Income Tax (I-T) department

Supreme Court questions Delhi HC order on sending Congress back to ITAT

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Supreme Court questions Delhi HC order on sending Congress back to ITAT

The Income-Tax (I-T) department on Tuesday informed the Supreme Court that it has recovered outstanding taxes from the Congress. The I-T department had issued a demand notice to the Congress for recovery of nearly ₹105 crore as outstanding taxes. The development took place during the resumed hearing of a plea filed by Congress against a … Read more

HNI investors in offshore ‘blank cheque’ companies receive income tax notices

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HNI investors in offshore ‘blank cheque’ companies receive income tax notices

Well-heeled Indians betting on ‘blank cheque’ firms — the Wall Street term for special purpose acquisition companies or SPACs — have started receiving notices from the tax department. On the back of a raft of information shared by Bermuda, which like Cayman Islands, is a preferred jurisdiction for incorporating SPACs, the Income Tax (I-T) department … Read more