Giving a brief idea for the first time about the new Direct Tax Code (DTC), the Central Board of Direct Taxes (CBDT) member and also Convenor of the Task Force Akhilesh Ranjan on Thursday said the draft law focuses on improving litigation system and easing compliance among others.
A one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT directive said.
Instances of wilful attempt to evade tax, failure to furnish return of income and not remitting TDS in the government exchequer up to the limit of Rs 25 lakh will not be ordinarily filed for criminal prosecution before a court by the taxman, a latest CBDT circular said.
According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, "shall be deemed" to have applied for allotment of PAN and they will not be required to apply or submit any more documents.
ITR Filing Deadline: August 31 was the last date to file income tax return. On the deadline day, the Income Tax department witnessed a record number of ITR (Income Tax Returns) filed. In a single day, a record number of more than 49 lakh ITRs filed. A record number of 49,29,121 ITRs were filed on August 31.
The government on Thursday gave a one-year extension to CBDT Chairman P C Mody, who was set to retire on August 31. Ranjan, Member Legislation in the CBDT, was next in the succession line for the CBDT chief and is stipulated to retire in April next year.
A 1982-batch Indian Revenue Service (Income Tax cadre) officer, Mody took over as the Central Board of Direct Taxes (CBDT) chief in February.
The move is aimed at ensuring continuity at the top post so that policy measures initiated are not affected. An official order on Thursday said that the Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Mody as the CBDT chief for a period of one year from September 1, 2019.
This differential regime existed even prior to the 2019 Budget, the Central Board of Direct Taxes (CBDT) said, adding that it was, therefore, not the creation of the Finance (No 2) Act, 2019, or the announcement made by the Finance Ministry last week.
Further, CBDT has also laid down the timelines and procedure by which such communication issued manually will have to be regularised and intimated to the Principal Director General of Income-tax (Systems).
Startups should not have any concern related to taxation and the government is putting in place an administrative mechanism to resolve the legacy issues, CBDT chief P C Mody said on Tuesday.
The Income Tax Department has issued Rs 64,700 crore worth refunds in the current fiscal, and for full 2018-19 fiscal the amount released was over Rs 1.61 lakh crore.
Central Board of Direct Taxes (CBDT) Chairman P C Mody told news agency PTI in an interview that all "legacy issues" related to start-ups will be resolved through a consultative process and under strict supervision of senior officers of the tax authority.
The CBDT has directed the Income-Tax Department to share in "public interest" details of assets and accounts of all such loan defaulters against whom a public sector bank has made a plea to it.
The new directives make it clear that compounding of offences is "not a matter of right" and the department can extend such a relief only in certain cases keeping in view factors like "conduct of the person, the nature and magnitude of the offence on the context of the facts and circumstances of each case."
Any offence which has to bear on any offence under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 would not be generally compounded, the revised guidelines said.
The CBDT, in a statement, also clarified that no premise of Guntur TDP MP Jayadev Galla was searched during the operation conducted on Tuesday.
The Income-Tax Department Monday said it has detected a "widespread and well-organised" racket of collection of unaccounted cash of about Rs 281 crore during raids against close aides of Madhya Pradesh Chief Minister Kamal Nath and others.
The Income Tax department said on Thursday it added 1.07 crore new taxpayers while the number of ‘dropped filers’ came down to 25.22 lakh in 2017-18, showing the positive impact of demonetisation.
The board has asked the tax offices to undertake this special task and bring under their ambit the time period (over the last two years) when these companies were struck off from the records of the Ministry of Corporate Affairs (MCA).
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