TAXATION


IANS 26 February 2024
Eligible industries and commercial units in Mumbai's redeveloped Dharavi will be entitled to enjoy several benefits, including a refund of state goods & services tax (SGST) for five years, the Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture (JV) of Maharashtra and Adani group...

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IANS 26 February 2024
Shree Cement has received an assessment order against the demand of Rs261.88 crore from the income-tax (I-T) department.   The company has received assessment order on 24th February passed under Section 143(3) of Income-tax Act, 1961, pertaining to AY2021- 22, wherein certain...

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Moneylife Digital Team 23 February 2024
The Central Board of Direct Taxes (CBDT), in an order last week, has asked the directorate of income-tax (DIT) (systems) and central processing centre (CPC) to implement, preferably within two months, remission and extinguishment of 'small demands' outstanding as of 31 January 2024. The order...

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Moneylife Digital Team 14 February 2024
The income-tax (I-T) department is learnt to have prepared an assessment report on how insurers used a string of intermediaries to pay off extra commission—over and above allowed under regulations—to their agents selling insurance policies, says a report. The I-T department estimates the...

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Little context is needed for an article on tax collection with the presentation of the pre-election Union Budget just three days away.   Yet, the two proximate triggers to write this are the release of the latest data on tax collection for the year 2022-23 by the central board of...

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Moneylife Digital Team 01 February 2024
While keeping direct and indirect tax rates unchanged, Union finance minister (FM) Nirmala Sitharaman has provided some relief for taxpayers from income-tax (I-T) demand notices. She says demand notices of up to Rs25,000 and Rs10,000 from financial year (FY)09-10 and for FY10-11 to FY14-15,...

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Moneylife Digital Team 29 January 2024
The Maharashtra government has announced an Abhay Yojana (amnesty scheme) for the penalty that can be levied for insufficient or non-payment of stamp duty. This scheme is a periodic government initiative to provide relief to individuals and entities by granting a waiver on unpaid or deficient...

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IANS 23 January 2024
The government has raised the import duty on gold and silver findings as well as coins of precious metals to 15%, from 10% at present, with effect from 22nd January.   Findings are items like hooks and clips which are components used for making jewellery. The step has been taken to...

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Last Tuesday, the shares of Polycab, which had a market-capitalisation of Rs80,000 crore and sales of over Rs16,000 crore, slumped 9% on the news of income-tax (I-T) searches at its offices for alleged tax evasion. The stock stabilised for a day and then collapsed 21% on Thursday when the I-T...

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IANS 17 January 2024
HSBC has filed a contempt of court case against the Central government, alleging non-compliance with the Bombay High Court's ruling concerning a service tax refund.   The Bombay High Court had earlier ruled in favour of HSBC in a service tax dispute and asked the tax department to...

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Moneylife Digital Team/ IANS 12 January 2024
Life Insurance Corporation of India (LIC) has received orders for Rs4,899.35 crore from Income Tax (I-T) authorities regarding tax demand issued by the assistant commissioner of I-T, Mumbai. So far, LIC has received tax demand notices worth Rs4,899.35 for assessment years (AYs)11-12 to...

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IANS 05 January 2024
NTPC has received demand orders from GST authorities in seven states to pay up tax, interest, and penalty adding up to a total of Rs 100.80 crore.   The states from which the tax demand has come include Delhi, Uttar Pradesh, Andhra Pradesh, Bihar, Chhattisgarh, Maharashtra and...

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Moneylife Digital Team 04 January 2024
After receiving a demand notice for Rs806.3 crore from Maharashtra and Rs116 crore from Telangana, Life Insurance Corporation of India (LIC) says it received another set of notices from Tamil Nadu, Uttarakhand and Gujarat of about Rs663.45 crore for a shortfall in goods and services tax...

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IANS 02 January 2024
The Life Insurance Corporation of India (LIC) has received a demand order for collection of GST (goods and services tax) along with interest and penalty for the state of Maharashtra to the tune of Rs806 crore.   LIC received the GST notice of Rs806.3 crore from the deputy commissioner...

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IANS 02 January 2024
Hindustan Unilever (HUL) has made a disclosure regarding the orders passed by deputy commissioner of commercial tax officer, Bengaluru, additional commissioner, central tax and central excise, Kochi commissionerate, joint commissioner, CGST and central excise, Mumbai east commissionerate and...

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Moneylife Digital Team 28 December 2023
While taxpayers are worried over a communication received from the income-tax (I-T) department about the mismatch in I-T returns (ITRs), tax deducted at source (TDS) and tax collected at source (TCS), the department clarified that these are not notices but only an advisory. However, since the...

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IANS 28 December 2023
Zomato shares were trading more than 4% down on Thursday morning after it received Rs 400 crore show-cause notice from the goods and services tax (GST) authorities over unpaid dues collected as 'delivery charges'.   The directorate general of GST intelligence (DGGI) last month issued...

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IANS 19 December 2023
The enforcement directorate (ED) said on Monday that it carried out searches at several locations in Delhi, Haryana, Chhattisgarh and Maharashtra in connection with a money laundering case involving SVOGL Oil and Gas Energy Ltd, and Max Tech Oil and Gas Services Pvt Ltd, and found evidence...

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IANS 06 December 2023
The government has detected goods and services tax (GST) evasion to the tune of Rs1.51 lakh crore between April to October in the current financial year (2023-24), according to data tabled by the Finance Ministry in Parliament on Tuesday.   The highest tax evasion of Rs84, 400 crore...

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Moneylife Digital Team 28 November 2023
The income tax (I-T) department has provided taxpayers a facility to discard income tax returns (ITRs) that are unverified or are pending verification. This facility will allow taxpayers to file a new ITR instead of rectifying omissions and errors. Taxpayers can avail of this option only from...

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