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According to the latest data released by the income tax department, in the assessment year 2021-22 (FY 2020-21), there were 589 taxpayers who filed returns declaring a gross total income exceeding Rs. 500 crore. Additionally, the data reveals that approximately 2.1 crore taxpayers paid taxes in 2021-22 but did not IT file returns. This represents […]
The introduction of modern online tax payment systems in India has brought about enhanced accessibility, efficiency, and empowerment for both taxpayers and the government in fulfilling their civic duties. This transformation has revolutionized the way taxpayers and governmental bodies interact, simplifying the process of paying taxes and rendering it faster and more secure. In this […]
In a case where, the taxpayer, Roshni Sharma’s PAN card was used by a fraudster to claim exemption. Most interestingly, she has never rented out any property throughout her life. However, during a recent review of the income tax portal, she discovered that her Permanent Account Number (PAN) had been misused by an individual to […]
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 […]
In a noteworthy ruling, the Supreme Court has determined that the Indian Institute of Technology and the National Institute of Technology will fall within the purview of the Mega Service Tax Exemption Notification originally issued by the Department of Revenue in 2012 (subsequently amended and clarified by following notification in 2014). The case centred around […]
The Jharkhand High Court in a recent ruling, overlooked a writ petition filed via a proprietorship firm engaged in civil contract work, contesting the Order-in-Original (OIO) passed by the Additional Commissioner of Central GST & CX, Ranchi. It was noted that the taxpayer had been furnished with numerous opportunities to attend proceedings before the adjudicating […]
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), the Mumbai Bench, in its recent ruling, has recently granted approval to Cleartrip’s claim regarding their expenses on advertising and sales promotion. Cleartrip Private Limited, the assessee, had sustained costs related to advertisement and publicity. The Assessing Officer (AO) contended that since Cleartrip and its subsidiaries were engaged in […]
The tax deducted at source under Section 194C(2) of the Income Tax Act, 1961 does not get levied if there is no contractual or sub-contractual relationship between the joint venture and its constituencies, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer Joint Venture (JV) was created via RAMKY Infrastructure Ltd […]
