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Tax Notice Issue
Food and grocery delivery platform Swiggy on Tuesday said it received an assessment order with an additional tax demand of over Rs 158 crore for the period between April 2021 and March 2022. The order has been issued by Deputy Commissioner of Income-tax, Central Circle 1 (1), Bangalore. It relates to alleged contraventions including cancellation charges paid to merchants disallowed under Section 37 of the Income-tax Act 1961 and interest income on income tax refund not being offered to tax. "The Company has received an assessment order for the period April 2021 to March 2022 where an addition of Rs 158,25,80,987 (one hundred and fifty-eight crores twenty five lakhs, eighty thousand nine hundred and eighty seven, only) has been made," Swiggy said in a regulatory filing. The company believes that it has strong arguments against the order and is taking necessary steps to protect its interest through review/appeal, it added. The company said the order has no major adverse impact on it
ICICI Prudential Life Insurance on Friday said it has received a demand notice of Rs 328.41 crore for the assessment year 2023-24. The demand notice has been sent by the Assistant Commissioner of Income-Tax, Maharashtra, ICICI Prudential Life Insurance said in a regulatory filing. The demand notice served on various counts, including shareholders' income taxed as income from other sources and certain marketing and advertising expense considered as inadmissible expenses and hence disallowed, it said. The company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines, it added.
The New Delhi Municipal Council (NDMC) has issued showcause notices to 380 property tax defaulters, warning of strict action, including attachment and account freezing, if their dues remain unpaid. With the financial year 2024-25 nearing close, the NDMC has intensified its tax recovery efforts, identifying 3,200 taxpayers who have defaulted for three consecutive years, the civic body said in a statement. The defaulters have been warned of coercive measures if payments are not made within the stipulated time. "Under NDMC regulations, a 30-day show-cause notice is issued to 380 defaulters, followed by additional reminders. If there is no response or payment, the Council may take action, including property attachment, sealing, or account freezing," said the statement issued on Thursday. The NDMC, which oversees approximately 15,600 properties, aims to collect Rs 1,150 crore in property tax this year. As of mid-February, Rs 807 crore had been collected. The NDMC also announced that th
Revenue Secretary Sanjay Malhotra on Wednesday askedI officers to nab the masterminds behind smuggling rackets, but keep the interest of the economy in mind before issuing high-pitched notices in commercial fraud cases. Addressing the 67th foundation day of the Directorate of Revenue Intelligence (DRI), Malhotra also said it is vital for the department to upgrade skills and manpower to adapt to the technology changes. He urged theI officers to focus energy on big fish and masterminds and bust syndicates in smuggling operations. However, Malhotra added that the officers have to be "very careful" while taking action against traders or businesses involved in potential commercial fraud cases. During 2023-24,I has detected duty evasion through misclassification and misdeclaration of goods, worth Rs 10,000 crore. He said there could be a technical nature of some tax demands and classification disputes rampant across the industry on some goods, which could lead to a very high-pitched dem
Finance Minister Nirmala Sitharaman on Wednesday asked tax officers to use simple language in income tax communications so that notices do not instil fear in the minds of taxpayers. Advising the income tax officers not to take "disproportionate" action and use enforcement measures only, as the last resort, Sitharaman said tax officers should use "power judiciously". "Taxpayers must not be subject to unnecessary harassment," she said, adding that tax authorities should mention the reason for sending tax notice and present their side of the story in a "crystal clear" way. "It would be better if the tax-related communication is simpler in language, becomes devoid of technical words and is not convoluted so that an average taxpayer understands what he/she needs to do or what the notice is about," Sitharaman said at the 165th Income Tax Day celebration here. Stating that tax authorities are not for instilling fear in the minds of people, Sitharaman said the department should collect wha
Mahindra Holidays & Resorts India on Wednesday said tax authorities have slapped a demand notice of about Rs 16.77 crore, including a penalty. "We wish to inform you that the company has received an Order dated August 13, 2024, from the Assistant Commissioner, Anna Salai, Chennai Central, Tamil Nadu," Mahindra Holidays & Resorts India Ltd said in a regulatory filing. The company is taking appropriate steps to pursue legal remedies before the appropriate authority in this regard, it added. "The Company has received an Order from the Authority for FY2019-20 requiring the Company to pay a demand of Rs 16,76,61,092 (including a penalty of Rs 88,81,479) under applicable provisions of the TN GST Act, 2017 & CGST Act, 2017. "The Order has been passed primarily on account of GST on Other Incomes, Reverse Charge Mechanism on Other Expenses, Excess utilisation of ITC, Reversal of ITC on exempt supplies, etc.," Mahindra Holidays & Resorts India Ltd said in the filing. The ...
Tata Motors Ltd on Wednesday said it has received a tax demand of nearly Rs 25 crore, including penalty and interest, from authorities on account of short payment of tax and excess availment of credit. An order was passed on April 30, 2024, by the Sales Tax Officer Class II / AVTO Ward 204, Zone 11, Delhi and it was received on May 1, 2024, by the company confirming demand on account of short payment of tax and excess availment of credit under section 73 of the CGST/ SGST Act, 2017, Tata Motors Ltd said in a regulatory filing. The tax amount is Rs 14,25,68,173 with interest of Rs 9,14,15,704 and penalty of Rs 1,42,56,815. "Company is reviewing the order and will exercise the right to file appeal," Tata Motors said, adding that there is no material impact on financial and operational activities of the company on account of this order.
Sun Pharmaceutical Industries Ltd on Monday said it has received a tax demand of over Rs 1.11 crore from authorities over disallowed input tax credit. The company has received an order from the Joint Commissioner, CGST and Central Excise, passed under the GST Act, raising a demand of Rs 1,11,60,156, imposing a penalty of Rs 11,16,016 and interest as applicable, Sun Pharmaceutical Industries said in a regulatory filing. The reason for the order is disallowed input tax credit on account of inadmissible transitional credit, it added. "There is no material impact on financial, operation or other activities of the company," the filing said.