Tax rebate under section 87A of the Income-tax Act, 1961 is a benefit that reduces the total income tax liability of an eligible taxpayer. The eligibility criteria are that the taxpayer’s income should be below a set threshold and not having certain types of income.
Leading FMCG maker Hindustan Unilever (HUL) said that it has received a demand notice of Rs 962.75 crore from the Income Tax Department and will go in for an appeal against the order.
Many employers are in a fix over demand notices from the Income Tax (I-T) Department for short deduction of tax on the income of employees who had not complied with a May 31 deadline to link their PAN and Aadhaar numbers, with some firms reporting tax demands even for workers earning less than the taxable income threshold.
Edelweiss Financial Services Limited’s subsidiary, Edelweiss Rural & Corporate Services Ltd., has received a tax demand notice amounting to Rs. 2.61 crores from the Income tax department.
In a reprieve to the Chennai Metrowater Supply and Sewerage Board (CMWSSB), Madras high court has set aside an order of the additional commissioner of CGST demanding Rs.96 crore as tax.
Many large companies that have received GST demand notices have decided to file an appeal with the Appellate Authority.
The country’s largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around Rs. 605 crore, including interest, for six assessment years.
Mining giant Vedanta Ltd has received GST demand notices to the tune of Rs 1.86 crore for availing input tax credit, which has been termed “ineligible” by the tax authority.
Listed real estate firm Sobha Ltd has received demand notices of nearly Rs.46 crore from the Income Tax Department. The Bengaluru-based company said that it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), against the orders within the prescribed timelines.
The Hon’ble Gauhati High Court in the case of M/s. Indus Towers Ltd. held that as per interim orders passed by the various High Court in respect to Notification No. 09/2023-CT dated March 31, 2023, the Assessee shall file the reply to the Notice, however, till the returnable date, no final order in respect of the Impugned Notice shall be passed. Hence, this Court passed the same order in the present case as well.
