Following an amendment to the Finance Act 2023 for calculating of “perquisite” regarding rent-free housing offered to an employee, the CBDT has accordingly modified the rules.
The Central Board of Direct Taxes (CBDT) issued guidelines to calculate income from life insurance policies where the annual premium exceeds Rs 5 lakh.
Among the four new members, Pravin Kumar has been given the charge of Member (Income Tax and Revenue), Harinder Bir Singh Gill of Member (Tax Payer Services), Sanjai Kumar Verma as Member (Systems and Faceless Schemes) and...
The Central Board of Direct Taxes (CBDT) on August 18 notified amendments to the Income Tax Rules for valuing perquisites of rent-free or concessional accommodation by employers to employees. The rules will come into effect...
An SBI report predicts a surge in the average income of the Indian middle-class population, and the number of people filing income tax returns will increase by 85.3 per cent by FY2047.
Consultants and professionals will need to fill in the form 10-IEA in order to continue to benefit from the old tax regime. CBDT's release of this form has been welcomed by the consultants and professionals.
The Central Board of Direct Taxes (CBDT) has now come out with a draft form 6C inviting stakeholder comments by August 31 on the proposed columns for reporting inventories valuation certified by a cost accountant
The annual exercise of tax filing becomes tedious if proper information is not available. Here is the list of documents you can refer to before you file your income tax return for the year
The income tax department has released online ITR-3 form, thus enabling individuals and HUFs with profits or gains from business or profession to file their...
The Central Board of Direct Taxes (CBDT) on May 26 issued draft rules providing more flexibility for valuation of equity investments made in unlisted startups
The CBDT said the aggregate amount exempt from income tax under section 10(10AA)(ii) shall not exceed the limit of Rs 25 lakh, where any such payments are...
If the taxpayer doesn’t file tax return in response to the notice under section 142 (1), such cases will also come under the scrutiny of the Income Tax...
Personal income tax collection (including Securities Transaction Tax) increased to over Rs 6.96 lakh crore, from over Rs 2.65 lakh crore in 2014-15
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the Foreign Exchange...
From FY2023-24, the new tax regime has become the default tax regime for taxpayers, and those who want to continue with the old one must inform the employer in...
The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections
The Central Board of Direct Taxes (CBDT) had earlier issued a statement without naming the media organisation and said that I-T teams unearthed crucial...
The survey was launched on February 14 at BBC offices in Delhi and Mumbai and it ended after about 60 hours on Thursday night
The Central Board of Direct Taxes has announced the new income tax forms for FY2022-23 at least two months earlier than usual, though there are no major...
In Budget 2023-24, the government made the new tax regime the default option, inviting criticisms that it would slowly phase out the old regime
The 2023-24 Budget has proposed changes to the new optional tax regime which provides that no tax would be levied on annual income of up to Rs 7 lakh
After adjusting refunds, net direct tax collection stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period...
As 2022 draws to a close, we take a look at the investor-friendly taxation actions undertaken in the year
After adjusting for refunds, the net direct tax collection so far this fiscal stands at Rs 11.35 lakh crore, which is about 80 per cent of the full-year Budget...
The petition was filed by the Central Board of Direct Taxes (CBDT) that frames policy for the tax department under the department of revenue of the Union...
