Leading pharmaceutical manufacturer Cipla Ltd received an additional tax demand of Rs.773.44 crore from the income tax department for assessment years 2015-16 to 2022-23, the drug maker said in a stock exchange filing on July 16.
Bank of Baroda receives Rs.1,068 crore demand order from IT Dept
Bank of Baroda (BoB) has received a demand order of Rs. 1,067.82 crore from the Faceless Assessment Unit, Income Tax Department, pertaining to Assessment Year (AY) 2017-18.
HDFC Life Insurance gets a tax demand of Rs 1,495 cr from I-T dept
HDFC Life Insurance on Friday said it has received a tax demand of Rs 1,495.17 crore from the Income Tax department for the assessment year 2021-22, according to an exchange filing. The tax demand also includes a demand of Rs 592.41 crore as interest.
Tata Consumer gets tax demand of Rs 171.83 crore from Income Tax Department
FMCG firm Tata Consumer Products Ltd on 29 June said it has received a tax demand of Rs 171.83 crore from the Income Tax department for the assessment year 2019-20, firm said in a stock exchange filing.
HNI investors in offshore ‘blank cheque’ companies receive income tax notices
Well-heeled Indians betting on ‘blank cheque’ firms — the Wall Street term for special purpose acquisition companies or SPACs — have started receiving notices from the tax department.
Real estate deals, credit card transactions: 6 times one can get Income Tax notice
The I-T Department uses data from different sources to verify tax compliance, with certain transactions triggering additional scrutiny. For example, the tax department keeps a close on eye on all high-value cash transactions. Like if someone with a savings account gets a deposit over Rs 10 lakh in cash during a fiscal year, this might call for a notice from the department asking for an explanation about the source of these funds.
Domestic startups come under income tax glare for their recent funding
Several new economy ventures, primarily in the fintech sector, have received income tax notices in recent weeks with respect to venture capital raised by them, according to people in the know.
Congress receives fresh I-T notices of over Rs 1,800 crore
The Congress on Friday said it has received fresh notices from the income-tax department
How to handle income tax notices like a pro in five steps
Five essential steps to help you handle income tax notices like a pro, ensuring you meet your tax obligations while minimising stress.
Income Tax: 5 high-value cash transactions may attract I-T notice
The misconception that cashless transactions are less traceable by the Income Tax Department has arisen due to the increasing prevalence of such transactions. Nevertheless, this belief is incorrect. This is because banks and other financial institutions must notify the Income Tax department of transactions surpassing a specified threshold. This encompasses card payments, UPI transactions, as well as […]