Page 6 - Latest Updates on Income tax
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")
I-T dept asks taxpayers to file updated ITRs for AY 2021-22 by March 31
In cases where ITRs for A.Y. 2021-22 have not been filed and the department is in possession of information of specified high value financial transactions, the same also needs to be examined
CBDT identifies mismatches in ITRs, dividend income info from third party
The Income Tax Department has identified certain mismatches between the information received from third parties on interest and dividend income, and the Income Tax Return (ITR) filed by taxpayers
 "CBDT identifies mismatches in ITRs, dividend income info from third party")
I-T dept has withdrawn Rs 65 cr from banks 'undemocratically', alleges Cong
Party treasurer Ajay Maken has claimed that "democracy will be over if the action of probe agencies goes unchecked" and said the Congress has full faith in the judiciary
 "I-T dept has withdrawn Rs 65 cr from banks 'undemocratically', alleges Cong")
CBDT sets Rs 1 lakh limit for withdrawal of pending tax demands till AY16
The Central Board of Direct Taxes (CBDT) has issued an order giving effect to the 2024-25 Budget announcement by Finance Minister Nirmala Sitharaman
