Page 2 - Income Tax Department

From fake exemptions to old dues, CBDT tightens the tax net this year

With a record tax target this year, the CBDT is tightening scrutiny on top taxpayers, fake claims, and old dues while aiming for faster refunds and better taxpayer awareness.

Monitor top advance tax payers, check fake claims: CBDT to I-T dept

The CBDT has directed income-tax officials to "closely" monitor top advance tax payers and identify bogus claims of exemptions and deductions as part of the strategy to improve direct tax collections during the current financial year. Official sources told PTI that the Central Board of Direct Taxes, the policy-making body for the department, had recently issued the central action plan (CAP) for 2025-26 that acts as the guiding light to steer 'key performance areas' for the department vis-a-vis revenue collection work. The Union government has set a target of Rs 25.20 lakh crore for the I-T department under the direct taxes head for the current fiscal, as per the Budget estimates presented in February. The sum consists of Rs 10,82,000 crore under the corporate tax head, Rs 13,60,000 crore under non-corporate taxes that includes personal income tax and others, and Rs 78,000 crore from securities transaction tax (STT). The net direct tax collection for the 2024-25 FY narrowly missed t

I-T department's email on tax returns: How to open PDF, seek rectification

What to do if you find discrepancies in your assessment doesn't match with Income-Tax Department's claim

From Amazon to Google: Global SaaS companies face fresh tax demands

Demands raised for FY22, FY23

Luxury goods above Rs 10 lakh will now attract 1% TCS, says I-T dept

Luxury goods like handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract a 1 per cent Tax Collected at Source (TCS). The income tax department has notified the applicability of TCS at the rate of 1 per cent on sale of specified luxury goods, where the selling price exceeds Rs 10 lakh with effect from April 22, 2025. The TCS provision for luxury goods was introduced via Finance Act, 2024, as part of the Budget presented in July, 2024. The obligation to collect TCS shall be on the seller in respect of the notified goods such as wrist watch, art objects such as paintings, sculptures, and antiques, collectible items including coins and stamps, yachts, helicopters, luxury handbags, sunglasses, footwear, high-end sportswear and equipment, home theatre systems, and horses intended for racing or polo. Nangia Andersen LLP Tax Partner Sandeep Jhunjhunwala, said this notification operationalises the government's intent to enhance monitoring of high-value ..

ICICI Prudential Life receives ₹3.67 crore tax order from GST authorities

ICICI Prudential Life Insurance on Friday said it has received an order from GST Commissioner (Appeals) upholding tax demand of about Rs 3.67 crore. On July 2, 2024, Central Goods and Service Tax (CGST) authorities in Mumbai had passed an order in this regard. The order denied part of service tax credit, which the company migrated to the GST regime in the 2017-2018 fiscal year, when GST was launched. Subsequently, the company had filed an appeal before the Commissioner (Appeals). In a regulatory filing, ICICI Prudential said "the company has received an order from the Commissioner of CGST & Central Excise (Appeals), Mumbai, on April 17 upholding the tax demand". The order includes GST liability of over Rs 1.83 crore and penalty of an equal amount. "The company shall file an appeal against the said order before appropriate authority," ICICI Prudential Life said.

Centre appoints four senior IRS officers as members of CBDT board

The Appointments Committee of the Cabinet has approved the appointment of four senior Indian Revenue Service (IRS) officers as Members of the Central Board of Direct Taxes (CBDT), according to an official order issued yesterday.The newly appointed Members include Pankaj Kumar Mishra, who was serving as Member (Finance) of the Atomic Energy Commission, and Sanjay Bahadur, who held the position of Principal Director General of Income Tax (Training) in Delhi. L. Rajasekhar Reddy, who was the Principal Chief Commissioner of Income Tax (TDS) for Chennai, Tamil Nadu & Puducherry Regions and Ms. G. Aparna Rao, who was functioning as the Principal Chief Commissioner of Income Tax-1 for Bengaluru, Karnataka & Goa Regions, were also appointed as Members of the CBDT.All four appointees belong to the 1989 batch of the Indian Revenue Service (Income Tax).The appointments fill the vacant positions in the CBDT, which is the apex body responsible for administering direct tax laws in ...

Yes Bank gets ₹244.2 crore tax demand notice for AY 2016-17 from I-T dept

Yes Bank on Wednesday said it has received a demand notice of Rs 244.20 crore for assessment year 2016-17. The reassessment order considered the income reported in the return of income instead of assessed income, for computing the reassessed income and tax thereon, Yes Bank said in a regulatory filing. Towards this, on April 15, 2025, the Jurisdictional Assessing Officer (JAO), passed the rectification order rectifying the mistake and recomputed the tax demand, it said. "The said rectification order read with Computation Sheet and Notice of Demand has however resulted into additional tax demand of Rs 244.20 crore...has been recomputed significantly upwards, without any cogent reasons," it said. Against this order, the bank would file rectification application with JAO on an immediate basis as the demand appears to be unsubstantiated, and further, the bank would pursue all other available remedies, including filing an appeal, it said.

Fake invoices: I-T dept reopening hundreds of old assessment cases

Businesses that may have claimed fake purchases in taxman's crosshairs

Govt sets April 30 deadline for filing declarations under Vivad se Vishwas

The scheme offers taxpayers the opportunity to settle disputed tax demands by paying the full disputed amount while availing a waiver on interest and penalties

Swiggy receives ₹158 crore tax demand notice; plans to challenge order

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

Bosch receives over Rs 20 crore tax demand notice from Income Tax dept

In a regulatory filing, Bosch said the delay in paying the tax 'is inadvertent and is swiftly reported, once it was brought to the notice'

Income Tax dept imposes Rs 944 crore penalty on IndiGo for AY2021-22

IndiGo mentioned that it strongly believes that the order passed by the Income Tax Department is not in accordance with law and is erroneous and frivolous

I-T dept imposes Rs 944 cr penalty on IndiGo, airline to contest order

The Income Tax Department has slapped a penalty of Rs 944.20 crore on IndiGo, which said it will contest the order that is "erroneous and frivolous". The order was received by InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Saturday. In a regulatory filing on Sunday, IndiGo said the Assessment Unit of the Income Tax Department (Income Tax Authority) has passed an order imposing Rs 944.20 crore penalty for assessment year 2021-22. "The order has been passed on the basis of an erroneous understanding that appeal filed by the company before the Commissioner of Income Tax (Appeals) (CIT(A)) against the assessment order under Section 143(3) has been dismissed, whereas the same is still alive and pending adjudication," it said. According to the filing, the company strongly believes that the order passed by Income Tax Authority is not in accordance with law and is erroneous and frivolous. The company will contest the same and shall take appropriate legal remed

Yes Bank gets demand notice of Rs 2,209 crore from I-T dept for AY20

Yes Bank on Saturday said it has received a demand notice of Rs 2,209 crore for the assessment year 2019-20. The said assessment year was reopened by the income-tax department in April 2023, Yes Bank said in a regulatory filing. The reassessment order was passed by the National Faceless Assessment Unit of the income-tax department on March 28, wherein no additional disallowances or additions were made, that is, the grounds on which the reassessment proceedings were initiated have been dropped, it said. Thus, the total income that was assessed in the original assessment order passed under section 144 of the Income Tax Act has remained unchanged in the reassessment order and consequently, no demand should have been raised against the bank, it said. However, it said, despite this, the computation sheet and the Notice of Demand issued under section 156 of the Act, of even date, have raised an income-tax demand amounting to Rs 2,209.17 crore, including interest of Rs 243.02 crore, which

ICICI Pru Life Insurance gets Rs 328 cr tax demand notice for FY24

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.

I-T dept offices to stay open March 29-31 for year-end tax filings: CBDT

Income tax department offices across the country will remain open on March 29 to March 31 to facilitate taxpayers in completing pending tax-related business for the fiscal year. The ongoing financial year 2024-25 ends on March 31. The Income tax department offices across the country will remain open despite the weekend and Eid-al-Fitr which may fall on Monday. In an order, the Central Board of Direct Taxes (CBDT) said "to facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March, 2025." March 31, 2025, being the last day of the current financial year, all government payments and settlements pertaining to the fiscal have to be completed by that day. March 31, is also the last date for filing updated ITRs for AY 2023-24. A similar directive was issued by the Reserve Bank of India (RBI) for banks dealing with government business to remain open on March 31, for the convenience of taxpayers. In order

Tax departments withdrew 6,599 appeals from tribunals, courts: Govt

The tax departments have withdrawn 6,599 appeals filed before tribunals, High Courts and the Supreme Court following enhancement of monetary limits for filing such cases, Parliament was informed on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said CBDT has enhanced monetary limit for filing appeals by Income Tax Department before the Income Tax Appellate Tribunal (ITAT), High Courts and the Supreme Court to Rs 60 lakh, Rs 2 crore and Rs 5 crore, respectively. The Central Board of Direct Taxes (CBDT) has identified 4,951 appeals for withdrawal from ITAT, High Courts and the apex court. Similarly, following revised monetary limit, the Customs and the Central Excise & Service Tax departments have withdrawn 477 and 1,171 appeals, respectively. In case of Central Excise and Service Tax, the government has set monetary limit for filing appeals by departmental officers before Customs Excise & Service Tax Appellate Tribunal .

New India Assurance gets Rs 124.98 cr demand notice from Income Tax dept

Public sector general insurer New India Assurance on Thursday said it has received a Rs 124.98 crore demand notice from the Income Tax Department. The company received an order on March 19, 2025, from the National Faceless Assessment Centre, Income Tax Department, levying a penalty of Rs 1,24,98,58,050 for disallowance of payment made to auto dealers for the assessment year 2016-17, New India Assurance Company said in a regulatory filing. The amount would be shown as a contingent liability in the financial statements of the company, it said. Based on the merits of the matter, the company would pursue an appeal before the National Faceless Appeal Centre (NFAC) or other legal options against the order, it said.

Tax department probes unlisted share transactions, tax evasion in OFS sales

I-T department's investigation wing has issued multiple notices to investors seeking details on how they determined the acquisition cost of unlisted shares and calculated capital gains