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Income Tax Notice

It is essential to maintain proper records of all outward remittances and ensure that they are accurately reflected in tax returns

Updated On: 08 Oct 2024 | 5:31 PM IST

"It's possible that the delay in TDS deposits could have been from TCS's side, but it seems more likely to be a technical error," said a senior partner at a major consultancy firm

Updated On: 14 Sep 2024 | 12:25 AM IST

Automaker Mahindra & Mahindra has a sum of Rs 100.63 crore set aside as a contingent liability

Updated On: 28 Aug 2024 | 2:02 PM IST

The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around Rs 605 crore, including interest, for six assessment years. On April 3, 2024, the company received assessment orders/ demand notices dated March 30, 2024, pertaining to six assessment years from the Income Tax department, the company said in a regulatory filing. The two-wheeler major is examining the orders/ notices received and shall take appropriate steps, including the filing of appeals and rectification applications, it added. The notice pertains to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore, Hero MotoCorp said. This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20, it added. "In the opinion of the management, the demand raised is unsustainable in nature, and is unlikely to have material impact on financials, operations or oth

Updated On: 04 Apr 2024 | 7:06 PM IST

Realty firm Sobha Ltd has received demand notices of nearly Rs 46 crore from Income Tax Department. The notices were issued by Deputy Commissioner of Income Tax, Central Circle- 1(4), Bengaluru. The notices are related to Assessment Year ( AY) 2016-17 and 2022-23. In a regulatory filing on Monday, Sobha informed that the "company has received demand notices under section 156 of the Income Tax Act, 1961 for Rs 13.12 crore and Rs 32.68 crore related to AY 2016-17 and AY 2022-23 respectively, due to disallowances of certain expenses and other additions." Sobha said it is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), against the said orders within the prescribed timelines. "The company has legal and factual grounds to substantiate its case. The company is in the process of evaluating the implications of these orders on the financial statements," Sobha said. There is no impact on operations or other activities, it added. Bengaluru-based Sobha Ltd

Updated On: 02 Apr 2024 | 11:24 AM IST

Infosys has received a tax demand of Rs 341 crore for assessment year 2020-21 from the Income Tax Department, the IT services company said on Monday adding it is evaluating filing an appeal against the said order. The Bengaluru-headquartered company said it is in the process of evaluating the impact of the order on its financial statements for the quarter and year ending March 31, 2024. Infosys also said it is evaluating filing an appeal against this order. "Infosys Ltd on March 31, 2024, received order...from the Income Tax Department, Government of India for assessment year 20-21 with a tax demand of Rs 341 crore (including interest). The company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing an appeal against this order," Infosys said in a BSE filing. Further, a subsidiary of the company has received refund order from the Income Tax Department for assessment year

Updated On: 02 Apr 2024 | 12:52 AM IST

Over the weekend, Infosys received multiple orders from IT department with regards to tax demands and potential refund.

Updated On: 01 Apr 2024 | 10:00 AM IST

The company received the tax order for the overutilisation of input tax credit, along with associated interest and penalties

Updated On: 31 Mar 2024 | 6:55 PM IST

The Income Tax department served a fresh notice of Rs 1,823 crore to the Congress for discrepancies in tax returns for previous years

Updated On: 29 Mar 2024 | 9:33 PM IST

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 39.39 lakh on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received a communication/demand order for interest and penalty from the Additional Commissioner, Central Goods & Service Tax, Gandhinagar on January 3, 2024, LIC said in a regulatory filing. The corporation has filed an appeal against the order demanding GST of Rs 19,64,584 for FY 2017-18 and interest applicable on it along with a penalty of Rs 19,74,584 before the Commissioner (Appeals), Ahmedabad on March 26, 2024, it said.

Updated On: 27 Mar 2024 | 12:08 AM IST

The Income Tax Department has claimed a demand of Rs 4,000 crore against cement manufacturer Shree Cement for tax evasion

Updated On: 05 Feb 2024 | 2:37 PM IST

The state-owned insurer received a demand order worth Rs 1,370.60 crore from the Income Tax authorities in Mumbai

Updated On: 12 Jan 2024 | 5:12 PM IST

Interested applicants can apply online for Income Tax recruitment 2023 for different positions under sports quota through the official website at incometaxmumbai.gov.in

Updated On: 27 Dec 2023 | 4:59 PM IST

Zydus Lifesciences on Tuesday said its arm Zydus Healthcare Ltd has been served an income tax notice demand of Rs 284.58 crore for for the assessment year 2023-2024. Zydus Healthcare Ltd (ZHL), a wholly-owned subsidiary, has received an intimation under section 143(1) of the Income Tax Act, 1961 (IT Act), determining demand of Rs 284.58 crore, Zydus Lifesciences said in a regulatory filing. The intimation is for the assessment year 2023-2024 from the CPC, Income Tax Department, it added. The demand is determined due to "apparent mistakes while processing its return of income", it said. "The company strongly believes that once the rectification will be made, the entire demand will be deleted," Zydus Lifesciences said. ZHL has already disagreed with demand on the e-filing portal of the Income Tax Department. It is also going to file Rectification Application under section 154 of the IT Act, before the CPC as well as before the Jurisdictional Assessing Officer against the said ...

Updated On: 26 Dec 2023 | 6:30 PM IST

Income Tax sleuths have recovered more than Rs 50 crore cash during raids on several people including a contractor, his son, a gymnasium instructor and an architect in Karnataka, a highly-placed department official said on Sunday. The raids that started from Thursday at 25 places belonging to two major infrastructure companies expanded to 45 by Saturday evening, the official told PTI, requesting anonymity. Charging them with tax evasion, the I-T Department officials raided their offices at various places including Sahakarnagar and Sanjaynagar. Several documents were confiscated. Followed by the lead obtained from these two firms, I-T officials searched the houses and other places of contractors and various other people. "A total of 45 locations were searched till Friday while ten more places were raided and searched on Saturday. "On Saturday, the third day of the operation, an architect and a gymnasium owner's house was raided from where Rs eight crore in cash was seized. With thi

Updated On: 15 Oct 2023 | 6:56 PM IST

Delta Corp said the amounts claimed in the DG Notices are inter alia based on the gross bet value of all games played at the casinos during the relevant period

Updated On: 25 Sep 2023 | 10:47 AM IST

According to the CBDT release, these Boards started functioning through e-mail-based procedures and conducting hearing through video conferencing

Updated On: 19 Aug 2023 | 6:01 PM IST

Act promptly or else the tax department could confirm the tax due and impose an additional penalty

Updated On: 31 Jul 2023 | 9:57 PM IST

The social media influencers came under the radar of the I-T department after posting their travel to exotic locations and luxury shopping on social media platforms

Updated On: 29 Jun 2023 | 11:49 AM IST

Chinese smartphone-maker firms have been asked to appoint Indian officials to posts such as chief executive officer, chief operating officer, chief financial officer, and chief technical officer

Updated On: 13 Jun 2023 | 9:21 AM IST