Diabytes
Central Board of Direct Taxes News
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The tax benefit has kicked in with effect from July 9, 2025.
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The Finance Minister directed all Principal Chief Commissioners of Income Tax to prioritise and accelerate the disposal of disputed tax demands that are currently pending before the faceless appellate authorities.
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Tax filers who have filed thair ITR Assessment Year 2023-24, but haven’t got any information on refund, should know how November deadline could bring good news.
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Central Board of Direct Taxes (CBDT) has notified April 30 as the last date for direct tax dispute resolution scheme Vivad Se Vishwas.
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The total number of ITRs filed for the Assessment Year (AY) 2024-25 exceeded 7.28 crore, marking a 7.5% increase compared to the 6.77 crore ITRs filed by the same date for AY 2023-24.
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There have been reports on social media and in the news about CBDT inquiries into cases where employees have inaccurately claimed HRA and rental expenses
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The Central Board of Direct Taxes (CBDT) has now come up with a clarification.
CDBT said that gift cards, mileage points, reward points, and loyalty cards will not come under the definition of VDAs.
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PAN-Aadhaar linking deadline has been extended.
If a PAN Card becomes inoperative, it will have consequences.
PAN Card is a crucial document.
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Previously, the deadline for linking Aadhaar and PAN before the latter became invalid was March 31, 2022.
The PAN Card of assessees who have not informed about their Aadhaar would remain functional until March 31, 2023.
Over 16.65 crore PANs, out of a total of about 33 crore, had been linked to Aadhaar as of March 5, 2022.
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ITR-1 form has been kept broadly the same as last year.
The assessee will have to disclose whether the overseas retirement fund is in a notified country.
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The Central Board of Direct Taxes (CBDT) is the policy-making body for the I-T department.
Officials identified the searched entity as the Infra.Market group.
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The department noted that more than 29.8 lakh major Tax Audit Reports have been filed.
On the last day, over 4.14 lakh Tax Audit Reports/Statutory Forms have been filed.
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The refunds were issued between 1st April 2021 and 6th December 2021.
Income tax refunds worth Rs 44,207 crore have been issued in 1,17,32,079 cases.
Corporate tax refunds worth Rs 88,174 crore have been issued in 1,99,481 cases.
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Section 139AA of the Income Tax Act states that each and every person with PAN as on July 1, 2017 and is eligible to obtain Aadhaar, must link PAN with Aadhaar.
If both the documents are not linked, then PAN will become inoperative.
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CBDT further added that every interaction, upload, and pending action will be available on a single dashboard for follow-up action by the taxpayer.
Meanwhile, the tax return filing feature will be up for use only on June 18.
CBDT also informed that a new mobile app would also be launched to help taxpayers understand the various features.
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The Central Board of Direct Taxes (CBDT) said it had received representations from various stakeholders for relaxation on compliance requirements.
Also, the due date for filing objections to Dispute Resolution Panel (DRP) and filing appeals to the commissioner has been extended till May 31.
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The CBDT on Wednesday issued an order stating refunds of over Rs 98,625 crore to over 26.2 lakh taxpayers between 1st April to 1st September
Notably, the CBDT order has been issued in exercise of powers conferred under section 138(1)(a) of the Income Tax Act, 1961
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CBDT advised banks not to impose any charges on any future transactions carried out through these modes.
Banks are advised to immediately refund the charges collected on or after January 1, 2020
CBDT had in December 2019 clarified that any charge shall not be applicable on or after January 1, 2020.
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Form 26AS for any taxpayer, from now onwards, will display in part E of the Form, different fields such as type of transaction, name of SFT filer, date of transaction.
It will also display single/joint party transaction, number of parties, amount, mode of payment and remarks etc.
This would help the honest taxpayers with updated financial transactions while filing their returns.
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The CBDT has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases up to 11th July 2020, to help taxpayers with liquidity in Covid-19 pandemic days.
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