21 ViewsNet direct tax collection (after adjusting refunds) rose 15.3 per cent to ₹15.72 trillion till March 16 this fiscal year so far, buoyed by an upsurge in advance tax mop-up, people close to the development told Business Standard. Read more at : Business Standard
68,000 Cases Flagged For Mismatch In 2019-20 Income Tax Returns
25 ViewsAs many as 68,000 cases have been picked up for e-verification by the income tax department for underreporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday. Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Information Statement (AIS) about financial transaction and […]
Online gaming cos move CBDT, PMO to oppose tax rules
28 ViewsThe online gaming industry has approached the Central Board of Direct Taxes (CBDT) and the Prime Minister’s Office (PMO) to oppose changes in tax deduction at source (TDS) and Goods and Service Tax (GST) on the sector. On 23 February, three online gaming industry bodies E-Gaming Federation (EGF), All India Gaming Federation (AIGF) and […]
Vivad Se Vishwas Scheme 2: Centre likely to initiate penalty settlement for pharma firms
36 ViewsThe Union government is likely to initiate the settlement of cases initiated by the National Pharmaceutical Pricing Authority (NPPA) for pharma companies under the Vivad se Vishwas scheme 2. This is the government’s attempt at tax resolution and reducing litigation. Sources told CNBC-TV18 that the government may initiate the scheme to settle penalty cases […]
Income tax ‘raids’ surge amid poor conviction rate
49 ViewsA survey conducted by the Income Tax Department in the BBC’s officers in Delhi and Mumbai over the last week has raised many questions, especially since it was done barely a month after the public broadcaster released a two-part documentary titled ‘India: the Modi Question’. The government disabled online access to the documentary immediately […]
ITAT: IBC has overriding effect on all Acts including Income Tax Act
39 ViewsThe Delhi Bench of the Income Tax Appellate Tribunal in the case ACIT Versus ABW Infrastructure Ltd. observed and has held that the Insolvency and Bankruptcy Code, 2016 has an overriding effect on all the acts, which includes the Income Tax Act, 1961 as per Section 178(6) of the Income Tax Act which is […]
Young salary earners enthusiastic after tax rebate, says PM Narendra Modi
52 ViewsPrime Minister Narendra Modi on Monday said there was a lot of enthusiasm in the middle-class after the union government slashed the income tax to nil for annual incomes up to Rs 7 lakh in the Union Budger 2023. Youth below 30 years of age and with new jobs as well as those with […]
New income tax rule: Proceeds from life insurance policy with premium of over ₹5 lakh to be taxable
78 ViewsProceeds from life insurance premium over the annual premium of ₹5 lakh would be taxable from new financial year i.e. from 1st April 2023. The Finance Minister Nirmala Sitharaman made an announcement about this change in income tax rules while presenting the Union Budget 2023 in parliament. However, the finance minister made it clear […]
Housekeeping staffer in Thane earning Rs 10,000 gets tax notice for Rs 1 crore China deal
33 ViewsHere’s a curious tale involving the common man, a con man and the taxman. A housekeeping worker, formerly a security guard, who currently earns Rs 10,000 a month, has got the taxman’s notice, asking to explain a transaction of Rs 1.14 crore from China, in which his PAN card was used, and routed via […]
Income tax officer held for seeking Rs 10,000 bribe sent to 2-day CBI remand by Mumbai court
70 ViewsA special court here on Thursday remanded an income tax officer to two-day custody of the Central Bureau of Investigation (CBI) after he was arrested for allegedly demanding a bribe of Rs 10,000 for cancelling a PAN (permanent account number) card of a Mumbai resident. The accused, Umesh Kumar, was arrested on Wednesday following […]