Tag: Income Tax

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 …

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 …

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 …

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 …