Page 6 - Latest Updates on Income tax
From United Spirits to Zomato, multiple companies get tax demand notices
Various firms across India are getting GST demand notices along with penalty and interest from tax officials
 "From United Spirits to Zomato, multiple companies get tax demand notices")
Income tax notices lead to stress among startups, executives and investors
The notices were served under Section 68 of the Income Tax Act. They have clubbed the investments made in the startups, along with the revenue, to calculate the tax, according to the sources
 "Income tax notices lead to stress among startups, executives and investors")
Should I-T babus or voters decide the fate of the Congress?
It can be nobody's case that I-T Department must not do its job. However, blindly following bureaucratic rules cannot be allowed to tamper with democratic processes on the eve of the general election
 "Should I-T babus or voters decide the fate of the Congress?")
'I-T notice to Cong on orders of Centre after electoral bonds scam bust'
"The Income Tax notice was issued on the orders of the Central government. Why didn't the I-T department serve a notice to the BJP?" Gaikwad questioned while speaking to reporters
 "'I-T notice to Cong on orders of Centre after electoral bonds scam bust'")
Airtel arm Telesonic Networks penalised for irregularity in claiming ITC
According to the filing, the penalty has been levied for "alleged irregular input tax credit claimed during the financial year 2018-19" on the company's subsidiary Telesonic Networks
 "Airtel arm Telesonic Networks penalised for irregularity in claiming ITC")
Infosys to receive Rs 6,329 crore tax refund from I-T department
It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore, citing various assessment orders
 "Infosys to receive Rs 6,329 crore tax refund from I-T department")
Congress gets fresh Income-Tax notice, complains of 'tax terrorism'
Party asked to pay Rs 1,823 cr; CPI claims to have received notice; BJP asks Cong to follow rules
 "Congress gets fresh Income-Tax notice, complains of 'tax terrorism'")
After Congress, CPI gets Income Tax dept notice for Rs 11-crore dues
Trinamool Congress leader Saket Gokhale has also claimed that he has received 11 I-T notices in the last 72 hours
 "After Congress, CPI gets Income Tax dept notice for Rs 11-crore dues")
Income Tax department levies Rs 564 crore penalty on Bank of India
The bank is in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC) against the order, it said
 "Income Tax department levies Rs 564 crore penalty on Bank of India")
PAN card: Here's how to make corrections online in this vital document
PAN card is required to file income tax returns, and it is important that all the details on the card are updated and correct
 "PAN card: Here's how to make corrections online in this vital document")
I-T dept searches premises linked to AAP's Delhi MLA Gulab Yadav, others
The Income Tax department on Saturday conducted searches against AAP MLA Gulab Singh Yadav and some others in Delhi as part of a tax evasion investigation, official sources said
 "I-T dept searches premises linked to AAP's Delhi MLA Gulab Yadav, others")
Income Tax dept imposes Rs 103.63 crore penalty on Tata Chemicals
Shares of Tata Chemicals settled 0.31 per cent higher at Rs 1,035.10 per cent on the BSE
 "Income Tax dept imposes Rs 103.63 crore penalty on Tata Chemicals")
I-T dept expands scope for officers filing appeals, includes TDS disputes
Currently, tax authorities can file appeals before ITAT, High Court and Supreme Court, if the disputed tax demand exceeds Rs 50 lakh, Rs 1 crore and Rs 2 cr respectively -- a threshold fixed in 2019
 "I-T dept expands scope for officers filing appeals, includes TDS disputes")
Income Tax department recovers Rs 73,500 cr in pending dues for FY24
Corporate tax made up Rs 56,000 crore, personal income tax constituted Rs 16,500 crore, and undisclosed income from foreign assets accounted for Rs 50 crore
 "Income Tax department recovers Rs 73,500 cr in pending dues for FY24")
Pay advance tax now: A guide on calculating, filing, and its importance
Have you paid the fourth installment of advance tax? If not, do it now. Here's why
 "Pay advance tax now: A guide on calculating, filing, and its importance")
Last-minute tax planning? Take a look at the best income tax saving schemes
Tax planning is your weapon to dodge tax bullets and boost your bank balance. The Income Tax Act offers numerous opportunities for your investments, savings, and expenses. Take a look at the schemes
 "Last-minute tax planning? Take a look at the best income tax saving schemes")
Tax dept finds inconsistencies in transaction report of market entity
"Hence, the data on AIS (Annual Information Statement) will be updated. Taxpayers are advised to wait for further updates on AIS based on the revised statement," the I-T department said
 "Tax dept finds inconsistencies in transaction report of market entity")
File updated ITR before Mar 31 to reduce risk of scrutiny, penalties
ITR-U can be filed under specific conditions; can't be used to reduce tax liability
 "File updated ITR before Mar 31 to reduce risk of scrutiny, penalties")
I-T dept gives institutions time till Mar 31 to file correct audit reports
Income of any fund or institution or trust or any university or other educational institution or any hospital is exempt from income tax subject to fulfilment of certain conditions
Metropolis Healthcare gets Rs 24 cr income tax demand from Mumbai officials
The actual demand for AY 2023-24 will come to Rs 24.19 crore after adjusting rectification of Rs 27 lakh pertaining to AY 2023-24, company said in a regulatory filing
 "Metropolis Healthcare gets Rs 24 cr income tax demand from Mumbai officials")
