Page 3 - Income-tax Department

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

CBDT introduces self-help tool to provide instant answers to I-T bill 2025

The tool provides a comprehensive mapping of the parts from the old and new tax legislation

Income Tax dept activates section-wise mapping of old I-T Act, new tax bill

Income Tax payers can now match the sections of the I-Tax Act, 1961, with the corresponding clauses in the simplified I-T Bill, 2025, on the tax department portal. Also, Section to Section mapping as per Income Tax Act, 1961 and Section number as per New Income Tax Bill has been uploaded on the I-T department's website. A simplified Income Tax Bill, 2025, was introduced in the Lok Sabha on February 13 by Finance Minister Nirmala Sitharaman. The Bill, once enacted, will replace the 64 years old Income Tax Act which has become bulky over time with its traditional style of drafting and numerous amendments. The simplified Bill has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of Sections is 536, as against 819 effective sections in the existing law. The number of chapters also have been halved to 23 from 47 currently. The Bill has 57 tables, compared to 18 in the existing act, besides formulae which make it easier for a taxpayer to calculate tax liability. I

I-T dept launches calculator for information about new tax regime

Budget 2025 introduced tax exemption for individuals earning up to Rs 12 lakh in a financial year

Net direct tax kitty swells 14.7% to Rs 17.78 trillion till Feb 10

Net direct tax collection grew 14.69 per cent to over Rs 17.78 lakh crore so far this fiscal, government data showed on Tuesday. As per the data released by the Central Board of Direct Taxes (CBDT), mop up from net non-corporate taxes, which include mainly personal income tax, grew 21 per cent year-on-year to about Rs 9.48 lakh crore. Net corporate tax collection rose more than 6 per cent to over Rs 7.78 lakh crore between April 1, 2024, and February 10, 2025. Net collections from securities transaction tax (STT) jumped 65 per cent to Rs 49,201 crore so far this fiscal. Refunds worth more than Rs 4.10 lakh crore were issued during the period, a 42.63 per cent increase against the year-ago period. Gross direct tax mop up till February 10 grew 19.06 per cent to more than Rs 21.88 lakh crore. In the revised estimates (RE) for the current fiscal, the government has pegged income tax collections at Rs 12.57 lakh crore, up from the budget estimate of Rs 11.87 lakh crore. The collectio

I-T dept to assist food ministry in tracing false beneficiaries of PMGKAY

The income tax department will share data with the Food Ministry to weed out ineligible beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY). Under the PMGKAY, free ration is provided to poor families who do not pay income tax. The government has budgeted Rs 2.03 lakh crore towards PMGKAY in FY26, higher than Rs 1.97 lakh crore in the revised estimates for the current fiscal. In an office order, the Central Board of Direct Taxes (CBDT) said the Director General of Income Tax (Systems) will be the authority to furnish information to the Joint Secretary Department of Food and Public Distribution (DFPD) in the Ministry of Consumer Affairs. As per the sharing mechanism, DFPD shall furnish the Aadhaar Number or PAN along with the Assessment Year(s) to DGlT (Systems), New Delhi. If the PAN is provided or the provided Aadhaar is linked with PAN, DGIT (Systems), New Delhi shall furnish the response to DFPD regarding the threshold income as per the I-T department ...

Income Tax dept not an adversarial entity, but participative: CBDT chief

CBDT chairman Ravi Agrawal said the tax administration is committed to 'fostering stability and simplifying business operations' in India

HC pulls up I-T dept for software: Taxpayers can now claim 87A tax rebate

Bombay High Court finds Income Tax Department's restriction on rebate claims for certain income types to be unfair and arbitrary

I-T dept raids IIFL Finance, related entities over alleged tax evasion

In a stock exchange filing, IIFL Finance confirmed the ongoing tax searches and stated that it is fully cooperating with the authorities

CBDT notifies amendments in I-T rules for non-resident cruise ships

The income tax department has notified amendments in I-T rules to prescribe conditions for applicability of presumptive taxation regime for non-resident cruise ship operators. As a measure to promote investment and employment, the government had in the July Budget, provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships. Further, exemption has been provided for any income of a foreign company from lease rentals of cruise ships, received from a related company which operates such ship or ships in India. As per the amendment to I-T Rules, 1962, notified on January 21, the applicability of this presumptive taxation regime is subject to conditions, including that the non-resident, engaged in the business of operation of cruise ships operate a passenger ship having a carrying capacity of more than 200 passengers or length of 75 metres or more, for leisure and recreational purposes and having appropriate dining and cabin facilities fo