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The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has determined that the Fee for Technical Service (FTS) and interest income received from the joint venture Indian company must be taxed by the directive issued by the Tax Deduction at Source Officer, as per Section 195 of the Income Tax Act, 1961. The taxpayer […]
Following investigations into mobile phone manufacturers, laptop companies have come under scrutiny by tax authorities. According to credible sources, both income tax and indirect tax enforcement units are accusing laptop companies of evading taxes. Insiders familiar with the matter have revealed that intelligence agencies, including the Directorate of Revenue Intelligence (DRI), Directorate General of GST […]
According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
An internal assessment by the income tax department reveals that insurance companies and their intermediaries have allegedly evaded approximately ₹30,000 crore in income tax since July 1, 2017, by underreporting income and fabricating expenses. The department has started taking action by issuing tax demand notices to these entities to recover the outstanding amounts, which may […]
The Income Tax Appellate Tribunal (ITAT) Bangalore bench has ruled that no tax is payable on interest earned from fixed deposits subject to the CBI’s restraining order. The bench, comprising Madhumita Roy (Judicial Member) and Chandra Poojari (Accountant Member), has pointed out that the lower authorities made an error by including the interest from fixed […]
The Income Tax Appellate Tribunal (ITAT) in Mumbai has ruled that revenue earned by a British telecom company from an Indian telecom company for providing roaming services to international customers does not qualify as ‘royalty.’ Amit Shukla (Judicial Member) and Gagan Goyal (Accountant Member) of the bench noted that payments to a non-resident company for […]
The income tax department has issued an E-Flyer related to cash transactions with limits. Also, we included repayment of loans, digital payments, etc.
Over 30.75 lakh audit reports had been filed on the e-filing portal by the end of the due date on September 30, 2023. In this also included approximately 29.5 lakh tax audit reports for the assessment year 2023-24. These reports involved tax audit reports (TARs) as well as other audit reports in Form No. 29C, […]
Maruti Suzuki India recently announced that it received a show-cause notice from the GST Authority. This notice outlines a demand for interest and penalty in addition to the appropriate tax already paid, totalling Rs 139.3 crore. The issuance of this notice is related to a tax liability, specifically concerning the reverse charge mechanism applied to […]
