CBDT notifies rule for determination of value of perquisite in respect of residential accommodation provided by employer

August 19, 2023 10:31 PM

CBDT notifies rule for determination of value of perquisite in respect of residential accommodation provided by employer

Central Board of Direct Taxes, CBDT has notified rule for determination of value of perquisite in respect of residential accommodation provided by employer. The Finance Act, 2023 brought in an amendment for the purposes of calculation of perquisite with regard to the value of rent-free or concessional accommodation provided to an employee, by his employer. Accordingly, CBDT has modified Rule 3 of the Income-tax Rules, 1961 to provide for the same. The categorisation and the limits of cities and ...

CBDT extends e-filing of IT Forms 15CA,15CB till 15th August

July 21, 2021 2:08 PM

CBDT extends e-filing of IT Forms 15CA,15CB till 15th August

Central Board of Direct Taxes (CBDT) has granted further relaxation in electronic filing of Income Tax Forms 15CA and 15CB and extended the date of filing from 15th July to 15th August, 2021. The taxpayers can now submit these forms in manual format to the authorized dealers till 15th of next month. CBDT said that authorized dealers are advised to accept such forms for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date...

CBDT issues refunds of over Rs 98,625 crore to more than 26 lakh taxpayers

September 2, 2020 6:18 PM

CBDT issues refunds of over Rs 98,625 crore to more than 26 lakh taxpayers

The Central Board of Direct Taxes, CBDT has issued refunds of over Rs 98,625 crore to more than 26 lakh taxpayers. These refunds have been issued between 1st April to 1st September this year.  CBDT said, income tax refunds amounting to Rs 29,997 have been issued in over 24,50,000 cases to taxpayers and corporate tax amounting to Rs 68,628 crore have been issued in over 1,68,000 cases.

CBDT, CBIC sign MoU for data exchange

July 21, 2020 2:33 PM

CBDT, CBIC sign MoU for data exchange

A MoU was signed between Central Board of Direct Taxes, CBDT and the Central Board of Indirect Taxes and Customs, CBIC today for data exchange between the two organizations. This MoU will facilitate the sharing of data and information between CBDT and CBIC on an automatic and regular basis. In addition to regular exchange of data, CBDT and CBIC will also exchange with each other, on request and spontaneous basis, any information available in their respective databases which may have utility for ...

CBDT says small start-ups with turnover upto Rs 25 cr to continue to get promised tax holiday

August 23, 2019 8:08 AM

CBDT says small start-ups with turnover upto Rs 25 cr to continue to get promised tax holiday

The Central Board of Direct Taxes (CBDT) has clarified that small start-ups with turnover upto 25 crore rupees will continue to get the promised tax holiday as specified in the section of the Income Tax Act.  The Act provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years from the year of its incorporation. According to the Finance Ministry, the CBDT also clarified that all the start-ups recognised by Department for Promotion of Industry and Internal Trad...