The Supreme Court has rejected the income tax department’s petition seeking review of its March 2021 judgment that held that payments made to non-residents for software purchase can’t be taxed as royalty.The revenue authorities had termed these cross-border payments made to foreign software companies and distributors for the software purchase as royalty. The rationale being … Read more
Two-wheeler maker Hero MotoCorp has received tax demand notice from the Income Tax Department for Rs 308.65 crore and interest thereon for Rs 296.22 crore for six assessment years, the company said in a stock exchange filing on Thursday. The assessment orders and demand notices are for six assessment years including FY14, FY15, FY16, FY17, … Read more
New Delhi: The Income Tax Department has identified some persons and entities whose payment of taxes for financial year 2023-24 is not commensurate with the financial transactions made by them during this period, the Finance Ministry said on Sunday. “Hence, as a part of taxpayer service initiative, the Department is undertaking an e-campaign, which aims … Read more
Congress has objected to the Income-Tax department enforcing its lien and recovering over ₹65 crore from the party’s bank accounts against a total outstanding claim of ₹115 crore. The party leadership asked how the I-T department could enforce the lien on Tuesday, when the Income Tax Appellate Tribunal (ITAT) was set to hear its petition … Read more
New Delhi: The Union Home Ministry has cancelled the Foreign Contribution Regulation Act (FCRA) registration of the Centre for Policy Research (CPR) for alleged violation of laws, a move the public think-tank termed “incomprehensible and disproportionate” and vowed to seek legal recourse against. When the FCRA registration of an organisation is cancelled or suspended, it … Read more
