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  Net direct tax surges by 15.88 per cent this fiscal, stands at 16.90 lakh crore: Govt

  Business | January 13, 2025 20:37 IST

  The net direct tax has seen a year-on-year rise of nearly 16 per cent. The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.

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  ITR filing: Deadline of 'Vivad Se Vishwas' extended, revised and belated filing now till January 15

  December 31, 2024 12:48 IST

  The Income Tax Department has extended the deadline for filing revised and belated ITR for AY 2024-25 to January 15, 2025. This move, announced by CBDT, aims to help taxpayers address AIS and ITR mismatches and ensure accurate filings. Here’s everything you need to know.

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  Attention taxpayers: CBDT issues alerts to taxpayers on mismatch in ITR, information statement

  Business | December 17, 2024 15:37 IST

  The Central Board of Direct Taxes (CBDT) in a statement said it has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22.

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  Income tax audit report deadline extended to Oct 7: Check penalties for missing due date

  Business | September 30, 2024 12:21 IST

  The announcement from the CBDT comes in response to the challenges taxpayers faced with electronic submissions under the Income Tax Act, particularly due to issues with the e-filing portal.

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  Good news for taxpayers: CBDT launches online mechanism to address tax disputes, check details

  Business | September 05, 2024 23:55 IST

  The CBDT said the e-DRS enables the taxpayers to file an application electronically for dispute resolution to the Dispute Resolution Committees (DRC) designated for the region of Principal Chief Commissioner of Income Tax having jurisdiction over the taxpayer.

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  56 lakh updated ITRs filed, Rs 4,600 crore taxes collected in two years: CBDT

  Business | February 02, 2024 11:16 IST

  The Budget announced the withdrawal of outstanding small tax demands dating back to 1962, up to Rs 25,000 till 2014-15.

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  Direct tax to GDP ratio climbs to 6.11% in F.Y. 2022-23: CBDT releases comprehensive data

  Business | January 23, 2024 19:52 IST

  Direct Tax to GDP ratio seen an upward trajectory, ascending from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23, showcasing enhanced fiscal contribution.

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  Karnataka: Income Tax department seizes cash, gold, luxury items worth over Rs 102 crore in raids

  Karnataka | October 16, 2023 15:31 IST

  The assets were confiscated during raids on government contractors and real estate developers across multiple states, with searches commencing on October 12 and covering 55 locations in Bengaluru, Telangana, Andhra Pradesh, and Delhi.

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  Average processing time of Income Tax Returns reduced to 10 days, says CBDT

  Business | September 06, 2023 11:32 IST

  The Central Board of Direct Taxes (CBDT) in a statement said that the post-verification process by the taxpayer has been simplified and made faster.

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  Is your life insurance premium above Rs 5 lakh? Check new tax rules

  August 17, 2023 15:09 IST

  As per the change, for policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) might be relevant in the event that the total premium paid by an individual depends on Rs 5 lakh a year.

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  BBC reacts to fresh allegations of tax evasion: 'Cooperating fully on unpaid taxes'

  India | June 07, 2023 21:01 IST

  The Central Board of Direct Taxes (CBDT), the administrative authority of the tax department, said they do not comment on individual cases.

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  Here is how new ITR forms are different from old ones - all you need to know

  February 16, 2023 18:21 IST

  This year, the CBDT has released tax return forms for the Fiscal Year 2022-23 well in advance. The change will assist taxpayers in being well-prepared for reporting requirements on tax return forms.

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  CBDT issues Income Tax return forms for the fiscal year 2022-23

  February 15, 2023 15:11 IST

  The Central Board of Direct Taxes (CBDT) issued Income Tax return forms for individuals, Hindu Undivided Families, businesses, and others for the fiscal year 2022-23, earlier than last year, providing ample time to prepare their returns.

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  Jharkhand: I-T raids on 2 Cong MLAs, Rs 100-cr worth unaccounted transactions unearthed

  India | November 08, 2022 15:59 IST

  I-T raids on Congress leaders: The two MLAs, on the day the searches were initiated, were identified by the officials as Kumar Jaimangal alias Anup Singh and Pradip Yadav.

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  Buyer to deduct TDS on peer-to-peer virtual digital assets transactions, says CBDT

  Business | June 29, 2022 11:11 IST

  "Thus, in a peer-to-peer (ie buyer to the seller without going through an Exchange) transaction, the buyer (ie person paying the consideration) is required to deduct tax under section 194S of the Act," the CBDT said.

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  Pune-Thane based start-up group with Rs 6,000 crore annual turnover raided by I-T department

  Business | March 20, 2022 14:27 IST

  The group has a pan-India presence having an annual turnover exceeding Rs 6,000 crore. A total of 23 premises were covered in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh and Madhya Pradesh, in the search operation.

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  Centre extends deadline for filing Income Tax returns to March 15

  Business | January 11, 2022 19:10 IST

  The decision comes as people have been facing difficulties in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961

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  Income Tax dept detects Rs 100-cr black income after raids on Gujarat group

  India | November 21, 2021 13:38 IST

  The Central Board of Direct Taxes (CBDT), which frames policy for the tax department, said that the group received unaccounted money as part of immovable property transactions.

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  CBDT issues tax refunds of over 1.15 lakh crore to 98.9 lakh taxpayers

  Business | November 10, 2021 16:16 IST

  The tax refund includes 65.31 lakh refunds of AY 2021-22 amounting to Rs 12,616.79 crore.

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  IT dept detects Rs 500-cr unaccounted transactions after raids on Gujarat realty group

  India | October 02, 2021 13:35 IST

  The Central Board of Direct Taxes (CBDT) frames policy for the tax department.