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Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18.
Technology firm Siemens Ltd on Friday (August 30) said it has received a potential tax demand order from the Deputy Commissioner of Income Tax, Circle 8(2)(1), totalling approximately ₹29.4 crore.
The Income Tax Department has reportedly issued 10,000 reopening notices to companies and individuals in major cities, seeking explanations for discrepancies in their reported incomes.
The Income Tax Department has issued 10,000 reopening notices to companies and individuals in major cities, seeking explanations for apparent discrepancies in their reported incomes. The notices relate to the 2018-19 assessment year and such cases cannot be reopened after August 31.
Union Finance Minister Nirmala Sitharaman on Wednesday asked the Income tax department to work towards being identified as fair and friendly.
The Income tax department is gearing up to send out a large number of notices in the coming month, as there are concerns that many taxpayers might escape the tax net due to the impending implementation of the new reassessment law on September 1, 2024.
Automaker Maruti Suzuki India Ltd on Friday said it has received a demand of Rs 779.2 crore, including interest from the Income Tax authority.
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 (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 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.