Insurers under IT scanner, likely to receive tax notices worth ₹25,000 crore
10 months, 2 weeks ago

Insurers under IT scanner, likely to receive tax notices worth ₹25,000 crore

Live Mint  

Multiple insurance companies are expected to come under the Income Tax department's scanner for paying higher commissions to intermediaries and claiming higher deductions. All the income tax notices will be sent to the insurance companies which paid extra commission during the period, by March this year. Discrepancies emerged after multiple insurance companies paid extra commissions to agents and intermediaries over and above the limit fixed by the Insurance Regulatory and Development Authority of India. Last year, life and general insurance companies like Aditya Birla Sun Life Insurance, and Bajaj Allianz received show-cause notices for alleged evasion of GST of ₹2,400 crore.

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History of this topic

UIDAI income exempted from I-T for five years
4 months, 1 week ago

UIDAI income exempted from I-T for five years

Deccan Chronicle  

New Delhi: The finance ministry has exempted the income of Unique Identification Authority of India from payment of income tax for five years till fiscal 2027-28. The UIDAI is a statutory authority established under the provisions of the Aadhaar Act, 2016, to ensure compliance with Aadhaar Act, and make regulations & rules consistent with the Act. Accordingly, grants/subsidies received from …

Income tax alert: Taxpayers must complete this process now
2 years, 9 months ago

Income tax alert: Taxpayers must complete this process now

India Today  

The income tax department has issued a reminder to taxpayers. Failure to comply with the notice may result in Best Judgment assessment based on material on record," the tax department tweeted. — Income Tax India March 9, 2022 Central Board of Direct Taxes issued refunds of more than Rs. 1,83,579 crore to more than 2.09 crore taxpayers, Income Tax India …

CBDT issues refunds of over ₹1,29,190 cr to nearly 4 mn taxpayers since April
4 years, 1 month ago

CBDT issues refunds of over ₹1,29,190 cr to nearly 4 mn taxpayers since April

Live Mint  

New Delhi: The Central Board of Direct Taxes on Wednesday said it has so far issued over ₹1,29,190 crore in refunds to over 39.49 lakh taxpayers from April till November 3. As per the I-T Department, income tax refunds of ₹34,820 crore have been issued in connection with 37,55,428 cases and corporate tax refunds of ₹94,370 crore have been issued …

CBDT issues over ₹98,625 crore to 26.2 lakh taxpayers since April
4 years, 3 months ago

CBDT issues over ₹98,625 crore to 26.2 lakh taxpayers since April

Live Mint  

The Central Board of Direct Taxes has issued refunds of over ₹98,625 crore to more than 26.2 lakh taxpayers between April 1 to September 1, 2020, said the Income Tax Department in a statement on Wednesday. The CBDT earlier said the income tax authorities can share information with scheduled commercial banks, a move that would ease the lenders’ hassle of …

Compute tax demand for all assessees by Aug 31, dispose of pending appeals: CBDT chief to taxmen
4 years, 4 months ago

Compute tax demand for all assessees by Aug 31, dispose of pending appeals: CBDT chief to taxmen

The Hindu  

With tepid collections proving to be a challenge in meeting tax revenue goals, CBDT Chairman P.C. In a letter to Principal Chief Commissioners of Income Tax, Mr. Mody said that many taxpayers are waiting to file applications under ‘Vivad Se Vishwas’ scheme, but they are also waiting for correct demand to be intimated to them. of cleaning up of the …

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