Income Tax News
IT Department Unearths Rs 10,000 Crore Tax Evasion by Online Sellers on Instagram and Facebook
23 November 2023 at 08:44Income Tax department has uncovered a major tax evasion scandal, amounting to nearly Rs 10,000 crore over a three-year period, involving e-tailers selling goods through popular social media platforms such as Instagram and Facebook.
CBDT Issues Corrigendum for SFT Guidelines on Mutual Fund Transactions by Registrar & Share Transfer Agent
22 November 2023 at 08:48CBDT issued a Corrigendum to Notification No. 4 of 2021 dated November 15, 2023, concerning the Format, Procedure, and Guidelines for the submission of the SFT for Mutual Fund Transactions by Registrar & Share Transfer Agent.
TCS Exemption for Rs 7 Lakh International Card Spend Expected in Interim Budget
21 November 2023 at 08:51Anticipated Tax Relief: Government Set to Exempt Overseas Card Spending from TCS Up to ₹7 Lakh
Industry Alleges Chaos and Legal Logjam Amid Faceless Tax Assessment System Implementation
18 November 2023 at 07:56In an effort to enhance the efficiency of the faceless tax assessment facility introduced by the Income Tax Department, the industry has reached out to the CBDT, urging the implementation of key modifications to mitigate chaos and legal complexities.
CBDT Chairman Forecasts India to Surpass Rs 18.23 Lakh Crore Direct Tax Collection Target
17 November 2023 at 08:44In a positive development, Central Board of Direct Taxation (CBDT) chairman Nitin Gupta announced on Wednesday that the government is on track to exceed the ₹18.23 lakh crore direct tax collection target set for the current fiscal year
IT Department Seizes Unexplained Cash Ahead of Key Assembly Elections in Five States
17 November 2023 at 08:41In the lead-up to the upcoming Assembly elections in five states, the Income Tax Department has significantly increased its efforts to curb the flow of unexplained cash.
Apple, Amazon and Google Face Legal Heat Over Alleged Rs 5000 Crore Income Tax Evasion
15 November 2023 at 08:39Tech Giants Face Scrutiny for Potential Tax Non-Payment
Bombay HC Declares Reassessment Proceedings Invalid for Non-Existent Entity with Active PAN
14 November 2023 at 08:37In a recent judgment, the Bombay High Court has ruled against the validity of reassessment proceedings conducted by the tax department against non-existent entities, even though the Permanent Account Number (PAN) remained active.
Gross Direct Tax Collections Surge to Rs. 12.37 Lakh Crore, Marking 17.59% YoY Growth in FY 2023-24
11 November 2023 at 08:44The Gross Direct Tax collections are at Rs. 12.37 lakh crore, which is 17.59% higher than the gross collections for the corresponding period of last year. Direct Tax collection
Bombay HC Orders Income Tax Refund of Rs 1128 Crores to Vodafone Idea
10 November 2023 at 16:00In a significant legal victory for Vodafone Idea Ltd, the Bombay High Court has ruled in favor of the telecom giant, ordering the Income Tax Department to refund INR 1,128.47 crores in taxes paid during the assessment year 2016-17, along with interest.
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