Income Tax News

Income Tax Act Review Committee Set to Submit Report by October

28 September 2024 at 09:23

The government's comprehensive review of India’s decades-old Income Tax Act is making significant progress, with the review committee expected to submit its report by October, according to two government officials.

Posted in Income Tax | 1257 Views

Labourer Earning Rs 10K Per Month Shocked by Rs 2 Crore Income Tax Notice, Advised to File Appeal

27 September 2024 at 14:24

In a shocking case of bureaucratic oversight, a labourer from Bihar’s Gaya district, Rajiv Kumar Verma, has been served an income tax notice for over Rs 2 crore.

Posted in Income Tax | 1563 Views

Rs 382 Crore Tax Notice Exposes Aadhaar and PAN Misuse Scam in Thane with Multiple Bank Accounts

26 September 2024 at 09:18

A shocking case has emerged from Thane's Diva, where a local real estate agent received an income tax notice accusing him of being involved in transactions amounting to ₹382 crore.

Posted in Income Tax | 2049 Views

SC Requests Income Tax Department's Response to Notices Sent to Panel Assisting in Property Sealing

26 September 2024 at 09:16

The Supreme Court has requested a response from the Income Tax Department regarding notices issued to a committee assisting the court in sealing residential premises used for commercial purposes.

Posted in Income Tax | 1512 Views

Supreme Court Disposes 573 Direct Tax Cases Following Revised Monetary Appeal Limits

25 September 2024 at 08:59

Hon'ble Supreme Court disposed off 573 direct tax cases in view of the revised monetary limit of filing of appeals

Posted in Income Tax | 1626 Views

NCLAT Dismisses Rs 6.10 Crore Tax Claim Against Reliance Communications Post Insolvency Process

24 September 2024 at 08:55

The NCLAT has dismissed a Rs 6.10 crore tax claim against Reliance Communications (RCom) made by the tax department, citing the claim was filed after the initiation of the insolvency resolution process.

Posted in Income Tax | 1 comments | 1908 Views

Netflix India Under Investigation for Alleged Visa Violations, Tax Evasion and Racial Discrimination

24 September 2024 at 08:53

Netflix India is facing an investigation by the Indian government over alleged visa violations, tax evasion, and racial discrimination. The probe adds to growing scrutiny of the streaming giant in its crucial market.

Posted in Income Tax | 1482 Views

Vivad Se Vishwas 2.0: Lower Settlement for Declarations Filed by 31st December

23 September 2024 at 09:07

The Income Tax Department has officially notified the Vivad Se Vishwas Scheme 2.0, aimed at providing a mechanism for settling pending income tax disputes with reduced settlement amounts for those who file declarations before December 31, 2024.

Posted in Income Tax | 3282 Views

Loss-Making MNCs Must Pay Tax on India Setups: Delhi HC

23 September 2024 at 09:02

In a significant ruling that could reshape tax obligations for MNCs in India, the Delhi High Court has mandated that MNCs with a presence in the country, whether through liaison offices, subsidiaries, or fixed setups, must pay taxes

Posted in Income Tax | 516 Views

CBDT Notifies Rules and Forms for Direct Tax Vivad Se Vishwas Scheme, 2024

21 September 2024 at 07:00

The Central Government has officially announced the Direct Tax Vivad se Vishwas Rules, 2024, through G.S.R. 584(E) in alignment with the Finance (No. 2) Act, 2024.

Posted in Income Tax | 3027 Views