Using social media to help taxpayers
A major enabler has been CBDT's embrace of technology to not only simplify compliances but to also identify potential cases of tax evasion through data analytics. E-filing of ITRs has been further improved by introducing pre-filled ITR forms. The faceless assessment procedures now make the entire assessment cycle of an ITR an online process. Key Points
Economic TimesKarnataka: I-T dept detects Rs 1k cr bogus expenditure after raids on co-op banks
The CBDT said in a statement that cash of more than Rs 3.3 crore and jewellery worth Rs 2 crore was seized during the searches. The Central Board of Direct Taxes (CBDT) is the administrative body for the I-T department. The seized evidences revealed that these cooperative banks were involved in rampantly discounting bearer cheques issued by various business entities, in the name of various fictitious non-existing entities the CBDT said. Key Points
Economic TimesCBDT signs 95 APAs in FY'23, highest ever since launch
The Income Tax department in India has achieved a record-high number of 95 advance pricing agreements (APA) signed in the financial year 2022-23. This marks the highest number of APA signings since the program's launch in 2012. The APA program, initiated by the Central Board of Direct Taxes (CBDT), aims to create an investor-friendly and non-adversarial tax regime in the country. Key Points
Economic TimesCBDT signs record 125 Advance Pricing Agreements, 31% more than last year
The 125 APAs include 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs). The total number of APAs since the start of the APA programme has risen to 641, with 506 UAPAs and 135 BAPAs. Key Points
ThePrintCos under recast get more time to file modified income returns
CBDT allows companies in business reorganisation to file modified returns by June 30, offering relief amidst Finance Bill 2022 implications. The decision aims to ease compliance burdens, promote tax transparency, and reduce court interventions for affected entities. Key Points
Economic Times
India's net direct tax collection rises by 20.25% to ₹15.60 lakh crore till 10 Feb: CBDT
India's Direct Tax collections up to 10th February, 2024 show gross collections at ₹18.38 lakh crore, 17.30% higher than last year's collections. Key Points
mintFinal ONDC sellerto be liable for TCS, CBDT clarifies
In detailed guidelines, the CBDT said TCS will be collected on the gross amount charged to the customer. In case the buyer receives a discount, the TCS will be on the final invoice raised to the buyer irrespective of whether the first e-commerce operator is offering the discount or the second. The CBDT also said in case of purchase of goods which are not under the purview of Goods and Services Tax, the TDS will be applicable on the amount without including state levies, VAT or other tax. Key Points
Economic Times24 hours to go, I-T filings beat last year's mark, hit 6 crore
India Business News: The CBDT said close to 26.8 lakh returns had been filed up to 6.30pm on Sunday, indicating the process was moving in a glitch-free manner. July 31 is Key Points
Times Of IndiaBBC acknowledges it paid lower taxes in India
BBC has been found guilty of tax evasion, admitting it underreported ₹40 crore of income in its tax returns. It needs to file revised returns and pay all dues. Key Points
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