Govt notifies new and simplified ITR forms

Last Updated: Tuesday, June 23, 2015, 20:48

The Income Tax department has notified the new set of ITR forms, including a three-page simplified one, for taxpayers to file their returns for assessment year 2015-16.

All I-T refunds to be put directly in bank accounts: CBDT

Last Updated: Tuesday, June 23, 2015, 16:35

The department is also planning to fully adopt and use banking services to end the current system of sending I-T refunds over the value of Rs 50,000 via cheques through the postal department.

Black money: Compliance window to be short and out soon

Last Updated: Monday, June 22, 2015, 14:52

They added the window could be kept "as short as possible" as a 'trend analysis' of the subject has shown that the target audience for this special exercise would not be a very large base.

No coercion by taxmen to recover MAT dues, says CBDT

Last Updated: Tuesday, June 16, 2015, 17:58

In a breather for investors, CBDT on Tuesday said taxmen won't resort to coercive methods to recover dues towards Minimum Alternate Tax (MAT) on capital gains made by FIIs and will wait for the Supreme Court order on the issue.

Evasion spoiling compliance culture, I-T will act tough: CBDT

Last Updated: Tuesday, June 16, 2015, 17:56

The menace of tax evasion is "spoiling" the culture of compliance in the country and the Income Tax department will ensure that chronic evaders are not able to get away without facing court cases, a top CBDT official on Tuesday said.

Government asks top taxmen to ideate for widening tax base

Last Updated: Sunday, June 14, 2015, 13:08

The unique move comes in the backdrop of the government recently asking the I-T department to take urgent steps to widen the tax base and add at least 25 lakh new assesses every month during the current financial year 2015-16.

CBDT asks I-T Dept to address taxpayers' grievances in time-bound manner

Last Updated: Wednesday, June 10, 2015, 18:48

In order to aggressively mitigate grievances of taxpayers, CBDT has asked the taxman to address rectification applications filed by affected assesses in a prompt and time-bound manner.

Strong action against big tax evaders acts as deterrent: CBDT

Last Updated: Monday, June 8, 2015, 22:55

The CBDT Monday dismissed reports that it has asked its officers to go beyond raids and searches to target tax evaders and maintained that stringent action in big cases of evasion would go a long way to demonstrate to compliant taxpayers that laws are just and fair.

Instill fear of jail and social censure in tax evaders: CBDT

Last Updated: Sunday, June 7, 2015, 09:30

Taxman should instill the fear of "incarceration, loss of liberty and social opprobrium" in tax evaders and prosecute them in large numbers to create a credible deterrence against the menace of black money, the CBDT says.

Black money: Keep foreign info strictly secret, CBDT tells I-T

Last Updated: Wednesday, June 3, 2015, 21:18

CBDT has issued fresh instructions to the taxman to ensure that information on individuals holding black money abroad is strictly kept secret as any "careless" act could give an excuse to the data supplying country for not helping India in the future.

Now, Rs 2 lakh penalty for not answering tax authorities queries

Last Updated: Sunday, May 31, 2015, 10:58

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for a minimum penalty of Rs 50,000.

I-T to scan tier-II cities to bring more people in tax net

Last Updated: Sunday, May 24, 2015, 18:05

The Income Tax department has decided to use technical intelligence and pay special focus on tier-II cities like Jaipur, Surat and Lucknow among others, to bring more and more people living in these "progressive" cities under the tax net.