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Net 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…
As 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…
The 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,…
Don’t be shocked if you get a notice from the Income Tax Department requesting information about a transaction or evidence of income. Let’s look at why you could get an income tax notice and how you might prevent it.
The 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.…
A 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…
The 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…
Prime 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…
Proceeds 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…
Here’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…