Tag: CBDT

ITR forms and social media reports: CBDT issues rejoinder

Newsroom24x7 Network New Delhi: Central Board of Direct Taxes (CBDT) said on Tuesday, 16 July 2019, that no changes have been made in any of the Income-tax Return (ITR) forms including ITR-2 and ITR-3 since the notification issued on 1 April 2019, i.e. on the 1st day of the Assessment Year 2019-20. The CBDT statement

Continue reading

Investigations have led to detection of more than Rs. 11000 crore of credits in undisclosed foreign accounts: CBDT

Newsroom24x7 Network New Delhi: In the offshore accounts linked to around 700 Indian persons, as revealed by International Consortium of Investigative Journalists (ICIJ) from April 2013 onwards, sustained investigations conducted in these cases have led to detection of more than Rs. 11,010 crore of credits in the undisclosed foreign accounts so far. Moreover, in the

Continue reading

GoI transfers and postings this week: Aditya Vikram and PC Mody are CBDT Members

Newsroom24x7 Network New Delhi: Aditya Vikram, IRS (IT-81) has been appointed as Member, Central Board of Direct Taxes (CBDT).  Also appointed with him as Member CBDT is Pramod Chandra Mody IRS (IT-82). The Department of Personnel and Training issued their appointment order on Monday (6 August 2018). Aditya Vikram, Indian Revenue Service (IT) , , 1981,

Continue reading

CBDT warns Assessing Officers against expanding the scope of limited scrutiny in arbitrary manner

Newsroom24x7 Network New Delhi: Instances where the scope of limited scrutiny has been expanded  by assessing officers of the Income Tax Department without going through the due process have been viewed very seriously by CBDT. A CBDT memo of 30 November 2017 on unauthorised expansion of scope of limited scrutiny to all assessing officers points

Continue reading

Implementation of GST: Why involve a Private Limited Company in a Sovereign Function?

Lalit Shastri The directive by Union Finance Ministry to the Central Board of Excise and Customs (CBEC) and Central Board of Direct Taxes (CBDT) to share data with Goods and Services Tax Network (GSTN) – a Section 25 non-Government, not-for-profit Pvt Ltd Company – has run into rough weather as serious objections are being raised about the

Continue reading

What ails India’s Income Tax Department

Lalit Shastri There is a general perception among the masses that the Income Tax department, has largely failed, along with other enforcement agencies, to curb the menace of black money and come down heavily against those involved in money laundering -an activity that poses a serious threat to national and international security. Besides the general perception, what

Continue reading

Direct Taxes: Income Tax Depatment’s working comes under scrutiny

Newsroom24x7 Staff New Delhi: Government of India is finding itself in a right corner due to lack of performance by field officers in collection of direct taxes during the current fiscal ending March 31, 2016. The heat is on Central Board of Direct Taxes (CBDT) and it’s Chairman Atulesh Jindal, who took over in February

Continue reading

Income Tax Gazetted Officers Association puts a question mark on the working of CCsIT and CsIT

Newsroom24x7 Exclusive New Delhi: The issue of excessive and repetitive reports being demanded from the field formation by the Commissioners and Chief Commissioners of Income Tax is being viewed by the subordinate staff as a waste of time and counter productive when it comes augmentation of revenue. The Income Tax Gazetted Officers Association has taken

Continue reading

Income Tax Officers and employees will stage protest demonstration tomorrow

Newsroom24x7 Desk New Delhi: The Income Tax department employees and officers who are agitated by the delay in promotions to the cadre of Assistant Commissioners (ACIT) and other cadre management related issues will be holding a lunch hour demonstration tomorrow (Tuesday, May 12, 2015) in front of all the Principal Chief Commissioner Income Tax (Pr.

Continue reading

Expenditure Observers to prepare final report for Delhi Assembly polls and bye-elections this month

Newsroom24x7 Desk New Delhi: CBDT has issued instructions to Principal Chief Commissioners of Income Tax to ensure that officers assigned the responsibility of performing the role of Expenditure Observer for general elections to the Delhi legislative Assembly and some bye-elections to reach their assigned Assembly constituency or the district headquarter by March 13 (for Delhi

Continue reading

Tax Administration Reform Commission recommends unified structure of CBDT and CBEC

Newsroom24x7 Desk New Delhi: As a step towards fundamental Tax administration reform, and following widespread international practice, the present structure of the CBDT and CBEC should be unified and converged in the next five years in governance, vision, mission and approach to tax policy formulation and administrative delivery to taxpayers, anchored in a more unified management structure, so

Continue reading

Indian economy is moving in the right direction: Arun Jaitley

newsroom24x7 Desk New Delhi, Feb. 9: Union Finance Minister Arun Jaitley today said that overall economic situation in the country is looking better and basic parameters of Indian economy are moving in the right direction. The Finance Minster was making the Opening Remarks at the first meeting of the Parliamentary Consultative Committee attached to his Ministry

Continue reading