Cbdt News
There’s now a faster way to resolve tax disputes. But it has a huge red flag.
The Central Board of Direct Taxes rolled out an electronic Dispute Resolution Scheme (e-DRS) last week for taxpayers with incomes below ₹50 lakh a year. But beware the one fatal flaw.
4 min read5 Sep 2024Need Income Tax Clearance Certificate for travel abroad? No: CBDT clarifies reports are ‘factually incorrect’. Details
The Finance Ministry department dismissed reports which claimed that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country.
2 min read21 Aug 2024Made contribution to a trust? This is what needs to be revealed, I-T department directs
The department said anyone who contributes over Rs 50,000 is said to have made a substantial contribution to the trust or charity.
1 min read10 Oct 2023Review penalty for non-disclosure of foreign assets
A recent tribunal decision upholding a penalty of ₹10 lakh for non-disclosure of foreign assets brings up concerns about the proportionality of the penalty. The government should consider whether the cost of litigation is in the country’s interest and if a more nominal penalty would be appropriate.
4 min read9 Oct 2023Govt exempts ETFs from capital gains at GIFT
The government has exempted units of investment trusts and ETFs issued by entities based in GIFT City or traded in exchanges there from capital gains tax.
1 min read13 Sep 2023Anticipating your income tax refund? CBDT urges taxpayers to verify bank account validity
The income tax refund procedure entails depositing the refund directly into the taxpayer’s bank account. As a result, it is imperative for taxpayers to verify their bank account details on the e-filing portal. This verification guarantees the efficient and secure disbursement of refunds.
1 min read7 Sep 2023CBDT launches a revamped website of the Income Tax Department. Details here
Income Tax Department unveils redesigned website with user-friendly interface and new features to improve taxpayer experience.
6 min read28 Aug 2023Direct tax collection grows 17% to ₹5.84 tn
The Centre has set a target of ₹9.2 trillion for corporate tax collection and ₹9 trillion for personal income taxes for FY24.
1 min read11 Aug 2023Taxman sets rules to switch between old, new regimes
The tax authority has also capped at 40% the depreciation rate applicable for assets of individuals with business income, showed the Income-tax (Tenth Amendment) Rules, 2023.
2 min read22 Jun 2023CBDT streamlines rules on taxing online winnings
The rule prescribes formulas for the tax to be deducted at source (TDS) at various stages, such as first and subsequent withdrawals from the user account.
1 min read24 May 2023Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared