The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 31st October 2008 in the state of Orissa in view of the disruption caused due to floods in the state. Order of CBDT    Press Release

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 30th November 2008 in the state of Jammu & Kashmir in view of the dislocation caused due to law and order problem in the state. Press Release

Central Board of Direct Taxes notifies exemption to agents of non-residents from filing return electronically. Press Release

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 30th November 2008 in the state of Bihar in view of the disruption caused by floods in the state. Press Release

Net direct tax collections in the first five months in the present fiscal (up to August 2008) stood at Rs.84,409 crore, up from Rs.61,030 crore, registering a growth of 38.31 percent. The cost of direct tax collection, on the other hand, which had declined to an all-time low of 0.54 percent during fiscal 2007-08, is likely to further decline to about 0.43 percent during the current fiscal, the lowest among all large economies in the world. Press Release

The growth in Corporate TDS in First Quarter of 2008-09 is 60.5% as against 43.1% in last years. Combined growth rate of advance tax and TDS this year is 40.3% as against 34.3% last year. So, it is erroneous to deduce that there is slowdown in economy. Press Release

Net direct tax collections up to July 2008 stood at Rs.71,648 crore, up from Rs.48,756 crore, registering a growth of 46.95 percent. The cost of direct tax collection, on the other hand, had declined to an all-time low of 0.54 percent during 2007-08, amongst the lowest in the world. Press Release

The facility of e-filing of income-tax returns has received overwhelming response from the taxpayers. As on 31st July 2008, 12.49 lakh e-returns were filed compared to 1.46 lakh e-returns filed up to the same date last year. About 97 percent of the 12.49 lakh e-returns have been filed voluntarily by individuals, professionals and small businesses. Press Release

Over 10 Lakh e-returns have been filed by 29th July, and the number is expected to cross over 13 lakh by 31st July compared to 1.6 lakh e-returns received last year for the same period. Press Release

In a search and seizure action conducted recently on a prominent builder group based in Mumbai, the Income Tax department has unearthed evidence to suggest substantial income. Press Release

The Income Tax Department clarifies that the media reports on processing of tax returns and issuance of refunds are delayed due to shortage of manpower are incorrect and misleading. Press Release

Shri Narendra Bahadur Singh has taken over as Chairman of the Central Board of Direct Taxes with effect from the afternoon of 30 June 2008. Press Release , Photograph

Net direct tax collections in the first two months of the present fiscal stood at Rs.22,840 crore, up from Rs.13,335 crore, registering a growth of 71.28 percent. Press Release

During Annual Conference of Chief Commissioners & Directors General of Income Tax the FM observed that trend of voluntary tax compliance has gone up in the country. More...

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Grand Duchy of Luxemburg. Press Release

The Income Tax Department denies allegations of delay in issuance of Permanent Account Number (PAN) to Foreign Institutional Investors (FIIs). Press Release

The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Government of the Union of Myanmar for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 2nd April, 2008. Press Release

The threshold limit for PAN quoting without which TDS/TCS returns will not be accepted has been enhanced to 95% in salary cases and 85% in non-salary cases. This is applicable from the last quarter of 2007-08 onwards. More...

Shri Prasanna Kumar Misra has taken over as Chairman and Shri S. S. Khan as Member of the Central Board of Direct Taxes with effect from 01 April 2008. Press Release

Clause 48 of the Finance Bill, 2008 proposes to insert a new sub-section (1B) in section 271 of the Income-tax Act to clarify the proposed amendment to penalty proceedings. Press Release

Net direct tax collections stood at Rs.2,28,745 crore, up from Rs.1,61,776 crore during the same period last fiscal, registering a growth of 41.40 percent and achieving over 85 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release

The threshold limit for PAN quoting without which TDS/TCS returns will not be accepted has been enhanced to 95% from 90% in case of Form 24Q and to 85% from 70% in case of Forms 26Q and 27EQ. The enhanced limits will be applicable for and from the quarter ending 31.03.2008. More

The Central Board of Direct Taxes have extended the due date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending 30th September 2007 of financial year 2007-08 to 29th February 2008. Press Release

Income Tax Department conducted a search operation in the case of a group engaged in development of real estate and running a private airline. Press Release

Electronic payment of taxes has been made mandatory for all corporate assesses and all assesses to whom provisions of section 44AB of the Income Tax Act are applicable from 1st April, 2008. Press Release

Direct tax collections continued to record a growth of over 40 percent for the period April to January 15 in the current fiscal. Net tax collections stood at Rs.2,17,149 crore, up from Rs.1,52,993 crore during the same period last fiscal, registering a growth of 41.93 percent and achieving over 81 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release

In his first live videoconference, the Finance Minister addressed the Chief Commissioners of Income Tax and complimented them for the remarkable performance of the Income Tax department, particularly on the revenue side. Press Release

Direct tax collections continued to record a growth of over 40 percent for the first nine months of the current fiscal. Net tax collections stood at Rs.2,06,029 crore, up from Rs.1,44,286 crore during the same period last fiscal, registering a growth of 42.79 percent and achieving over 77 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release

Investment by an individual or a Hindu undivided family (HUF) in Five Year Post Office Time Deposit Account and Senior Citizens Savings Scheme during the previous year 2007-08 and subsequent years, shall be eligible for deduction under section 80C of the Income-tax Act. Press Release

Direct tax collections continued to record a growth of over 40 percent for the first eight months of the current fiscal. Net tax collections stood at Rs.1,45,053 crore, up from Rs.1,00,135 crore during the same period last fiscal, registering a growth of 44.86 percent and achieving over 54 percent of budgeted direct tax target of Rs.2,67,490 crore. Press Release

Shri R. N. Upadhyay, Member, Central Board of Direct Taxes, passed away on 20th November 2007. He was an IRS officer of 1971 batch. He is survived by his wife, a son and two daughters. Press Release

Rule 3 of the Income-tax Rules, 1962 has been amended to give consequential effect to the amendment to section 17 of the Income-tax Act made by the Finance Act, 2007. Press Release   Notification

The Income Tax department has already issued over 30 lakh refunds in the first 7 months of this fiscal involving a total amount of Rs.18,448 crore. Refund payouts in non-corporate personal income tax category are ahead by 47.16 percent as compared to the first 7 months of last fiscal (Rs.6,135 crore against Rs.4,169 crore). Press Release

Income Tax Search. Press Release

Income Tax Return Filed by 100 year old senior citizen. Press Release

The Central Board of Direct Taxes has extended the due date for filing the Returns due by 31st October in the case of electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and for paper returns (other than those required to file electronic returns) to 2nd November 2007. Press Release

The Central Board of Direct taxes had extended the last date of filing of income tax returns due by 31st October 2007 to 31st December 2007 in the state of Bihar in view of the disruption caused by floods in the state. Press Release

The Income Tax department has conducted a search on a business family on the basis of information that it is involved in unaccounted draft discounting. Press Release