Tag: Direct tax

Black Money Act: Govt Raises Rs 35,105 Crore in Tax Demands, Recovers Only Rs 338 Crore

The Central Government has raised tax and penalty demands totalling Rs 35,105 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA), but has recovered only Rs 338 crore over nearly a decade, the Finance Ministry informed the Rajya …

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Nagpur Man Slapped with Rs 314 Crore Tax Notice in Rs 560 Crore Hawala Scam Probe

In a bizarre twist of events, Chandrashekhar Kohad, a petty contractor originally from Nagpur and currently living in Multai, Madhya Pradesh, has been served a staggering Rs 314 crore income tax demand – an amount he says he cannot even comprehend. The tax notice stems from …

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Direct Tax Collections Reach Rs 21.27 Lakh Crore in FY 2024-25, Up 13.13% YoY

India’s direct tax collections for the financial year 2024-25 have witnessed a robust year-on-year (YoY) growth of 13.13%, reaching ₹21.26 lakh crore in net collections as of March 16, 2025, according to data from the Tax Information Network Management Information System (TINMIS). Breakdown of Direct Tax Collections Gross Direct …

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Updated List of Banks Enabled for Direct Tax Payments on e-Filing Portal

In a move to streamline tax payments, the Income Tax Department has expanded the list of banks available for tax payments through the e-Pay Tax service on the e-Filing Portal. Currently, 30 banks have been enabled, including both newly onboarded and migrated banks. Key Highlights New Additions: Recent banks …

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State Tax Department Recovers Rs 11.18 Lakh Penalty in Major GST Violation Case

In a major enforcement action, the State Tax Department of Jammu & Kashmir (J&K) has realized a penalty of ₹11,18,068 from a taxpayer for violating Goods and Services Tax (GST) regulations related to the transportation of rigid tubes, pipes, hoses, and fittings made of propylene polymers. Tax Evasion via Fake ITC Detected Acting …

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Bengaluru ITAT Tax Ruling Overturned Due to AI Generated Fake Citations

The increasing use of Artificial Intelligence (AI) in legal and financial research is raising concerns about its reliability, as seen in a recent tax ruling by the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT). The tribunal passed an order in Buckeye Trust vs PCIT-1 Bangalore …

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Direct Tax Code Overhaul Expected in Budget 2025 to Cut Litigation and Simplify Compliance

As the Union Budget 2025 approaches, the CBDT is reportedly focused on introducing a streamlined version of India’s income tax laws. According to sources, this comprehensive review, underway for months, aims to reduce the complexity of the current tax code, primarily by simplifying language and clarifying …

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Banking Liquidity Set to Decline Amid Advance Tax and GST Outflows This Week

The banking system, after enjoying a liquidity surplus for over two months, is expected to move into deficit this week due to advance tax payments and GST outflows, according to market experts. As of Thursday, the liquidity surplus stood at Rs 1.96 trillion, based on data …

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Gross Direct Tax collections for FY 2023-24 register a growth of 18.74%

Net Direct Tax collections for the FY 2023-24 grow at over 19.88% Advance Tax collections for the FY 2023-24 stand at Rs. 9,11,534 crore which shows a growth of 22.31%. Refunds aggregating to Rs. 3,36,808 crore issued in the current fiscal. The provisional figures of Direct Tax …

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BDO Hiring Freshers – CA & B.com

BDO India is hiring CA Freshers, Semi- Qualified CA, BCom Graduates in Tax Technology Team. Important Details : Location :Mumbai – Hybrid Opening date for online Application:06/09/2023 Mode of application :Online Contact : Send the CV to aarushichowatia@bdo.in Following candidates may apply: 1. Semi- Qualified CA / …

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