New Delhi: About 90,000 salaried individuals from both public sector undertakings and private sector companies have withdrawn ₹1,070 crore by way of tax deductions based on incorrect claims, as of December 31, 2024, said people familiar with the matter. It came to light following an investigation by the Income Tax Department, which discovered incorrect deductions … Read more
The Supreme Court has agreed to look into the retrospective applicability of a provision in the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015, under which the revenue department can initiate criminal prosecution against businesspeople for violations that were allegedly committed much before the law came into force. A bench led … Read more
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
Photo illustration purpose only. | Photo Credit: The Hindu India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, marginally surpassing the revised estimates for the year, thanks to a surge in personal income taxes whose share of the tax kitty rose to 53.3% from 50.06% in the previous year while … Read more
Mumbai,:The Bombay High Court on Thursday said the tax department should permit companies to modify or make changes to their GSTR-1 forms in case of inadvertent or bonafide mistakes and when the same does not cause any loss to the public exchequer. A division bench of Justices GS Kulkarni and Jitendra Jain in its order … Read more
