Wednesday, February 5

Tag: CBDT

CBDT Issues FY’25 Interim Action Plan for Tax Officers
11Apr By adminNo Comments
Business

CBDT Issues FY’25 Interim Action Plan for Tax Officers

The action plan also stipulates timeline for approval of refunds, identification of cases where seized assets are due for release and release the same by June 30, 2024.Taxpayers are now required to file applications before the assessing officer for pending refunds pertaining to their respective assessments.The income tax department has come out with an interim action plan for 2024-25 fiscal year, which include identification of potential cases of prosecution, wherein there is short-payment of TDS and faster disposal of appeals.The action plan also stipulates timeline for approval of refunds, identification of cases where seized assets are due for release and release the same by June 30, 2024.It also called for finalisation of compounding proposals pending as on March 31, 2024, and disposa...
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Govt extends safe harbour to convertible preference shares
27Sep By adminNo Comments
Business

Govt extends safe harbour to convertible preference shares

The Centre has extended the 10 per cent safe harbour, previously proposed for equity shares, to include convertible preference shares. This is among the key moves in the final valuation rules for funding in unlisted startups for both foreign and domestic investors under the new “angel tax” introduced in the Finance Act, 2023. The final valuation norms, effective from September 25, are expected to offer much-needed relief to startup funding, particularly as a considerable number of transactions occur through the route of convertible shares. This implies that startups can now secure funds through both equity and compulsorily convertible preference shares (CCPS) up to a certain limit — 10 per cent of the fair market value of their shares. These investments will not be subj...
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CBDT notifies rules for valuing rent-free homes provided by employers
19Aug By adminNo Comments
Business

CBDT notifies rules for valuing rent-free homes provided by employers

Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such perquisites. 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 from September 1. The Finance Act, 2023, had brought in an amendment for the purposes of calculation of 'perquisite' with regard to the value of rent-free or concessional accommodation provided to an employee, by his employer. The rules for calculating perquisites have been notified now. "The categorisa...
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Take home salary to increase? I-T department notifies new rules for valuing rent-free accommodation by employers
19Aug By adminNo Comments
Business

Take home salary to increase? I-T department notifies new rules for valuing rent-free accommodation by employers

In a move that will positively impact employees with substantial salaries and employer-provided rent-free housing, the income tax department has announced revisions to the valuation norms for such accommodations. According to a PTI report, the new changes will come into effect from September 1, and will likely increase take-home salaries for eligible employees.The Central Board of Direct Taxes (CBDT) has notified the amendments to the Income Tax Rules, bringing about these changes. The modifications concern the valuation of unfurnished accommodations that are owned by employers and offered to employees outside the central or state government sector.According to the revised notification, the valuation for such accommodations will be as follows:In cities with a population exceeding 40 lakh ...
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Over 4 crore ITRs filed for FY23 so far, 7% new filers this time: CBDT chief
24Jul By adminNo Comments
Business

Over 4 crore ITRs filed for FY23 so far, 7% new filers this time: CBDT chief

NEW DELHI: More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday.He said that more than half of these ITRs have been processed leading to 80 lakh refunds till now.The "shortage of manpower at every level was impeding our efforts to give even better results", Gupta said and urged Union Finance Minister Nirmala Sitharaman for a "quick approval" of the department's cadre restructuring proposal.The chairperson was speaking at an event held here to mark the 164th Income Tax Day where Sitharaman was the chief guest. The Central Board of Direct Taxes (CBDT) is the administrative authority for the Income Tax Department.Gupta said direct tax collect...
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India’s direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far
10Jul By adminNo Comments
Business

India’s direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far

India’s direct tax collection soared 16 per cent to touch Rs. 4.75 trillion this fiscal, showing continuity in revenue growth despite external headwinds.  The collection have gathered pace over past months of the current fiscal, with net direct tax collection, net of refunds, grew 15.87 per cent to Rs. 4.75 trillion, by July 9, higher than the net collections for the corresponding period of last year,” finance ministry said on Monday while releasing the provisional figures. It said that the numbers so far “continue to register steady growth.” On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to Rs. 5.17 trillion.  “The provisional figure is 26.05 per cent of the total Budget Estimates of direct...
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