Tax Defaulters

The AO came to this conclusion on the basis of the bright line test (BLT) in transfer pricing

The Income Tax department on Monday told the Supreme Court that it will not take any coercive action against the Congress over the tax demand notices of approximately Rs 3,500 crore in view of the Lok Sabha elections. A bench of Justice B V Nagarathna and Justice Augustine George Masih recorded the statement of Solicitor General Tushar Mehta, representing the I-T department, that no precipitative action will be taken in the prevailing circumstances till the final adjudication of the matter. The bench posted the Congress' plea against the tax demand notices for July. At the outset, Mehta said, "I want to make a statement in this matter. The Congress is a political party and since elections are going on, we are not going to take any coercive action against the party." The department is not commenting on the merit of the matter and all rights and contentions should be left open, he said. Senior advocate Abhishek Singhvi, appearing for the Congress appreciated the gesture, terming it

The IRS says it has collected an additional USD 360 million in overdue taxes from delinquent millionaires as the agency's leadership tries to promote the latest work it has done to modernise the agency with Inflation Reduction Act funding that Republicans are threatening to chip away. Leadership from the federal tax collector held a call with reporters on Thursday to give updates on how the agency has used a portion of the tens of billions of dollars allocated to the agency through Democrats' Inflation Reduction Act, signed into law in August 2022. Along with the USD 122 million collected from delinquent millionaires last October, now nearly half a billion dollars in back taxes from rich tax cheats has been recouped, IRS leaders say. The announcement comes as the IRS braces for a more severe round of funding cuts. The agency cuts previously agreed upon by the White House and congressional Republicans in the debt ceiling and budget cuts package passed by Congress last year which ..

ICICI Lombard General Insurance has received a Rs 273.44 crore-tax demand notice from the Directorate General of GST Intelligence with regard to settled motor insurance claims. According to a regulatory filing, ICICI Lombard, on August 8, received a show cause notice, dated July 26, alleging a tax demand of Rs 273,44,50,284 under the GST Act along with interest and penalty. "The matter largely relates to an industry-wide issue on applicability of GST on salvage adjusted and ineligible input tax credit, on motor claims settled. The company has deposited Rs 104,13,18,970 under protest, without accepting any liability in this regard," it said. Further, ICICI Lombard said the company would be filing its response to the show cause notice. Shares of ICICI Lombard General Insurance closed 1.70 per cent lower at Rs 1,391.60 apiece on the BSE on Wednesday.

Is the UK providing refuge to India's absconding financial scamsters?

A total of 49 defaulters owe Rs 107 crore to the Navi Mumbai Municipal Corporation (NMMC) in the form of property tax and the civic body has issued notices to them, an official said

The department said that the action was taken to control tax evasion, to achieve revenue targets and ensure compliance of the provisions of GST laws

The tax department will have to finalise benami cases for FY14, FY15 and FY16 by end of this month