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   Press Release

Authorization of Central Government to IRFC and NABARD for issuing tax-free Bonds and zero-coupon Bonds.

The Central Government have authorized the Indian Railway Finance Corporation to issue tax-free, secured, redeemable, non-convertible bonds and also NABARD for issuing 10 years zero-coupon Bhavishya Nirman Bonds, both to be issued by 31st March 2010. Press Release

Meeting convened by CBDT of all cadre-Controlling CCIT at New Delhi on 4th February 2010.

The Central Board of Direct Taxes (CBDT) convened a meeting of all cadre-Controlling Chief Commissioners of Income Tax at New Delhi on 04.02.2010 to discuss strategies for achieving the revenue collection target. Press Release

Treatment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11

The Central Board of Direct Taxes have decided that any installment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. Press Release

Circular on FBT Released by the CBDT

Adjustment of “Advance Tax in respect of Fringe Benefits” for Assessment Year 2010-11 against “Advance Tax”. Circular

Relaxation of the stipulation in Circular No. 3/2009

Relaxation of the stipulation in Circular No. 3/2009 dated 21.05.2009 – Extension of time limit for filing ITR-V form relating to income-tax returns filed electronically (without digital signature). Press Release

CBDT Press Release on I-T refund fraud in Mumbai

Refund Fraud scamsters Identified. Swift action by the Income tax Department to put in place a robust method of issuing refunds. Press Release

CBDT Press Release

CBDT has notified that the new provision relating to tax deduction at source (TDS) under the Income Tax Act 1961 will become applicable with effect from 1st April 2010. Press Release

Revised Double Taxation Avoidance Agreement (DTAA) with Finland signed

Revised Agreement and Protocol signed between the Republic of India and the Republic of Finland for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (DTAA). Press Release

All India TDS conference inaugurated by the Finance Minister

All India TDS conference inaugurated by the Finance Minister, more tax collection expected in the last quarter. Momentum of growth from TDS to be augmented further Press Release

Growth of the Direct Tax Collections Rebounding

Net direct tax collections during first three quarters of the present fiscal (up to December 2009) stood at Rs.2,50,232 crore, up from Rs.2,30,598 crore in the same period last fiscal, registering a growth of 8.51 percent. Press Release

Impressive growth in the Direct Tax Collections

Net direct tax collections during first eight months of the present fiscal (up to November 2009) stood at Rs.1,83,822 crore, up from Rs.1,77,251 crore in the same period last fiscal, registering a growth of 3.71%. Press Release

Circular No.9 of CBDT

CBDT has issued the Circular No.9 issuing clarifications on the remittances to non-residents under section 195 of the Income-tax Act. Press Release

Notification of the Income-tax (Dispute Resolution Panel) Rules, 2009

The CBDT has notified the rules to regulate the procedure of the Dispute Resolution Panel (DRP) constituted under section 144C of the Income Tax Act, 1961 inserted by the Finance Act 2009. The rules come into effect from 20th November 2009. Under the said rules, DRPs will be constituted at eight cities in India, namely Delhi, Mumbai, Ahmedabad, Kolkata, Chennai, Hyderabad, Bengaluru and Pune. The Dispute Resolution Panel will be a collegium comprising of three Commissioners of Income Tax. The mechanism is investor-friendly and is also expected to reduce taxpayer grievance and litigation. Press Release

Member joins CBDT

Shri Durgesh Shankar joined as Member of the Central Board of Direct Taxes on 6th November. Shri Shankar belongs to 1973 batch of the Indian Revenue Service. Before joining the CBDT, he was a Chief Commissioner of Income Tax in Delhi. He has also served, on deputation, as Managing Director of Central Cottage Industries Corporation and Senior Director of Crafts Museum, Ministry of Information & Broadcasting, Department of Science & Technology and Ministry of Railways. Press Release ,  Message

Fraudulent E-mails in the name of Income Tax Department

Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking their credit card details. Taxpayers are, therefore, cautioned not to respond to such mails. Press Release

CBDT Press Release

CBDT has Notified that the due date for filing tax return in Pune, Sangli & Kolhapur has been extended till 31st October 2009. Press Release

Growth in net direct tax collections

Net direct tax collections during first four months of the present fiscal (up to July 2009) stood at Rs.73,990 crore, up from Rs.71,648 crore in the same period last fiscal, registering a growth of 3.27 percent. Growth in Corporate Taxes was 2.61 percent (Rs.42,685 crore as against Rs.41,598 crore), while Personal Income Tax (including STT, FBT and residual BCTT) grew at 4.33 percent (Rs.31,279 crore as against Rs.29,982 crore). Press Release

Annual Conference of Chief Commissioners & Directors General of Income Tax

The 25th Annual Conference of Chief Commissioners & Directors General of Income Tax will be held at the Convention Hall, The Ashok, Chanakyapuri, New Delhi on 11th & 12th August, 2009. The Finance Minster will inaugurate and deliver the keynote address on 11th August 2009. The Conference will deliberate upon ways and means to maximise direct tax collections; further improve taxpayer services; and optimise response to taxpayer grievances. Press Release

New Member joins CBDT

Shri Narindar Singh (IRS – 1972 batch) has joined the Central Board of Direct Taxes as Member. Press Release

Encouraging First Quarter Figures of Direct Tax Collections (up to June 2009)

Net direct tax collections during first three months of the present fiscal (up to June 2009) stood at Rs.59,465 crore, up from Rs.57,373 crore in the same period last fiscal, registering a growth of 3.65 percent. Growth in Corporate Taxes was 3.31 percent (Rs.35,709 crore as against Rs.34,566 crore), while Personal Income Tax (including FBT and STT) grew at 4.38 percent (Rs.24,564 crore as against Rs.22,782 crore). Lower growth in net tax collection was mainly on account of higher tax refund outgo of 52.01 percent at Rs.17,600 crore in the present quarter as against Rs.11,578 crore in the first quarter last fiscal. Press Release

CBDT Press Release on electronically filed income tax returns

The Central Board of Direct Taxes have ordered that any return of income for the assessment year 2008-09 filed electronically on 30th September 2008, in respect of which the electronic acknowledgement bears the date stamp of 1st October 2008, shall be treated as having been filed within the due date, i.e. 30th September 2008. Press Release

Press Statement of Chairman CBDT on Writ Petition filed by the Vodafone

The Chairman CBDT has issued a Press Statement about the dismissal of the Writ Petition filed by Vodafone International Holdings, against a notice issued by the Income Tax department under section 201(1) of the Income Tax Act, 196, by the Hon’ble Bombay High Court, with cost. In the writ petition, the validity and legality of the notice issued by the Income Tax department was challenged. The decision of the Hon’ble High Court has strengthened the hands of the Income Tax department in its attempt to bring to tax in India transactions involving transfer of assets situate in India between entities located outside the country.

Growth in Direct Tax Collections for the first seven months indicative of improved tax administration

Net direct tax collections during first seven months of the present fiscal (up to October 2008) stood at Rs.166,905 crore, up from Rs.128,864 crore, registering a growth of 29.52%. Growth in Corporate Taxes was 33.49%, while Personal Income Tax grew at 23.14%. The momentum of growth in direct taxes could be maintained, despite present global financial crises / recession and its resultant impact on the Indian economy, mainly on account of a shift in the tax collection strategy of the Central Board of Direct Taxes (CBDT) towards improving the tax deduction at source (TDS) mechanism and encouraging better tax compliance. Press Release

Growth in Direct Tax Collections for the first six months - indicator of healthy economy and improved tax administration

Net direct tax collections during first six months of the present fiscal (up to September 2008) stood at Rs.147,197 crore, up from Rs.111,055 crore, registering a growth of 32.54%. Growth in Corporate Taxes was 35.65%, while Personal Income Tax grew at 26.94%. Continued high growth in tax collections (including self assessment taxes) indicates inherent strength of the Indian economy and continued improvement in tax administration as well as in tax compliance levels. Press Release

Large Scale Tax Evasion by well known Group of Builders

In a survey action conducted recently on a Prominent Builder Group based in Mumbai, the Income Tax Department has unearthed evidence to suggest substantial income. Press Release

Extension of due date of filing income tax returns for Sikkim

The Central Board of Direct Taxes have extended the last date of filing of income tax returns, due by 31st July 2008, to 31st October 2008 in the state of Sikkim in view of the delay in issuing of Instruction No.8/2008 in respect of filing of income-tax return by non-Sikkimese residing in that state. Order of CBDT    Press Release

Clarification of CBDT regarding TDS on arrears of salary paid

CBDT has clarified in the Press Release issued on 30th September, 2008 that that TDS would be deducted u/s 192 only from the arrears of salary actually paid during FY 2008-09. On the balance, tax would be deducted during the financial year in which these pay arrears are actually paid.

Extension of due date of filing income tax returns and tax audit reports for Orissa

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 31st October 2008 in the state of Orissa in view of the disruption caused due to floods in the state. Order of CBDT    Press Release
Extension of due date of filing income tax returns for Jammu & Kashmir

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 30th November 2008 in the state of Jammu & Kashmir in view of the dislocation caused due to law and order problem in the state. Press Release
Exemption to agents of non-residents from filing return electronically

Central Board of Direct Taxes notifies exemption to agents of non-residents from filing return electronically. Press Release
Extension of due date of filing income tax returns for Bihar

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 30th November 2008 in the state of Bihar in view of the disruption caused by floods in the state. Press Release
Direct Tax Collections Up

Net direct tax collections in the first five months in the present fiscal (up to August 2008) stood at Rs.84,409 crore, up from Rs.61,030 crore, registering a growth of 38.31 percent. The cost of direct tax collection, on the other hand, which had declined to an all-time low of 0.54 percent during fiscal 2007-08, is likely to further decline to about 0.43 percent during the current fiscal, the lowest among all large economies in the world. Press Release
Growth in Tax Collections Indicator of Healthy Economy

The growth in Corporate TDS in First Quarter of 2008-09 is 60.5% as against 43.1% in last years. Combined growth rate of advance tax and TDS this year is 40.3% as against 34.3% last year. So, it is erroneous to deduce that there is slowdown in economy. Press Release
Direct Tax Collections Up

Net direct tax collections up to July 2008 stood at Rs.71,648 crore, up from Rs.48,756 crore, registering a growth of 46.95 percent. The cost of direct tax collection, on the other hand, had declined to an all-time low of 0.54 percent during 2007-08, amongst the lowest in the world. Press Release
Overwhelming response to e-filing

The facility of e-filing of income-tax returns has received overwhelming response from the taxpayers. As on 31st July 2008, 12.49 lakh e-returns were filed compared to 1.46 lakh e-returns filed up to the same date last year. About 97 percent of the 12.49 lakh e-returns have been filed voluntarily by individuals, professionals and small businesses. Press Release
E-Filing of Returns

Over 10 Lakh e-returns have been filed by 29th July, and the number is expected to cross over 13 lakh by 31st July compared to 1.6 lakh e-returns received last year for the same period. Press Release
Income Tax Search

In a search and seizure action conducted recently on a prominent builder group based in Mumbai, the Income Tax department has unearthed evidence to suggest substantial income. Press Release
Clarification on media reports

The Income Tax Department clarifies that the media reports on processing of tax returns and issuance of refunds are delayed due to shortage of manpower are incorrect and misleading. Press Release
Chairman CBDT

Shri Narendra Bahadur Singh has taken over as Chairman of the Central Board of Direct Taxes with effect from the afternoon of 30 June 2008. Press Release , Photograph
Direct Tax Collections

Net direct tax collections in the first two months of the present fiscal stood at Rs.22,840 crore, up from Rs.13,335 crore, registering a growth of 71.28 percent. Press Release
FM's observation during Annual Conference of Chief Commissioners

During Annual Conference of Chief Commissioners & Directors General of Income Tax the FM observed that trend of voluntary tax compliance has gone up in the country. More...
Double Taxation Avoidance Agreement with Luxemburg

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Grand Duchy of Luxemburg. Press Release
No delay in issuance of PAN to FIIs

The Income Tax Department denies allegations of delay in issuance of Permanent Account Number (PAN) to Foreign Institutional Investors (FIIs). Press Release
Clarification Regarding Arrest of a Member ITAT in Kolkata
Press Release
Chairman CBDT
  Shri Rabender Singh Mathoda has taken over as Chairman of the Central Board of Direct Taxes with effect from 1st May, 2008. Press Release
DTAA with Myanmar

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Union of Myanmar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 2nd April, 2008. Press Release

Mandatory quoting of PAN in TDS returns

The threshold limit for PAN quoting without which TDS/TCS returns will not be accepted has been enhanced to 95% in salary cases and 85% in non-salary cases. This is applicable from the last quarter of 2007-08 onwards. More...

Changes in CBDT

Shri Prasanna Kumar Misra has taken over as Chairman and Shri S. S. Khan as Member of the Central Board of Direct Taxes with effect from 01 April 2008. Press Release

Clarification to amendment in penalty proceedings

Clause 48 of the Finance Bill, 2008 proposes to insert a new sub-section (1B) in section 271 of the Income-tax Act to clarify the proposed amendment to penalty proceedings. Press Release

Direct Tax Collections

Net direct tax collections stood at Rs.2,28,745 crore, up from Rs.1,61,776 crore during the same period last fiscal, registering a growth of 41.40 percent and achieving over 85 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release

Mandatory quoting of PAN in TDS/TCS returns

The threshold limit for PAN quoting without which TDS/TCS returns will not be accepted has been enhanced to 95% from 90% in case of Form 24Q and to 85% from 70% in case of Forms 26Q and 27EQ. The enhanced limits will be applicable for and from the quarter ending 31.03.2008. More

Extension of Time for Filing of TDS/TCS Returns

The Central Board of Direct Taxes have extended the due date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending 30th September 2007 of financial year 2007-08 to 29th February 2008. Press Release

Income Tax Search

Income Tax Department conducted a search operation in the case of a group engaged in development of real estate and running a private airline. Press Release

E- Payment of Taxes made mandatory

Electronic payment of taxes has been made mandatory for all corporate assesses and all assesses to whom provisions of section 44AB of the Income Tax Act are applicable from 1st April, 2008. Press Release

Direct Tax Collections

Direct tax collections continued to record a growth of over 40 percent for the period April to January 15 in the current fiscal. Net tax collections stood at Rs.2,17,149 crore, up from Rs.1,52,993 crore during the same period last fiscal, registering a growth of 41.93 percent and achieving over 81 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release

FM compliments Income Tax Department

In his first live videoconference, the Finance Minister addressed the Chief Commissioners of Income Tax and complimented them for the remarkable performance of the Income Tax department, particularly on the revenue side. Press Release

Direct Tax Collections

Direct tax collections continued to record a growth of over 40 percent for the first nine months of the current fiscal. Net tax collections stood at Rs.2,06,029 crore, up from Rs.1,44,286 crore during the same period last fiscal, registering a growth of 42.79 percent and achieving over 77 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release

Deposit instruments included in Section 80C

Investment by an individual or a Hindu undivided family (HUF) in Five Year Post Office Time Deposit Account and Senior Citizens Savings Scheme during the previous year 2007-08 and subsequent years, shall be eligible for deduction under section 80C of the Income-tax Act. Press Release

Direct Tax Collections

Direct tax collections continued to record a growth of over 40 percent for the first eight months of the current fiscal. Net tax collections stood at Rs.1,45,053 crore, up from Rs.1,00,135 crore during the same period last fiscal, registering a growth of 44.86 percent and achieving over 54 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release

CBDT Member passed away

Shri R. N. Upadhyay, Member, Central Board of Direct Taxes, passed away on 20th November 2007. He was an IRS officer of 1971 batch. He is survived by his wife, a son and two daughters. Press Release

Amendment to Rule 3 of the Income-tax Rules

Rule 3 of the Income-tax Rules, 1962 has been amended to give consequential effect to the amendment to section 17 of the Income-tax Act made by the Finance Act, 2007. Press Release   Notification

Income Tax Refunds

The Income Tax department has already issued over 30 lakh refunds in the first 7 months of this fiscal involving a total amount of Rs.18,448 crore. Refund payouts in non-corporate personal income tax category are ahead by 47.16 percent as compared to the first 7 months of last fiscal (Rs.6,135 crore against Rs.4,169 crore). Press Release

Income Tax search

Income Tax Search. Press Release

Income Tax Return

Income Tax Return Filed by 100 year old senior citizen. Press Release

Extension of Due Dates

The Central Board of Direct Taxes has extended the due date for filing the Returns due by 31st October in the case of electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and for paper returns (other than those required to file electronic returns) to 2nd November 2007. Press Release

Return filing date extended for Bihar

The Central Board of Direct taxes had extended the last date of filing of income tax returns due by 31st October 2007 to 31st December 2007 in the state of Bihar in view of the disruption caused by floods in the state. Press Release

Income Tax Search

The Income Tax department has conducted a search on a business family on the basis of information that it is involved in unaccounted draft discounting. Press Release

Scope of e-TDS expanded
Scope of mandatory filing of e-TDS returns has been expanded to include deductors who are required to get their accounts audited under section 44AB and those having fifty or more deductee records. Notification   Press Release

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