HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes. In two separate regulatory filings, the insurer said it has received tax demand orders of over Rs 16.5 crore and Rs 10.5 crore from authorities for alleged short payment of GST and input tax credit claim mismatch.
India's second largest IT services company Infosys has been slapped with a 'pre-show cause' notice for alleged GST evasion to the tune of about Rs 32,403 crore. In a BSE filing, the Bengaluru headquartered IT firm said Karnataka State GST authorities have issued a pre-show cause notice for payment of GST of Rs 32,403 crores for the period July 2017 to March 2022, towards the expenses incurred by overseas branch offices of Infosys Ltd, and added that the company has responded to the pre-show cause notice.
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
With filing possible only online, there is no scope for any error.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Whatever your queries, tax expert Mahesh Padmanabhan will answer them and give you tips on tax planning on Friday, February 2, between 4 pm and 5 pm IST. Join us then
Former Indian Prime Minister Manmohan Singh passed away on Thursday night at the age of 92. He was brought to the emergency department of AIIMS Delhi in critical condition after "sudden loss of consciousness."
It helps in applying for a loan, travelling abroad.
Take these simple precautions and file your taxes online without fear.
The deadline for filing income tax returns is (July 31) fast approaching. While many may be filing returns through their chartered accountant, filing e-returns (electronic returns) is the fastest and more convenient.
The Central Board of Direct Taxes (CBDT) has also has been encouraging people to do so. Sudhir Chandra, chairman, CBDT, recently said, "Filing electronic income tax returns will help you verify your deduction of tax at source on screen and it will also help process your refund speedily, in less than one month."
Yes, if you are planning to apply for a loan or want to claim refund
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
July is the season for filing your tax returns for the previous year. While most tax payers would be engaged in filing their annual tax declarations to their company for the current year, let us not forget about the last duty due for the previous year.
The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Assessees whose tax is deducted at source now can file their returns in the current assessment year without quoting a proposed tax number, UTN, as the government deferred its introduction."Taxpayers filing their income tax returns for assessment year 2009-10 or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN)," the Central Board of Direct Taxes said in a statement issued on Tuesday.
'Ensure that all property-related documents are up-to-date.' 'Relying on outdated documents can create legal complications.'
After the income tax department indicated that the Tamilnad Mercantile Bank (TMB) did not provide the complete details of transactions worth up to Rs 3,610 crore, sources told Business Standard that this was due to a technical glitch. The bank has now submitted all the required documents in the past few days. According to the Income Tax (I-T) department, TMB had not submitted a statement of financial transactions (SFT) pertaining to cash deposits of around Rs 2,700 crore involving more than 10,000 accounts.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The per capita income of Indians as gleaned from income-tax filing is expected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47, coinciding with 100 years of the country's Independence, according to SBI Research. In dollar terms it will increase from about $2,500 in FY23 to $12,400 in FY47. Soumya Kanti Ghosh, group chief economic adviser, State Bank of India, said the weighted mean income was Rs 4.4 lakh in AY14. That rose to Rs 13 lakh in FY23.
'If you miss the deadline, you can still file a belated tax return till March 31, 2021, with a fee under Section 234F, which could be up to Rs 10,000, in addition to an interest under Section 234A and 234B of the Act.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
The study, conducted across 500 corporates and banks in Delhi NCR, Mumbai, Chennai, Bengaluru and Hyderabad, revealed that women in Chennai were the best tax planners with the average tax ratio (percentage of gross salary paid as tax)-at two per cent, closely followed by women in NCR at 3 per cent and Bengaluru at 4 per cent respectively.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
Direct tax expert Vikas M Gandhi offers some valuable tax-saving tips.
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
Trump paid no income taxes at all in 10 of the previous 15 years largely because he reported losing much more money than he made, the report said. The US president immediately dismissed the report as 'totally fake news'.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
If you fall under any of these six categories, you better file your income tax returns on or before July 31, 2014.
Finance Act, 2019 has made it mandatory for certain categories of taxpayers to file their ITR, even though their income may be below the taxable threshold. read on to find the details.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
There has been an unprecedented surge in number of returns being e-filed.
Some important FAQs on who is exempted from filing of income tax returns as provided by Income Tax Department in their web site...
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