Govt open to suggestions for better implementation of Vivad Se Vishwas scheme: CBDT chief
As many as 4.83 lakh direct tax cases involving Rs 9.32 lakh crore in disputed taxes are locked in various appellate forums. The amount is equivalent to 82 per cent of the government's direct tax revenue in FY19.
Mumbai Income Tax chief writes to CBDT head to extend the date of limitation
Considering that Mumbai contributes towards 32 per cent of tax m...
Coronavirus impact: I-T dept allows more time to individuals to file TDS exemption forms
In an order, the Central Board of Direct Taxes (CBDT...
Tax dept asks officers working from home to chase large taxpayers for dues
I-T dept has asked field formations to contact large taxpayers to follow up on pending collections.
I-T officials push for deadline extension of revised returns, tax amnesty schemes
Tax officials of Mumbai, the city that accounts for more than a third of the national mop-up, have urged that deadlines be eased for the dispute resolution or the Vivad se Vishwas (VsV) scheme, and cases under the Black Money Act. Separately, officials from Mumbai, Delhi, Chandigarh, Goa, Madhya Pradesh and Chhattisgarh have written to CBDT.
CBDT names nodal officers to bring PSUs on board ‘Vivad se Vishwas’ scheme
Three senior tax officials to work with various ministries and ensure that PSUs join the tax amnesty scheme. This is the latest in a series of directives issued by the Central Board of Direct Taxes to ensure maximum participation in the tax amnesty scheme. Mumbai, which contributes 37% of the country’s total direct tax collection, has lined up a list of 53 CPSUs and 45 state PSUs.
CBDT likely to soon notify tax compliance relaxations
Finance minister Nirmala Sitharaman had last week announced several relaxations in compliances including under the income tax.
CBDT notifies forms for firms to avail lower corporate taxes
The move comes after the government had slashed corporate tax rate last year in September as a measure to boost economic activity. The base corporate tax for existing companies was brought down to 22% from the current 30% while for new manufacturing firms, the tax was reduced to 15 per cent from the current 25 per cent.
CBDT to link field officers' annual appraisals, postings with 'Vivad se Vishwas' mop-ups
An office memorandum from the CBDT, dated February 21, said that collection outcomes would play a bigger role in the future postings of the field officers. The latest missive assumes significance as there have been concerns over alleged 'tax terrorism' and undue harassment of genuine taxpayers by tax officials. The economic growth is also slowing down.
'Vivad se Vishwas' scheme: CBDT to review pendency of appeals
The officials said a video conference-based interaction will be undertaken by the CBDT member in-charge with all regional chiefs of the department in the country. The agenda, they said, is to review data on pendency of high courts and Income Tax Appellate Tribunals (ITATs) appeals for the 'Vivad se Vishwas' (from dispute to trust) scheme.
Tax officials ready with rules, forms to implement Vivad Se Vishwas scheme
Tax officials are ready with necessary rules and forms under the Vivad Se Vishwas Scheme to settle direct tax disputes, and will issue them soon after the law gets presidential assent, two officials told ET.
Authority of Advance Ruling disputes not within Vivad Se Vishwas ambit
CBDT issued a set of 55 questions and answers on Thursday to clarify various aspects of the tax amnesty scheme, which allows taxpayers to settle disputes by paying interest and penalty. The scheme was announced in the budget to bring down pending litigation and a bill to give it shape was approved by Lok Sabha.
Taxpayers nudged to opt for Vivaad Se Vishwas scheme
Experts said that the dept is pushing taxpayers to settle but govt says that it’s only 'encouraging' them to do so.
Tax amnesty scheme: Taxman's pay hikes, postings to be linked with mop-ups under Vivad se Vishwas
The 'Vivad se Vishwas' scheme for resolving income tax cases was announced during the 2020-21 Budget.
CBDT to collect data on direct tax cases in high courts for 'Vivad se Vishwas' scheme
The scheme, proposed by Finance Minister aims to settle and see a finalisation of 4.83 lakh direct tax cases pending at various appellate forums such as the Commissioner, the Income Tax Appellate Tribunal, high courts and the SC. Under the scheme, taxpayers whose income tax demands are locked in dispute in these appellate forums can pay due taxes by March 31.
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