Tax Department

Got tax refund text? Verify source, don't divulge sensitive information

They sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions

Govt open to resolve $3.9 billion tax dispute with Infosys, says report

Authorities are exploring options to settle with companies including Infosys, which last month got hit by a demand for Rs 32,403 crore ($3.9 billion) in back taxes dating back to 2017

Use simpler language in tax notices, don't instil fear: FM tells officials

Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously". "Taxpayers must not be subject to unnecessary harassment," she said, adding that tax authorities should mention the reason for sending tax notice and present their side of the story in a "crystal clear" way. "It would be better if the tax-related communication is simpler in language, becomes devoid of technical words and is not convoluted so that an average taxpayer understands what he/she needs to do or what the notice is about," Sitharaman said at the 165th Income Tax Day celebration here. Stating that tax authorities are not for instilling fear in the minds of people, Sitharaman said the department should collect wha

Bajaj Finance receives show cause notice for Rs 342 cr GST demand

Bajaj Finance on Monday said it has received a show cause notice for a GST demand of Rs 342 crore. In a filing to the BSE, Bajaj Finance said in the show cause notice (SCN) from the Director General of GST Intelligence (DGGI), Kochi Zonal Unit, the authorities have alleged that the fixed amount of upfront interest collected from customers in B2B business should be considered as fee/service charge and accordingly is liable to GST. "The amount of GST demanded vide above referred SCN is Rs 342 crore (excluding interest and penalty) for the period from July 2017 to March 2024," it said. The DGGI has also proposed an equal amount of penalty and interest till the date of payment of the said tax. The company is in the process of filing a reply against the SCN to substantiate its stand. Shares of Bajaj Finance closed at Rs 6610.30, down 0.13 per cent over the previous close on the BSE.

GST authorities issue Rs 2,000 cr notice to 20 insurers operating in SEZs

An investigation by the Directorate of GST Intelligence (DGGI) found insurers wrongly extending tax exemptions to group medical insurance cover for employees of SEZ units and their families

Income Tax dept begins scrutiny in reassessment cases for AY-2018-19

The scrutiny might result in a raft of tax notices

First draft of revised direct tax code in 6 months: Revenue secretary

Malhotra said that the exercise is not linked to bringing a new Direct Tax Code, but a comprehensive review of the income tax law

Rich state, poor state: Tax devolution by per capita income or population

Tax devolution shares, which threaten to create a north-south divide among states, may have more to do with per capita income, and not so much with population

Sessions court overturns summons to Huawei executives in tax evasion case

The tax department has alleged tax evasion and inflated payments for technical services by Huawei India outside the country

Centre releases additional Rs 73k crore tax devolution to states

Money released for financing social welfare measures and infrastructure development: Finance Ministry

Cash seizures by tax officials rise ahead of elections in five states: CBDT

In the run-up to the assembly elections in five states, the income tax department has seized more unexplained cash as compared to elections held in those states earlier, CBDT chairman Nitin Gupta said on Wednesday. Gupta said that prior to both state assembly and Lok Sabha elections, the enforcement agencies, including the I-T department, increased surveillance and also got information about unexplained cash and jewellery on toll-free numbers created for the purpose. "The states where we are right now in elections we have seized more cash than what was seized in the corresponding time in the state assembly elections or Lok Sabha 2019," Gupta told reporters here. He said pre-election monitoring of unexplained cash and surveillance is very intense and the entire activity is coordinated at the level of the Election Commission and state election authority. According to sources, in poll-bound Rajasthan this year there has been a three-fold increase in the total seizure of illegal cash,

I-T appellate tribunal rules in favour of HDFC Life in Rs 3K cr litigation

In the regulatory filing, the company said that it has received the copy of the order along with relevant details on November 9, 2023

Commercial Taxes dept detects multiple QR code use by hotels to evade tax

The vigilance wing of the Commercial Taxes department unearthed some hoteliers who were using 30 QR codes to suppress actual turnovers and evade taxes. The search operation also led to the detection of Rs 1.47 crore cash from the residence of one of the proprietors. In a statement on Monday, the Commissioner of Commercial Taxes (Karnataka), C Shikha said the Vigilance wing conducted searches in Hoskote, Bengaluru Rural District and successfully unearthed the modus operandi used by some hoteliers wherein suppression of GST turnovers was detected. After conducting multiple surveys and reconnaissance, searches were made by a team of 50 officers at the business premises and residences of such hoteliers who were mainly engaged in supply of biriyani and other non-vegetarian items, she said. "The modus operandi is receiving payments by using numerous UPI accounts (in addition to cash) and constantly changing the UPI accounts, so that the actual turnovers are suppressed and taxes are evade

Tax dept plans to reduce average time taken for issuing refunds to 10 days

Currently, refunds get disbursed in 16 days

CBDT issues draft form for biz to report inventory valuation by accountants

The income tax department has come out with a draft form for various categories of businesses to report valuation of their inventories, including equity and debt securities, livestock or other raw material/by-products, by a cost accountant when asked by a tax officer. Beginning this fiscal, tax officers have been empowered to order for inventory valuation from a cost accountant at any stage of the proceedings pending before him/her. Such valuation can be sought if the tax officer has doubts regarding the correctness of the accounts, multiplicity of transactions in the accounts or specialised nature of business activity. The Central Board of Direct Taxes (CBDT) has now come out with a draft form 6C inviting stakeholder comments by August 31 on the proposed columns for reporting inventories valuation certified by a cost accountant. Nangia Andersen LLP Partner Vishwas Panjiar said in order to protect revenue's interest and to prevent deferral of taxes through undervaluation of inventor

14,277 GST appeals pending against disputed tax demands by authorities

As many as 14,227 appeals against disputed tax demands raised by Central GST authorities are pending as of June 2023, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said the 49th meeting of the GST Council had approved the setting up of GST Appellate Tribunals across the country. "It has been planned to establish the State benches in a phased manner based on the request of states," the Minister said in a written reply in the Lok Sabha. He also gave details of the number of GST appeals against demands by Central GST authorities pending at various levels. During 2023-24 (up to June 2023), 14,227 appeals were pending. The number was gone up from 11,899 pending appeals as of March 2023. Setting up of GST Appellate Tribunal benches in states would help in faster dispute resolution. Currently, taxpayers aggrieved with the ruling of tax authorities are required to move the respective High Courts. The resolution process takes longer time as High Courts a

Sanjay Kumar Agarwal takes charge as CBIC chairman, succeeds Vivek Johri

IRS officer Sanjay Kumar Agarwal has taken charge as the Chairman of the Central Board of Indirect Taxes and Customs (CBIC). "Sh. Sanjay Kumar Agarwal, IRS (C&IT:1988) takes over as Chairman of Central Board of Indirect Taxes and Customs (CBIC) w.e.f August 05, 2023," the CBIC tweeted. Agarwal succeeds Vivek Johri who superannuated as CBIC chief on May 31. In an order issued on August 5, the finance ministry had appointed Agarwal, who was holding charge of CBIC member compliance management, looking into investigations. The CBIC, which deals with policy making in indirect taxes -- GST, customs, excise -- is headed by a chairman and has six members in the board. The board is assisted by principal chief commissioners/chief commissioners and principal director generals/ director generals.

Examine top 30 cases of TDS falling short: CBDT to tax department

Apex body releases interim action plan for the first half of FY24

K'taka HC grants interim relief to Flipkart in Rs 1,100-cr tax demand case

The assessee (Flipkart) argued that the matter was already decided in its favour by the income-tax appellate tribunal (ITAT) Bengaluru on the same issue earlier during assessment year 2015-16

Taxing demands

Unrealistic revenue targets will affect business environment