CBDT directs tax sleuths to survey, inspect high value transactions
PrintListen to this Article
To track high-value cash transactions, the centre had in January 2017 put out a new rule wherein it had mandated all goods and services providers to report to the I-T department high-value cash transactions and cash receipts.
Under the new norms, cash receipts, purchase of shares, MFs, immovable property, term deposits, sale of foreign currency, etc, will have to be reported to tax authorities in a prescribed format, according to the threshold limits.
This follows a 54-page action plan drawn up by the CBDT, where an aggressive strategy was outlined to nab tax dodgers. The CBDT had circulated a strategy paper for the tax officials and laid special emphasis on a number of critical areas such as litigation management, widening the tax base, verification of non-permanent account number (PAN) data, and the processing of the foreign account tax compliance act (FATCA) data.
The CBDT has now asked tax sleuths to prepare a master list of persons who were required to submit the SFT of financial year 2017-18 by June 30. “Access to credible and processed information is vital for the efficient functioning of the (I-T) department. It is, therefore, essential that complete and correct filing of the SFTs be ensured,” the CBDT noted. Sources say the tax authority has observed several discrepancies in the high-value transaction reporting during demonetisation. #casansaar (Source - Business Standard)
Category : CBDT | Comments : 0 | Hits : 1252
The Central Board of Direct Taxes (CBDT), has issued Circular No. 07/2024 dated 25.04.2024 further extending the due date for filing Form 10A/ Form 10AB under the Income-tax Act, 1961 (the ‘Act’) upto 30th June, 2024. CBDT had earlier extended the due date for filing Form 10A/ Form 10AB by trusts, institutions and funds multiple times to mitigate genuine hardships of the taxpayers. The last such extension was made by Circular No. 06/2023 extending the date to...
Certain instances of mismatch of information as filed by the taxpayer and as available with the Income Tax Department have come to the notice of the Department as part of its routine exercise of verification of data. In such cases, the Department has alerted the taxpayers to enable them to take corrective action. However, some posts on social media, as well as articles in the media, have highlighted enquiries initiated by the Central Board of Direct Taxes (CBDT) in cases where employees have mad...
The Central Board of Direct Taxes (CBDT) has said the Income Tax department can file appeals irrespective of monetary threshold in cases relating to TDS/TCS, undisclosed foreign income, or information received from investigating agencies like ED and GST Intelligence. As per the present rules, tax authorities are allowed to file appeals before the ITAT, High Court and Supreme Court, if the disputed tax demand exceeds Rs 50 lakh, Rs 1 crore and Rs 2 crore, respectively. These thresholds were fi...
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered under section 12AA/12AB of the Act is exempt, subject to fulfilment of certain conditions specified under various sections of the Act. One of the conditions required to be fulfilled by the tru...
Central Board of Direct Taxes (CBDT) on Monday ordered withdrawal of small tax demands that finance minister Nirmala Sitharaman had announced in her FY25 budget speech to improve ease of living. CBDT said that tax demand up to ?25,000 for assessment year up to 2010-11 and demands up to ?10,000 from the next year up to assessment year 2015-16 will be extinguished. However, any criminal action initiated or planned under any law will not be dropped. Any tax demand raised against taxes collect...
Comments