The Directorate General of Goods and Services Tax Intelligence (DGGI) has launched a sweeping investigation into suspected tax evasion amounting to approximately ₹850 crore by major commercial tutoring institutions for the fiscal years 2020-21 and 2021-22. This probe, initiated in January 2023, aims to uncover discrepancies …
The Income Tax Department is set to send demand notices totaling Rs 25,000 crore to several insurance companies by the end of March. According to a senior government official, this move comes as part of a reassessment of taxes paid by these companies for the period …
The Income Tax Department in India, under the leadership of Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), is gearing up to issue notices to individuals who have failed to file tax returns despite having taxes deducted at the source from their incomes. …
In a shocking development, the Anti-Corruption Bureau (ACB) of Maharashtra has initiated legal proceedings against an Assistant Commissioner of the State GST department, along with other officers, for allegedly soliciting a massive bribe of Rs 1 crore. The case, which surfaced on Tuesday, has rattled the …
Commercial Tax Officials Nab Managing Director for Massive GST Irregularities In a major crackdown on financial malpractices, commercial tax officials have arrested Rajkumar Rekhya Roopsing Nayak, the managing director of Sri Kavya Mining Infrastructures Private Limited. The arrest is linked to alleged Goods and Services Tax …
Robust Growth in Tax Returns and Collections Signals Success of New Income Tax Regime The government’s efforts to enhance tax collections, broaden the tax base, and increase taxpayer compliance appear to be gaining momentum with the implementation of the new income tax (IT) regime in the …
The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 55/2023 – Central Tax dated December 20, 2023, announcing an extension for the filing of FORM GSTR-3B for November 2023. The extended deadline until December 27, 2023, is applicable exclusively to registered individuals …
Robust Growth in Advance Tax Collection Signals Economic Resilience In a significant development, the advance tax collection for direct taxes has demonstrated an impressive surge, marking a substantial 19.76% growth compared to the previous year. The data for December 2023 showcases a noteworthy collection of Rs 6,24,329 …
Survey Reveals Tax Regime Preferences Among Indians, Unveiling Gender Disparities and Investment Trends A recent survey conducted by PB Fintech, the parent company of Policybazaar, sheds light on the tax regime preferences of Indians, revealing intriguing insights into the financial choices made by over 1,200 respondents …
According to a report officials have prepared a detailed list of entities and their beneficiaries that allegedly created multiple shell firms to represent fake transactions and the tax authorities will target such entities during the next two months. Tax authorities are planning stricter actions on companies that …
