TAXATION


IANS 23 November 2023
InterGlobe Aviation has received orders from the Commissioner of Income Tax Appeals for the Assessment year 2016-17 and 2017-18.   “A demand of Rs 7,396.76 million (AY 2016-17) and Rs 9,270.31 million (AY 2017-18) was raised by the Assessing officer, against which the Company had...

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IANS 22 November 2023
Online food delivery platforms Zomato and Swiggy have received goods and services tax (GST) notices worth Rs500 crore each on delivery charges, media reports said on Wednesday.   Both online food delivery platforms charge some money from customers in the name of delivery...

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Moneylife Digital Team 21 November 2023
While terming the central board of direct taxes (CBDT)’s theory of 'travel back in time' for reopening assessment cases as bad in law, the Delhi High Court (HC) quashed around 50 reassessment orders related to assessment year (AY)16-17 and AY17-18 having income escapement of below Rs50...

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IANS 07 November 2023
The Directorate General of Goods and Services Tax Intelligence (DGGI), Meerut Zonal Unit, has busted a large-scale racket involving fake invoicing to the tune of a whopping Rs 1,481 crore, resulting in passing on of fraudulent input tax credit to the tune of Rs 275 crore.   As many as...

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Moneylife Digital Team 01 November 2023
In a development legal experts call 'unprecedented', a special bench at the income-tax appellate tribunal (ITAT) has called for a 'clarificatory' hearing in an important Cyprus treaty-related case, almost 12 months after reserving the case for orders. Legal experts have termed this as...

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IANS 25 October 2023
The goods and services tax (GST) authorities have issued show-cause notices demanding as much as Rs1 lakh crore from online gaming companies for tax evasion so far, a senior official confirmed on Wednesday.   Last week, Delta Corp received a GST notice for short payment of tax to the...

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IANS 23 October 2023
Congress on Monday slammed the government over the growing economic inequalities citing the income-tax (I-T) returns data saying that the widening gap between the ultra-rich and the middle class under the Modi government is more and more apparent.   In a post on X (formerly Twitter),...

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IANS 19 October 2023
The directorate general of GST intelligence (DGGI) has detected a total of 1,040 fake input tax credit cases involving Rs14,000 crore in the current financial year (2023-24) so far, according to a finance ministry statement issued on Wednesday.   As many as 91 fraudsters have been...

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IANS 19 October 2023
In a massive crackdown, the Income Tax department authorities on Thursday carried out searches at 15 locations in Delhi-NCR and Uttar Pradesh on the premises linked to Yatharth Hospital and its promoters and directors, sources said.   According to sources, about 18 teams of the I-T...

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IANS 18 October 2023
The income-tax (I-T) department has moved the Bombay High Court to challenge an appellate tribunal order in favour of the Life Insurance Corporation (LIC) in two major tax dispute cases involving a cumulative amount of Rs4,993 crore.   The Income Tax Appellate Tribunal had ruled in...

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Paul Kiel (ProPublica) 17 October 2023
This story was originally published by ProPublica.   In a long-awaited development, the largest audit in the history of the Internal Revenue Service (IRS) has finally taken its next step. On last Wednesday, Microsoft announced that the agency had notified the company that it owes...

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IANS 17 October 2023
The Income Tax (I-T) Department has filed an appeal before the Bombay High Court against the order of the I-T Tribunal allowing relief to Mahindra & Mahindra on various disallowances and additions to the tune of Rs 194.73 crore made by the department.   "Income Tax Department has...

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IANS 12 October 2023
The US Internal Revenue Service (IRS) has informed tech giant Microsoft that it owes back taxes of US$28.9bn (billion) along with 'penalties and interest' for the tax years 2004 through 2013.   The IRS sent Microsoft a series of notices of proposed adjustment (NOPAs), sharing for the...

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IANS 05 October 2023
The fitment committee of the goods and services tax (GST) Council, at a meeting held on Wednesday, rejected the industry request for reducing the GST rate on lithium-ion batteries for electric vehicles from 18% to 5%.   According to sources, the reason for not reducing the levy is...

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IANS 04 October 2023
Bajaj Allianz General Insurance Company Limited (BAGIC) has received a show-cause notice from the directorate general of GST intelligence alleging tax demand of Rs1,010 crore.   Bajaj Finserv said that Bajaj Allianz General Insurance Company, an unlisted material subsidiary of the...

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IANS 04 October 2023
Leading carmaker Maruti Suzuki India Limited has received a Draft Assessment Order for Rs 2,159.70 crore from the Income Tax Authority, the company told the BSE on Tuesday.   The draft assessment order dated October 3 is for the financial year 2019-20, the auto major...

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IANS 28 September 2023
In a massive action, Income Tax Department teams on Wednesday carried out searches at premises of Chinese electronics giant Lenovo across India over allegations of tax evasion, sources said.   "Yes, the teams of the IT Department are carrying out searches at premises of Lenovo in...

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IANS 26 September 2023
The Directorate General of GST Intelligence (DGGI) has reportedly issued around 12 pre-show cause notices to online real money gaming (RMG) firms, accusing them of evading approximately Rs 55,000 crore in Goods and Services Tax (GST).   The GST department has issued a notice exceeding...

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IANS 26 September 2023
The income-tax (I-T) department has issued new regulations concerning the valuation of equity and compulsorily convertible preference shares issued by startups to both resident and non-resident investors.   These regulations, effective Monday (25th September), amend Rule 11UA of the...

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IANS 22 September 2023
The Income Tax Department on Friday conducted search operations at Lux Industries premises in Kolkata allegedly in connection with more than Rs 200 crore tax evasion.   A team also reached P.S. Srijan Tech Park in Kolkata.   Sources said search operations were ongoing at the...

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