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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.
O.P. Yadav, Tax Evangelist at Prosperr.io & former Principal Commissioner of Income Tax Department, along with others have highlighted a critical issue regarding the implementation of Rule 114E(2) for joint bank account holders.
CBDT has provided some relief to taxpayers and businesses who have been served tax demand notices for TDS or TCS at normal rates from payees whose PANs had become inoperative for want of Aadhaar linkage.
The Income Tax Department has given relief to those income tax payers who got an income tax demand notice due to short deduction of TDS and short collection of TCS from those deductors and collectors, who have an in-operative PAN. An PAN will be termed in-operative, if it is not linked with Aadhaar.
A day after the Uttar Pradesh Special Task Force (STF) arrested five men from Rajasthan for allegedly evading GST by…