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The Income Tax department has withdrawn notices mistakenly issued to people who have correctly filed their returns. Such taxpayers must disregard the “erroneous” notices for Income Tax returns (ITR).
The Income Tax Department has recalled the defective ITR notices sent to many taxpayers who have correctly filed their income tax returns (ITR). Experts are surprised the tax department has accepted its own mistake in sending the wrong tax notices to the taxpayers…
The Income Tax Department has issued notices to at least 400 individuals who have not disclosed their foreign assets held mainly in UAE, Singapore and UK, officials privy to the development said.
Individuals benefitting from the Portuguese Civil Code were stunned to receive a notice from the income-tax department claiming that their tax returns are defective. Further, the income-tax department has demanded that these taxpayers file audit reports immediately in the middle of Diwali festivities.
Several wealthy Indians with allegedly undeclared properties in Dubai have received notices from the Foreign Asset Investigation Unit (FAIU) of the Income Tax (I-T) department, according to a report by The Economic Times. Approximately 100 notices have been issued in the past…
In a shocking incident, an artisan from Bareilly who earns only Rs 400 to Rs 500 after a hard day’s work received an income tax notice for crores of rupees in arrears.
In a verdict that will impact over 90,000 taxpayers, the Supreme Court on Thursday ruled that all income-tax notices served between April 1 and June 30, 2021 under the earlier law will be valid…
A real estate agent from Thane’s Diva was taken aback upon receiving an income tax notice accusing him of transactions totalling Rs 382 crore, reported TOI.
IT major Tata Consultancy Services (TCS) called the recent tax demand notices its employees received as a “discrepancy,” and that the income tax department will reprocess the returns.
In a bid to plug revenue leakage and take advantage of the exchange of information between the Income Tax Department and the GST wing, the government has issued a slew of notices to the industry under Section 69C of the Income Tax Act. These notices seek detailed explanations of expenditures incurred by the assessees and the source of funds for these expenditures.