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When Mr. Yadav from Kanpur filed his income tax return (ITR) for FY 2018-19, he combined his wife’s stock market and F&O trading losses with his own income under clubbing provisions (Section 64(1)(iv)) and claimed a set-off, thereby reducing his total tax liability.
Dozens of senior executives earning over Rs 50 lakh annually have recently received income tax notices after the Income Tax Department flagged alleged discrepancies in their returns. Earlier, thousands of taxpayers were also placed under scrutiny for underreporting income and mismatches in filings.
Car market leader Maruti Suzuki India Ltd (MSIL) on Friday (January 23) said it has received the final assessment order from the Income Tax Authority for the financial year 2021–22. The total demand, including interest, amounts to ₹1,182.5 crore.
Mr. Bandopadhaya (name withheld) had the worst day ever when the income tax department sent him a draft assessment order that added Rs 2.28 crore (2,28,14,293) to his account.
A father and son found themselves in a bit of a pickle with the income tax authorities. When they jointly sold their ancestral land for Rs 13 crore, the buyer inadvertently deducted Rs 13 lakh TDS only in the father’s name.
Ravinder Singh Chauhan, a 30-year-old cook at a dhaba in Madhya Pradesh’s Bhind district, has filed a police complaint after he received a Rs 46 crore income tax notice.
According to Section 271DD of the Income Tax Act, 1961 if you break the mandate of not using cash beyond the specified threshold of Rs 20,000, you could face penalty equal to the cash amount you received.
A dhaba cook from Madhya Pradesh’s Bhind district was in for a shock of his life when he received an income tax notice of Rs 46 crore, turning his life upside down.
In a bizarre case of negligence, a small confectioner in Uttar Pradesh’s Bulandshahr district has been served an Income Tax notice of a massive Rs 141 crore, leaving his family shocked and distressed.