Direct Tax

PAN To Be Created Automatically If Tax Return Filed Using Aadhaar: 10 Facts

Business | Edited by Abhishek Vasudev (With inputs from PTI) | Monday September 2, 2019

A Permanent Account Number or PAN will be generated automatically if an individual files the income tax return by quoting an Aadhaar number, the Central Board of Direct Taxes said in a notification on Monday. PAN is a 10-digit alphanumeric number issued by the I-T department to individuals and entities for filing tax returns. While presenting the B...

CBDT Chairman PC Mody Gets 1-Year Extension

India News | Indo-Asian News Service | Thursday August 29, 2019

Central Board of Direct Taxes (CBDT) Chairman P.C. Mody has been given a 1-year extension that will follow his superannuation on August 31.

Will Your Income Tax Change? New Report Given To Finance Ministry

India News | Edited by Jimmy Jacob | Wednesday August 28, 2019

A Direct Tax Code task force constituted by the government has proposed a new taxation system that will bring about dramatic changes to the age-old Income Tax Act-1961, providing concessions to tax-payers and enhancing their spending power amid an alarming economic slump.

Cut Corporate Tax For All To 25% From 30%, Says Centre's Panel: Report

Business | Thomson Reuters | Tuesday August 20, 2019

Government imposes a 30 per cent corporate tax rate on domestic companies and 40 per cent on foreign firms.

Government-Appointed Task Force On Direct Tax Code Submits Report

Business | Press Trust of India | Monday August 19, 2019

The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.

Today Is Not The Last Day To File Income Tax Return (ITR), Here's Your Complete Guide

Business | NDTV Profit Team | Wednesday July 31, 2019

Last week itself, the Central Board of Direct Taxes (CBDT) extended the ITR filing deadlineto August 31, 2019, from the previous ITR filing deadline of July 31, 2019. It was reported that some of the taxpayers were facing difficulties in filing their ITR due to various reasons including extension of due date for issue of Form 16 for assessment year...

Indirect Taxation Laws Being Amended To Ensure Greater Simplicity: Nirmala Sitharaman

Business | Press Trust of India | Thursday July 18, 2019

The changes would ensure that indirect taxation-related matters would have greater simplicity, Finance Minister Nirmala Sitharaman said.

Taxman Says No Change In Income Tax Forms, Only Utility Software Updated

Business | Press Trust of India | Wednesday July 17, 2019

Income tax forms news: The Income Tax Department said that over 1.38 crore entities have already filed their income tax returns (ITRs) till now. The Central Board of Direct Taxes, the apex policy-making body for the Income Tax Department, said the software for e-filing of ITR-2, and ITR-3 was released on May 2 and May 10 respectively.

Tax Authorities Don't Snoop On Social Media, Says Top Official

India News | Press Trust of India | Sunday July 14, 2019

It is a "misconception" to think that the Income Tax Department is snooping on social media posts related to exotic foreign tours or possession of expensive goods to check undisclosed income, a top official has said.

High Court Seeks Centre's Reply Over Accident Compensation Tax Provision

India News | Press Trust of India | Friday July 12, 2019

The Delhi High Court has sought the response of Central Board of Direct Taxes (CBDT) on a plea seeking quashing of the provision mandating tax deduction on the interest received on compensation by a road accident victim.

Budget 2019: Centre To Earn Rs 25,000 Crore From Customs, Excise Duties Hike

India News | Press Trust of India | Friday July 5, 2019

The government will earn a net Rs 25,000 crore from the increase in customs and excise duty on a host of products, including cigarettes, while the surcharge on super-rich would help garner additional income of around Rs 12,000 crore this fiscal on the direct tax side.

Budget 2019: Direct Tax Collections Up By 78% In 5 Years, Says Nirmala Sitharaman

Business | NDTV Profit Team | Friday July 5, 2019

Budget 2019: According to government's provisional figures, total direct tax collections stood at over Rs 11.37 crore in 2018-19

Army Backs Plan To Tax Disability Pension, Says Not For "Tax Exemption"

India News | Edited by Chandrashekar Srinivasan | Wednesday July 3, 2019

In a circular issued June 24, the Central Board of Direct Taxes said pensions drawn by personnel who retired under normal circumstances would be taxed. It also clarified that disability pensions, which are additional payments, measured by rank, made to personnel who suffer disabling injuries in the line of duty, would remain tax free

Government Releases New Income Tax Compounding Rules

Business | Press Trust of India | Monday June 17, 2019

CBDT has issued a revised 32-page guideline for 'compounding of offences under direct tax laws, 2019' which will be executed under the I-T Act, 1961

How To Update The Address Given On Your PAN (Permanent Account Number) Card

Business | NDTV Profit Team | Saturday April 6, 2019

TIN (Tax Information Network) is an initiative by Income Tax Department of India (ITD) for modernization of the current system for collection, processing, monitoring and accounting of direct taxes using information technology. TIN offers the facility of processing changes in communication address in PAN card.