income tax notices

Income tax: Deluge of income tax notices likely this month

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Income tax: Deluge of income tax notices likely this month

A flurry of income tax (I-T) notices loom over the next one month amid fears that many could slip through the tax net.Revenue officials have alerted the central authorities that it would be virtually impossible to reopen old tax returns for some of the past years before September 1, 2024, when the new law on … 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