In a new twist, insurers and their agents are now grappling with notices under the Benami Transactions (Prohibition) Amendment Act, 2016, following last year’s run-ins with income and service tax authorities. Some marketing intermediaries and agents of insurance companies have reportedly received notices, raising concerns about …
In a recent legal victory, renowned actor D. Sivakarthikeyan has successfully secured a refund of ₹12.60 lakh from the Income Tax department. The resolution comes after a writ petition filed by the actor in 2022 was disposed of by the Madras High Court, which recorded the …
In a significant update on the state of India’s startup ecosystem, a senior official revealed on Monday that a total of 2,975 government-recognized startups have been granted income tax exemptions. The statement, made by Joint Secretary in the Department for Promotion of Industry and Internal Trade …
40 Teams, 250 Officials Deployed in Intensive 6-Day Search on Bhutani Infra, Group 108, Advent, and Logix In a major crackdown on alleged tax evasion, the Income Tax (I-T) department orchestrated ‘Operation Mahakal,’ deploying 40 teams comprising 250 officials to conduct searches at locations associated with …
Government Contemplates Adjustments as Taxpayers’ Shift to Concessional Regime Stalls Government sources, speaking on condition of anonymity, reveal that any further shift of taxpayers to the concessional personal income tax regime might necessitate additional tweaks for increased attractiveness. Options under consideration include a potential increase in …
In a significant development aimed at enhancing the security and convenience for taxpayers, the Income Tax portal has introduced the innovative ‘Authenticate Insight DIN’ feature. This new addition empowers taxpayers to verify communications from the income tax department effectively, providing an added layer of security and …
The Income Tax (IT) department has escalated its scrutiny by sending alerts to approximately 3 million salaried taxpayers, drawing attention to disparities between Tax Deducted at Source (TDS) and refunds claimed in their revised tax returns. This surge in alerts is linked to the establishment of …
Income Tax Department Facilitates Seamless E-Filing: ITR-U Now Available on the Portal for AY 2023-2024 (FY 2022-2023) The Income Tax Department has taken a significant step towards digital convenience by introducing e-filing options for ITR-U on the Income Tax Portal. This development applies to the Assessment …
The Income Tax Department has harnessed the power of data analytics and advanced technology to recover an impressive ₹36,000 crore from outstanding tax demands in the current fiscal year. This includes a substantial ₹27,000 crore from corporate taxes and ₹9,000 crore from personal income taxes, reflecting the …
Section 194-O of the Income-tax Act, 1961 (‘the Act’) provides that an e-commerce operator shall deduct income-tax at the rate of one per cent of the gross amount of sale of goods or provision of service, or both, facilitated through its digital or electronic facility or …
