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 issues refunds of over Rs Rs 1.32 lakh crore to 1.19 crore taxpayers

December 9, 2021 2:03 PM

CBDT issues refunds of over Rs Rs 1.32 lakh crore to 1.19 crore taxpayers

Central Board of Direct Taxes, CBDT has issued refunds of over one lakh 32 thousand crore rupees to more than one crore 19 lakh taxpayers between 1st of April to 6th of December this year. In a tweet, Income Tax India said, the refunds of 44 thousand 207 crore rupees have been issued in over one crore 17 lakh cases and Corporate Tax refunds of 88 thousand 174 crore rupees have been issued in over one lakh 99 thousand cases. 

CBDT issues refunds of over Rs 92,961 crore to taxpayers in FY22 so far

October 21, 2021 2:03 PM

CBDT issues refunds of over Rs 92,961 crore to taxpayers in FY22 so far

Central Board of Direct Taxes, CBDT has issued refunds of over 92 thousand 961 crore rupees to more than 63 lakh 23 thousand taxpayers between 1st of April to 18th of October this year. In a tweet, Income Tax India said, the refunds of 23 thousand 26 crore rupees have been issued in over 61 lakh 53 thousand cases and Corporate Tax refunds of 69 thousand 934 crore rupees have been issued in over one lakh 69 thousand cases.

CBDT seeks to redress double taxation issue of individuals

March 4, 2021 9:33 AM

CBDT seeks to redress double taxation issue of individuals

Central Board of Direct Taxes has sought information from the individuals who are facing double taxation even after taking into account relief provided under the Double Taxation Avoidance Agreement. In a circular issued by CBDT, it has been asked to submit the information by the end of this month to Principal Chief Commissioner of Income Tax of International Taxation. CBDT had received various representations requesting for relaxation in the determination of residential status for previous year ...

IT dept refunds over Rs 62,000 cr to more than 20 lakh taxpayers during lockdown

July 3, 2020 1:57 PM

IT dept refunds over Rs 62,000 cr to more than 20 lakh taxpayers during lockdown

Income Tax Department  has refunded  62 thousand and 361 crore rupees to more than 20 lakh taxpayers during Covid-19  lockdown days. Central Board of Direct Taxes, CBDT in a statement said, it has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June. It said, income tax refunds amounting to over 23 thousand and 453 crore rupees  have been issued in  more than 19.07 lakh  cases and corporate tax refunds amounting to over  38 thousand 908 crore rupees have been issued i...

CBDT extends compliance date of TDS for Odisha

May 24, 2019 9:15 PM

CBDT extends compliance date of TDS for Odisha

The Central Board of Direct Taxes, CBDT, has extended the compliance date of Tax Deduction at Source, TDS, for Odisha. This is to redress the hardships faced by the deductors following the severe disruption of normal life and breakdown of communication systems by the cyclone in the State. The deductors will now be able to file their quarterly statement of TDS for the last quarter of the financial year 2018-19 from 31st of this month to the 30th of next month.