Central Board Of Direct Taxes English news | Central Board Of Direct Taxes, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

The Central Board of Direct Taxes (CBDT) has issued an order for furnishing information about Income Tax (IT) return filing status to scheduled commercial banks.The order has been issued in exercise of powers conferred under section 138(1)(a) of Income Tax Act, 1961."The data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 with effect from July 1, 2020, further amended Income-Tax Act, 1961 to lower the threshold of cash withdrawal to Rs 20 lakh for the applicability of TDS for the non-filers and also mandated TDS at the higher rate of 5 per cent on cash withdrawal exceeding Rs 1 crore by the non-filers," CBDT said in a release.Income Tax Department has already provided a functionality "Verification of applicability under section 194N" on its website for banks and post offices since July 1, 2020. Through this functionality, the bank/post office can get the applicable rate of TDS under section 194N of the Income-tax Act, 1961 by entering the PAN of the person who is withdrawing cash.The department has now released a new functionality "ITR Filing Compliance Check" which will be available to scheduled commercial banks (SCBs) to check the IT return filing status of PANs in bulk mode. The Principal Director General of Income-Tax (Systems) has notified the procedure and format for providing notified information to the scheduled commercial banks.According to CBDT, the salient features of using the functionality are as follows:- Accessing "ITR Filing Compliance Check": The principal officer and designated director of SCBs, which are registered with the reporting portal of income-tax department (https://report.insight.gov.in) shall be able to use the functionality after logging into the reporting portal using their credentials. After successfully logging in, link to the functionality "ITR Filing Compliance Check" will appear on the home page of the reporting portal.- Preparing request (input) file containing PANs: The CSV template to enter PAN details can be downloaded by clicking on the "Download CSV Template" button on the "ITR Filing Compliance Check" page. PANs, for which IT Return filing status is required, are required to be entered in the downloaded CSV template. The current limit of PANs in one file is 10,000.- Uploading the input CSV file: Input CSV file may be uploaded by clicking on Upload CSV button. While uploading, "Reference Financial Year" is required to be selected. Reference Financial Year is the year for which results are required. If selected Reference Financial Year is 2020-21 then results will be available for assessment years 2017-18, 2018-19 and 2019-20. The uploaded file will start reflecting with uploaded status.- Downloading the output CSV file: After processing, CSV file containing IT Return Filing Status of the entered PANs will be available for download and "Status" will change to Available. Output CSV file will have PAN, name of the PAN holder (masked), IT Return Filing Status for last three assessment years. After downloading of the file, the status will change to downloaded and after 24 hours of availability of the file, the download link will expire and status will change to Expired.Scheduled commercial banks can also use API based exchange to automate and integrate the process with the bank's core banking solution. Scheduled commercial banks are required to document and implement appropriate information security policies and procedures with clearly defined roles and responsibilities to ensure the security of information.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Central Board Of Direct TaxesFOLLOW

Central board of direct taxes, Latest News

In a bid to provide more time to taxpayers for furnishing of Income Tax Returns, the Central Board of Direct Taxes (CBDT) on Saturday further extended the due date for furnishing of Income Tax Returns and audit reports. ...

The Income Tax (IT) Department carried out searches on October 19 in the cases of two government contractors having premises in Purnea, Katihar and Saharsa and a silk trader in Bhagalpur in Bihar. During the search, unaccounted cash, fixed deposits ...

The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1,21,607 crore to more than 35.93 lakh taxpayers between April 1, 2020, and October 6, 2020, said the Income Tax Department on Wednesday. ...

The Central Board of Direct Taxes (CBDT) on Saturday junked the media reports that stock traders or day traders are required to furnish scrip wise details in the return of income for Assessment Year 2020-21. ...

Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1 lakh crore to more than 32.07 lakh taxpayers between 1st April 2020 to 22nd September 2020. ...

Central Board of Direct Taxes (CBDT) issued refunds of over Rs 1,01,308 crore to more than 27.55 lakh taxpayers between April 1, 2020 and September 8, 2020. ...

The income tax department carried out simultaneous search and seizure operations against three prominent businessmen in Srinagar and Kupwara on Wednesday. ...

The Central Board of Direct Taxes (CBDT) has issued an order for furnishing information about Income Tax (IT) return filing status to scheduled commercial banks. ...