CBDT Current Affairs - 2020

CBDT and CBIC sign MoU on Data Sharing

On July 21, 2020, the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) signed Memorandum of Understanding to exchange data with each other. Highlights The agreement will help to facilitate exchange of information between the boards on regular basis. The agreement signed replaces the former agreement signed between Read More…

CBDT issues clarification over Section 115 BAC of Income Tax Act

The Central Board of Direct Taxes recently clarified that the employers shall seek clarification and detect tax at source. Section 115 BAC The Section 115 BAC was inserted recently into the Income Tax Act, 1961. According to the section, a person receiving income other than family business shall be taxed under Section 115 BAC. This Read More…

CBDT releases relief funds to MSME

The Central Board of Direct Taxes (CBDT) issued Rs 5,204 cores as relief funds to MSME (Micro Medium and Small Enterprises) sector. Around 8.2 lakh small businesses have received Income Tax Refunds so far. Highlights In the last 10 days, CBDT issued Rs 5,204 crores as Income Tax refunds. The funds were issued to help Read More…

Second National GST Conference of Central and State Tax Commissioners held

On January 7, 2020, the second National GST Conference and Central and State Commissioners was held to streamline the Goods and Services Tax. The Revenue Secretary of Ministry of Finance Dr Ajay Bhushan Pandey was the Chairman of the conference Key Takeaways A Committee is to be constituted with central and state officers. The Committee Read More…

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CBDT inaugurates Web Portal for exchange of information on Income Tax

Central Board of Direct Taxes (CBDT) has inaugurated the Web Portal for Exchange of Information on Income Tax which will consolidate all relevant Automatic Exchange of Information (AEOI) related information at one place. This portal will help in convenient access by public, financial institutions as well as departmental officers at large. Web Portal for Exchange Read More…