Ministry of FinanceCBDT issues clarification on the applicability of TDS provisions on Mutual Fund dividend 04 FEB 2020 The Finance Bill, 2020 proposed to remove Dividend Distribution Tax (DDT) at the level of Company/ Mutual Fund and proposed to tax the same in the hands of share/ unit holder. It was also proposed to levy TDS at the rate of 10% on the dividend/ income … [Read more...] about CBDT clarifies the TDS provisions on Mutual Fund dividend
CBDT
CBDT issues clarification on eligibility of small Start-ups to avail tax holiday
Ministry of Finance CBDT issues clarification on eligibility of small Start-ups to avail tax holiday 22 AUG 2019 The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961 (the ‘Act’), which provides deduction for 1 … [Read more...] about CBDT issues clarification on eligibility of small Start-ups to avail tax holiday
Monetary limits for filing of appeals by Income Tax Department further enhanced by CBDT
Ministry of Finance Monetary limits for filing of appeals by Income Tax Department further enhanced by CBDT There is a substantial pendency of appeals of the Income Tax Department before various appellate fora. The CBDT is aware of the importance of litigation management and has been continuously working towards achieving the same. To effectively reduce taxpayer … [Read more...] about Monetary limits for filing of appeals by Income Tax Department further enhanced by CBDT
CBDT – Order under Section 119 of the Income-tax Act, 1961
CBDT Order under Section 119 of the Income-tax Act, 1961 Extension of due date for filing of ITRs for the A.Y 2019-20 from 31st July, 2019 to 31st August, 2019 F. No. 225/157/2019/ ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, ITA-II Division New Delhi, the 23rd of July, 2019 Order under Section … [Read more...] about CBDT – Order under Section 119 of the Income-tax Act, 1961
CBDT: Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days
Ministry of Finance CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days 22 JAN 2019 The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high … [Read more...] about CBDT: Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days
Central Board of Direct Taxes (CBDT) clarifies regarding issue of Prosecution Notices
Ministry of Finance Central Board of Direct Taxes (CBDT) clarifies regarding issue of Prosecution Notices 21 JAN 2019 The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT … [Read more...] about Central Board of Direct Taxes (CBDT) clarifies regarding issue of Prosecution Notices
CBDT releases Direct Tax Statistics
CBDT releases Direct Tax Statistics Constant growth in direct tax-GDP ratio over last three years Growth of more than 80% in the number of returns filed in the last four financial years Number of persons filing return of income has also increased by about 65% during this period from 3.31 crore in FY 2013-14 to 5.44 crore in FY 2017-18 22 OCT 2018 Continuing the practice … [Read more...] about CBDT releases Direct Tax Statistics
Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018
Ministry of Finance Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018 24 SEP 2018 The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain categories of taxpayers. Upon consideration of representations from various stakeholders, the … [Read more...] about Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018
Extension of date for filing of Income Tax Returns for taxpayers in Kerala
Ministry of Finance Extension of date for filing of Income Tax Returns for taxpayers in Kerala In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the “Due Date” for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who we … [Read more...] about Extension of date for filing of Income Tax Returns for taxpayers in Kerala
CBDT notifies Income Tax Return Forms for Assessment Year 2018-19
New Income Tax Forms for AY 2018-19 - CBDT Notification Ministry of Finance CBDT notifies Income Tax Return Forms for Assessment Year 2018-19 The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited … [Read more...] about CBDT notifies Income Tax Return Forms for Assessment Year 2018-19
