Income Tax News

Supreme Court Disposes 573 Direct Tax Cases Following Revised Monetary Appeal Limits

25 September 2024 at 08:59

Hon'ble Supreme Court disposed off 573 direct tax cases in view of the revised monetary limit of filing of appeals

Posted in Income Tax | 1929 Views

NCLAT Dismisses Rs 6.10 Crore Tax Claim Against Reliance Communications Post Insolvency Process

24 September 2024 at 08:55

The NCLAT has dismissed a Rs 6.10 crore tax claim against Reliance Communications (RCom) made by the tax department, citing the claim was filed after the initiation of the insolvency resolution process.

Posted in Income Tax | 1 comments | 2142 Views

Netflix India Under Investigation for Alleged Visa Violations, Tax Evasion and Racial Discrimination

24 September 2024 at 08:53

Netflix India is facing an investigation by the Indian government over alleged visa violations, tax evasion, and racial discrimination. The probe adds to growing scrutiny of the streaming giant in its crucial market.

Posted in Income Tax | 1758 Views

Vivad Se Vishwas 2.0: Lower Settlement for Declarations Filed by 31st December

23 September 2024 at 09:07

The Income Tax Department has officially notified the Vivad Se Vishwas Scheme 2.0, aimed at providing a mechanism for settling pending income tax disputes with reduced settlement amounts for those who file declarations before December 31, 2024.

Posted in Income Tax | 3534 Views

Loss-Making MNCs Must Pay Tax on India Setups: Delhi HC

23 September 2024 at 09:02

In a significant ruling that could reshape tax obligations for MNCs in India, the Delhi High Court has mandated that MNCs with a presence in the country, whether through liaison offices, subsidiaries, or fixed setups, must pay taxes

Posted in Income Tax | 756 Views

CBDT Notifies Rules and Forms for Direct Tax Vivad Se Vishwas Scheme, 2024

21 September 2024 at 07:00

The Central Government has officially announced the Direct Tax Vivad se Vishwas Rules, 2024, through G.S.R. 584(E) in alignment with the Finance (No. 2) Act, 2024.

Posted in Income Tax | 3285 Views

Direct Tax Vivad Se Vishwas Scheme 2024 Set to Launch on 1st October 2024

20 September 2024 at 09:22

The Finance Ministry has announced the launch of the second edition of the Direct Tax Vivad Se Vishwas Scheme 2024 (VSV 2.0), effective October 1, 2024.

Posted in Income Tax | 1 comments | 6303 Views

Zydus Wellness Subsidiary Hit with Rs 10.51 Million Tax Demand in Bihar, Stock Prices Decline

20 September 2024 at 09:18

Zydus Wellness Limited announced that its wholly-owned subsidiary, Zydus Wellness Products Limited (ZWPL), has received a tax demand of ₹10.51 million from Bihar state tax authorities.

Posted in Income Tax | 474 Views

Finance Ministry Fast-Tracks Income Tax Act Review, Targets January 2025 Deadline

20 September 2024 at 09:12

The Finance Ministry is accelerating efforts to review and simplify the Income Tax Act, 1961, with a target completion date of January 2025, ahead of the Union Budget in February, sources familiar with the matter revealed.

Posted in Income Tax | 3120 Views

Indian Overseas Bank Receives Rs 123.87 Crore Income Tax Refund for AY 2021-22

20 September 2024 at 09:08

In a significant financial development, public sector lender Indian Overseas Bank (IOB) announced on Thursday, September 19, that it has received an order from the Income Tax Department confirming a refund of ₹123.87 crore.

Posted in Income Tax | 696 Views