Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
Direct Tax »
Open DEMAT Account in 24 hrs
 Average tax return processing time cut to 10 days: CBDT
 7 types of Income Tax Notice ITR filers may receive for AY 2023-24
 ITR filing: Do these advance preparations before filing your income tax return
 What are the strategies to maximize tax refunds after submitting an income tax return (ITR)?
 ITR filing: Tax rules on income from house property that your should know
 CBDT likely to issue rules on angel tax next week
 Pension Taxation: Everything you need to know for ITR filing
 Income tax guide on pension: How to file pension income in ITR?
 Six Tax Deducted at Source (TDS) Rules Changed. Heres What Every Taxpayer Should Know
 ITR filing rules for children 2023: When is it mandatory to pay taxes and file returns?
 ITR filing Last Date 2023-2024: Due date to file Income Tax Return

CBDT notifies new IT authority
December, 18th 2015

The CBDT today notified the new Income Tax department authority which will now be empowered to receive due taxes and penalty from those who had availed the one-time compliance window under the latest anti-black money Act enacted by the government.

with effect from December 18, 2015 and until further orders, (CBDT) hereby directs that for the purposes of making declaration of undisclosed foreign assets under section 59 of the Black Money (Undisclosed Foreign Income and Assets) and matters related thereto, Shri Rahul Navin CIT (TP)-1, New Delhi shall be the designated Income Tax authority," the order said.

The new directive has been issued as Navin's predecessor in the Transfer Pricing(TP) division, who was in the post when the window was operational, has been posted out as Joint Secretary in the Finance Ministry.

"While the official address and other details of the said Income Tax Authority remain the same, only the officer in-charge has changed and hence the order has been issued for the clarity of those taxpayers who availed the 90 day one-time compliance window that ended on September 30," a senior official said.

The government has recently said it has collected Rs 16.69 crore as taxes and penalty till November 26 from those who have disclosed illegal wealth under the black money compliance window.

A total of 635 declarations worth Rs 4,160 crore of illegal wealth were made in the three-month compliance window.

The one-time window provided an opportunity to foreign assets holders to declare such assets, pay a total of 60 per cent tax and penalty and escape stringent provisions of the new black money law. The taxes and penalty have to be paid by December 31, 2015.

The Central Board of Direct Taxes is the policy-making body of the IT department.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting