Page 2 - Income Tax Notice

Infosys jumps 2% on hopes of Rs 6,329 cr tax refund

Over the weekend, Infosys received multiple orders from IT department with regards to tax demands and potential refund.

Zomato gets GST notice of Rs 23.26 cr from Karnataka tax authorities

The company received the tax order for the overutilisation of input tax credit, along with associated interest and penalties

Cong to stage nationwide protest on Rs 1,800 cr Income Tax notice tomorrow

The Income Tax department served a fresh notice of Rs 1,823 crore to the Congress for discrepancies in tax returns for previous years

LIC receives GST demand notice of Rs 39.39 lakh from Gujarat I-T officials

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 39.39 lakh on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received a communication/demand order for interest and penalty from the Additional Commissioner, Central Goods & Service Tax, Gandhinagar on January 3, 2024, LIC said in a regulatory filing. The corporation has filed an appeal against the order demanding GST of Rs 19,64,584 for FY 2017-18 and interest applicable on it along with a penalty of Rs 19,74,584 before the Commissioner (Appeals), Ahmedabad on March 26, 2024, it said.

I-T Dept issues final notice to Shree Cement over Rs 4,000 cr tax liability

The Income Tax Department has claimed a demand of Rs 4,000 crore against cement manufacturer Shree Cement for tax evasion

LIC receives another Income Tax demand notice worth Rs 1,370.60 crore

The state-owned insurer received a demand order worth Rs 1,370.60 crore from the Income Tax authorities in Mumbai

Income Tax Recruitment 2023: Registration opens for 291 MTS, TA posts

Interested applicants can apply online for Income Tax recruitment 2023 for different positions under sports quota through the official website at incometaxmumbai.gov.in

Zydus Lifesciences arm gets Rs 284.58 cr income tax demand notice

Zydus Lifesciences on Tuesday said its arm Zydus Healthcare Ltd has been served an income tax notice demand of Rs 284.58 crore for for the assessment year 2023-2024. Zydus Healthcare Ltd (ZHL), a wholly-owned subsidiary, has received an intimation under section 143(1) of the Income Tax Act, 1961 (IT Act), determining demand of Rs 284.58 crore, Zydus Lifesciences said in a regulatory filing. The intimation is for the assessment year 2023-2024 from the CPC, Income Tax Department, it added. The demand is determined due to "apparent mistakes while processing its return of income", it said. "The company strongly believes that once the rectification will be made, the entire demand will be deleted," Zydus Lifesciences said. ZHL has already disagreed with demand on the e-filing portal of the Income Tax Department. It is also going to file Rectification Application under section 154 of the IT Act, before the CPC as well as before the Jurisdictional Assessing Officer against the said ...

Over Rs 50 cr cash recovered in I-T raids on contractor in K'taka: Official

Income Tax sleuths have recovered more than Rs 50 crore cash during raids on several people including a contractor, his son, a gymnasium instructor and an architect in Karnataka, a highly-placed department official said on Sunday. The raids that started from Thursday at 25 places belonging to two major infrastructure companies expanded to 45 by Saturday evening, the official told PTI, requesting anonymity. Charging them with tax evasion, the I-T Department officials raided their offices at various places including Sahakarnagar and Sanjaynagar. Several documents were confiscated. Followed by the lead obtained from these two firms, I-T officials searched the houses and other places of contractors and various other people. "A total of 45 locations were searched till Friday while ten more places were raided and searched on Saturday. "On Saturday, the third day of the operation, an architect and a gymnasium owner's house was raided from where Rs eight crore in cash was seized. With thi

Delta Corp tanks 15%, hits 52-week low on tax notice of Rs 16,822 crore

Delta Corp said the amounts claimed in the DG Notices are inter alia based on the gross bet value of all games played at the casinos during the relevant period

Income Tax dept operationalises board for Advance Rulings in Delhi, Mumbai

According to the CBDT release, these Boards started functioning through e-mail-based procedures and conducting hearing through video conferencing

Don't agree with a tax notice? You should respond through I-T portal

Act promptly or else the tax department could confirm the tax due and impose an additional penalty

I-T dept issues notices to 15 social media influencers over low tax payment

The social media influencers came under the radar of the I-T department after posting their travel to exotic locations and luxury shopping on social media platforms

Involve Indian firms, officials in your ops: Govt to Chinese smartphone cos

Chinese smartphone-maker firms have been asked to appoint Indian officials to posts such as chief executive officer, chief operating officer, chief financial officer, and chief technical officer

Tax evasion: 89 high-value foreign remittances come under I-T scanner

The Central Board of Direct Taxes (CBDT), the top direct tax body, has directed the officers concerned to initiate verification and send notices to those behind these transactions on March 28

Amazon Web Services served Rs 549 crore income tax demand notice: Report

AWS: The income tax department has reportedly raised the demand for Rs 190.85 crore tax for 2014-15 and Rs 358.27 crore for 2016-17 by invoking Section 147 of the Income-tax Act

Check ITR for discrepancies before responding to notice from tax dept

Respond on time, with expert help if required, to prevent further punitive measures

Rickshaw puller approaches cops after receiving Rs 3-crore IT notice

The rickshaw puller approached the police on Sunday after he received the IT department's notice

Don't forget mandatory disclosures while filing your income-tax returns

Failure to do so might render the ITR (Income-Tax Returns) defective and invite an income tax notice and penalties

Flurry of tax notices puts private companies' directors in a spot of bother

Section 179 of the Income Tax Act imposes vicarious liability on directors to recover tax dues of private firms