByHT News Desk

Only 1/3rd electoral trusts received donations: ADR report

Only one-third of electoral trusts reported donations in FY 2023-24, with BJP receiving 70.3% of ₹1,218.39 crore, raising transparency concerns.

india news

Published on Feb 11, 2025 06:08 AM IST

ByAbhishek Angad, New Delhi

Income tax dept extends belated, revised ITR deadline: Details here

The Central Board of Direct Taxes has extended the deadline for resident individuals to file their belated or revised ITRs for the Assessment Year (AY) 2024-25

This means that all those who have to file their return by December 31, but haven't done so, will get an additional two weeks to do it.(Representational Image/Pixabay)

business

Published on Dec 31, 2024 04:14 PM IST

ByAbhyjith K. Ashokan

Income Tax department extends ‘Vivad Se Vishwas’ scheme deadline to January 31

The original deadline for the Vivad Se Vishwas scheme was December 31, 2024, with the scheme having come into effect on October 1, 2024

The Vivad Se Vishwas scheme allows taxpayers to effectively conclude all their income tax disputes and also avoid additional penalties.(HT Photo)

business

Published on Dec 31, 2024 03:14 PM IST

ByHT News Desk

CBDT notifies tolerance range for transfer pricing

Transfer pricing is an accounting mechanism to determine price of a good and service transferred from one arm of a company to another arm.

india news

Updated on Oct 30, 2024 05:40 AM IST

ByHT Correspondent, New Delhi

CBDT notifies tolerance range for transfer pricing for AY 2024-25

Transfer pricing is an accounting mechanism to determine the price of a good and service transferred from one arm of a company to another arm

The tolerance ranges shall be 1% for transactions in the nature of wholesale trading and 3% for others. (Representative file photo)

business

Published on Oct 29, 2024 04:05 PM IST

ByHT Correspondent

Relief against income tax offences as charges for TDS default reduced: Details

Guidelines simplify compounding of offences and key changes include elimination of offence categorization and removal of application limits for compounding.

New CBDT guidelines streamline the compounding process under the Income-tax Act, easing accessibility for taxpayers. They eliminate offence categorization and allow unlimited applications, while also reducing compounding charges and abolishing interest on delayed payments.(Pexels)

business

Published on Oct 18, 2024 08:59 AM IST

ANI |

CBI arrests ED official for extorting ₹20 lakh from jeweller

ED has also registered a case against Singh under the Prevention of Money Laundering Act (PMLA) and has taken action to place him under ‘immediate suspension’

cities

Updated on Aug 09, 2024 05:22 AM IST

ByNeeraj Chauhan, New Delhi

Tax practitioners urge CBDT to extend ITR filing deadline to August 31

Landslides in Uttarakhand and Himachal Pradesh have further compounded these difficulties, All-India Federation of Tax Practitioners said.

Tax practitioners said that the process of paying self-assessment tax through banks and downloading challans is time-consuming.

business

Updated on Jul 30, 2024 11:07 AM IST

ByHT News Desk

Ravi Agrawal appointed CBDT chairman

Ravi Agrawal takes over from Nitin Gupta, a 1986-batch Indian Revenue Service officer, whose extended tenure as the chairman ends on June 30.

The new CBDT chief is currently working as Member (Administration) in the Board at present.(Picture for representation)

india news

Published on Jun 29, 2024 10:02 PM IST

PTI |

I-T department to tap 1.52 crore individuals for ITR filing. Here's why

The I-T department has identified 1.52 crore such individuals who have the income or have had tax deducted at source (TDS) but did not file their returns

An official said that in financial year 2022-23, there were about 8.9 crore taxpayers while the returns filed were 7.4 crore.

business

Published on Apr 13, 2024 03:56 PM IST

ByHT News Desk

Delhi HC sets aside order directing CBDT to provide info on Ram Temple trust

A bench of Justice Subramonium Prasad on Wednesday allowed a Central Public Information Officer (CPIO)’s appeal challenging CIC’s order

The CPIO approached the high court challenging CIC’s November 2022 order. (Getty Images/iStockphoto)

india news

Published on Mar 01, 2024 04:36 PM IST

ByHT Correspondent

Direct tax collections reach ₹11.07 lakh crore, up 18% YoY

Net direct tax collection stands at ₹9.57 lakh crore, up 21.82% YoY.

business

Published on Oct 10, 2023 09:23 PM IST

ANI | | Posted by Singh Rahul Sunilkumar

I-T dept collects over ₹700 crore in TDS from online gaming, crypto trade

₹600cr collected in taxes from online gaming and ₹105cr from cryptocurrency trade.

<span class='webrupee'>₹</span>600 crore collected in taxes under TDS for online gaming.(REUTERS)

business

Published on Oct 10, 2023 06:54 PM IST

PTI | | Posted by Singh Rahul Sunilkumar

CBDT Chairperson Nitin Gupta given nine-month extension

CBDT Chairperson Nitin Gupta given nine-month extension on contract basis, as he was scheduled to retire on September 30.

business

Published on Sep 30, 2023 05:04 PM IST

PTI | | Posted by Singh Rahul Sunilkumar

Gross direct tax collections grew 24% to ₹15.67 lakh crore this fiscal

Gross direct tax mop-up grew 24 per cent to ₹15.67 lakh crore, net collection touched 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said.

The revised estimates for the current fiscal pegged direct tax revenues at <span class='webrupee'>₹</span>16.50 lakh crore.

business

Published on Feb 11, 2023 02:19 PM IST

PTI | | Posted by Singh Rahul Sunilkumar

Two-thirds taxpayers likely to shift to new regime in 2023-24 itself: CBDT chief

The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime has been hiked to ₹7 lakh from the present ₹5 lakh.

business

Published on Feb 03, 2023 06:37 PM IST

ANI |

Gross direct tax grows 26% net collections, near 80% of Budget target for FY23

The Budget had estimated direct tax collection of ₹14.20 lakh crore this financial year, higher than the ₹14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes.

India’s direct tax revenue jumped have grown 26 per cent to over <span class='webrupee'>₹</span>13.63 lakh crore so far in financial year 2022-23.(HT_PRINT)

business

Updated on Dec 18, 2022 02:16 PM IST

PTI | | Posted by Singh Rahul Sunilkumar

PAN holders, missed deadline to link to Aadhaar? Tax department says this

According to CBDT, if the linking is not done by March 31, 2023, the PAN cards of such users will become inactive from April 1.

business

Updated on Nov 21, 2022 04:42 PM IST

ByHT News Desk, New Delhi

I-T dept raids in J'khand unearth ₹2 cr in cash, ₹100 cr unaccounted transaction

The searches were carried out at more than 50 premises spread over Ranchi, Godda, Bermo, Dumka, Jamshedpur, Chaibasa, Patna, Gurugram, and Kolkata.

Raids were also conducted at other locations related to coal traders and businessmen in Chaibasa and Jamshedpur (HT Photo)

india news

Updated on Nov 08, 2022 03:08 PM IST

ByHT News Desk

CBDT reviewing its ‘faceless’ tax assessment scheme: Report

According to the report, the review was prompted by a recent order of the Allahabad high court in which it imposed a penalty of ₹50 lakh on erring tax officials.

business

Published on Aug 23, 2022 03:40 PM IST

ByHT News Desk, New Delhi

PAN, Aadhaar mandatory for cash deposits or withdrawals above ₹20 lakh

The notification said that any person who intends to make these transactions should apply for a PAN at least seven days before the date on which the transaction is intended to be made.

The principal director-general or director-general shall lay down the format and standards along with procedure for authentication of PAN or Aadhaar. (Representational image)

business

Published on May 12, 2022 05:04 PM IST

Written by Kanishka Singharia | Edited by Chandrashekar Srinivasan

4.86 crore income tax returns filed till Dec 28, 18.89 lakh in single day

The deadline to file tax returns has already been extended several times over the course of the past year due to technical glitches on the new income tax portal and the coronavirus pandemic. It was initially set on July 31, but moved to September 30, and then finally to December 31 by the Centre.

The income tax department has been regularly sharing data ahead of the December 31 deadline to file returns.(Representational Photo/MINT)

business

Published on Dec 29, 2021 06:41 PM IST

Byhindustantimes.com, Hindustan Times, New Delhi

What is Account Information Statement: All you need to know

The AIS is a detailed statement of all financial transactions carried out by a taxpayer in a financial year.

business

Published on Dec 25, 2021 10:38 AM IST

Byhindustantimes.com, New Delhi

‘Online filing of ITR glitches resolved': CBDT chairman

JB Mohapatra, Chairman of Central Board of Direct Taxes, said, "All the glitches and hiccups with regard to the filing of income tax returns have been resolved. On an average 2.5 lakh income tax returns are being filed per day."

Around 2.5 crore ITR has been filed and by December, the CBDT expects the numbers to go up to 4 crore.

india news

Published on Nov 15, 2021 09:43 AM IST

ANI | , New Delhi

No ITR filing for some non-residents, foreign investors from FY21 onwards: CBDT

The Central Board of Direct Taxes (CBDT) said non-residents, who do not earn any income other than income from investment in 'specified fund', being Alternate Investment Fund Category III located in International Financial Services Centres (IFSC) or GIFT city, shall not be required to file ITR.

In both cases of non-residents and foreign investors, they shall have to ensure that they are exempted from the requirement of obtaining PAN.(Mint Photo)

business

Published on Oct 12, 2021 08:24 PM IST

PTI | | Posted by Sharangee Dutta, Hindustan Times, New Delhi

IT dept detects ‘unaccounted transactions’ worth ₹500 crore at Ahmedabad firm

The raid, which began on September 28, is still underway, the Central Board of Direct Taxes (CBDT) noted.

The IT department office (File Photo/Used only for representation)

india news

Published on Oct 02, 2021 12:46 PM IST

Byhindustantimes.com, New Delhi

Sonu Sood says even taxmen were impressed with his paperwork, said he did ‘good’

Actor Sonu Sood, who is being investigated for tax evasion, has said that even tax officials who performed the raids agreed that he'd done ‘good work’.

Sonu Sood is being investigated for tax evasion.

entertainment

Updated on Sep 20, 2021 07:11 PM IST

ByHT Entertainment Desk

Sonu Sood, under scrutiny for tax evasion, breaks silence

Actor Sonu Sood has broken his silence amid the ongoing investigations into his finances. He said that he has returned to serve the people of India and that ‘time’ will help him tell his side of the story.

According to the CBDT, Sonu Sood’s organisation has collected donations worth <span class='webrupee'>₹</span>18.94 crore since April 1, 2021 (ANI)

entertainment

Published on Sep 20, 2021 10:44 AM IST

ByHT Entertainment Desk

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cbdt news

Latest from cbdt

The government aims for ₹25.20 lakh crore in direct taxes for the fiscal year, while focusing on arrear collection and taxpayer education.

The Income Tax department sends notices to taxpayers for failing to declare foreign assets, with penalties up to ₹10 lakh for non-compliance.

Only one-third of electoral trusts reported donations in FY 2023-24, with BJP receiving 70.3% of ₹1,218.39 crore, raising transparency concerns.

The Central Board of Direct Taxes has extended the deadline for resident individuals to file their belated or revised ITRs for the Assessment Year (AY) 2024-25

The original deadline for the Vivad Se Vishwas scheme was December 31, 2024, with the scheme having come into effect on October 1, 2024

Transfer pricing is an accounting mechanism to determine price of a good and service transferred from one arm of a company to another arm.

Transfer pricing is an accounting mechanism to determine the price of a good and service transferred from one arm of a company to another arm

Guidelines simplify compounding of offences and key changes include elimination of offence categorization and removal of application limits for compounding.

ED has also registered a case against Singh under the Prevention of Money Laundering Act (PMLA) and has taken action to place him under ‘immediate suspension’

Landslides in Uttarakhand and Himachal Pradesh have further compounded these difficulties, All-India Federation of Tax Practitioners said.

Ravi Agrawal takes over from Nitin Gupta, a 1986-batch Indian Revenue Service officer, whose extended tenure as the chairman ends on June 30.

The I-T department has identified 1.52 crore such individuals who have the income or have had tax deducted at source (TDS) but did not file their returns

A bench of Justice Subramonium Prasad on Wednesday allowed a Central Public Information Officer (CPIO)’s appeal challenging CIC’s order

Net direct tax collection stands at ₹9.57 lakh crore, up 21.82% YoY.

₹600cr collected in taxes from online gaming and ₹105cr from cryptocurrency trade.

CBDT Chairperson Nitin Gupta given nine-month extension on contract basis, as he was scheduled to retire on September 30.

Gross direct tax mop-up grew 24 per cent to ₹15.67 lakh crore, net collection touched 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said.

The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime has been hiked to ₹7 lakh from the present ₹5 lakh.

The Budget had estimated direct tax collection of ₹14.20 lakh crore this financial year, higher than the ₹14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes.

According to CBDT, if the linking is not done by March 31, 2023, the PAN cards of such users will become inactive from April 1.

The searches were carried out at more than 50 premises spread over Ranchi, Godda, Bermo, Dumka, Jamshedpur, Chaibasa, Patna, Gurugram, and Kolkata.

According to the report, the review was prompted by a recent order of the Allahabad high court in which it imposed a penalty of ₹50 lakh on erring tax officials.

The notification said that any person who intends to make these transactions should apply for a PAN at least seven days before the date on which the transaction is intended to be made.

The deadline to file tax returns has already been extended several times over the course of the past year due to technical glitches on the new income tax portal and the coronavirus pandemic. It was initially set on July 31, but moved to September 30, and then finally to December 31 by the Centre.

The AIS is a detailed statement of all financial transactions carried out by a taxpayer in a financial year.

JB Mohapatra, Chairman of Central Board of Direct Taxes, said, "All the glitches and hiccups with regard to the filing of income tax returns have been resolved. On an average 2.5 lakh income tax returns are being filed per day."

The Central Board of Direct Taxes (CBDT) said non-residents, who do not earn any income other than income from investment in 'specified fund', being Alternate Investment Fund Category III located in International Financial Services Centres (IFSC) or GIFT city, shall not be required to file ITR.

The raid, which began on September 28, is still underway, the Central Board of Direct Taxes (CBDT) noted.

Actor Sonu Sood, who is being investigated for tax evasion, has said that even tax officials who performed the raids agreed that he'd done ‘good work’.

Actor Sonu Sood has broken his silence amid the ongoing investigations into his finances. He said that he has returned to serve the people of India and that ‘time’ will help him tell his side of the story.

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