Search results for: Income Tax Act

According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]

The Bombay High Court has cancelled a notice of income tax asking for a reopening of the assessment on the wrong facts. The applicant, Arvind Sahdeo Gupta. The challenge seeks in the writ petition is to the notice issued via the Income Tax Officer Ward under Section 148 of the Income Tax Act, 1961. An […]

The Calcutta High Court has rejected the appeal submitted by the Income Tax Department concerning low tax effects. A two-member bench comprising Chief Justice T.S. Sivagnanam and Justice Ajay Kumar Gupta has noted that the aggregate tax was below Rs. 1 crore, which the Central Board of Direct Taxes (CBDT) sets the threshold limit. The […]

Many employees practice moonlighting for earning some extra money while working with their current organisation. They have been sent notices by the Income Tax Department as they are earning more than their regular salary and were not disclosing the income in tax returns. Among these notices, most of them were related to the financial years […]

If you receive a message showing that your income tax refund has been approved, whether it be for Rs. 15,490 or any other sum, and it asks to update or verify your bank account in order to collect the refund, ignore it as a fraud and refrain from replying. A large number of taxpayers are […]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench has permitted an income tax deduction for interest acquired from higher compensation for the forceful acquisition of agricultural land. The single-member bench chaired by C.M. Garg noted that the assessee’s interest in enhanced compensation received under Section 28 of the Land Acquisition Act, as part of the […]

The Income Tax Department is employing Artificial Intelligence (AI) to detect and identify suspected taxpayers. The AI will assist in catching fraudsters who have claimed deductions for house rent and housing loan interest rates. As per some reports, most of the discrepancies in Income tax returns are found relating to home loans and house rent. […]

Approx 70% of taxpayers who filed income tax returns in FY23 reported zero tax liability, Finance Minister Nirmala Sitharaman presented the data to the Parliament in writing in response to a question. According to the data, 74 million people submitted income tax returns in FY23, while 51.6 million declared zero tax liability. This accounts for […]