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Larsen & Toubro Ltd Faces Rs 4.68 Crore Penalty by Income Tax Department
04 June 2024 at 08:50In a significant development, the Income Tax Department has levied a penalty of Rs 4,68,91,352 on Larsen & Toubro Ltd (L&T), as revealed in a recent regulatory filing. This penalty stems from tax proceedings related to the now-merged L&T
GSTN Adds Personal Hearing Option for GST DRC-01 Responses on Portal
03 June 2024 at 09:01The Goods and Services Tax Network (GSTN) has enabled a new feature on the GST Portal. Taxpayers can now actively choose 'Yes' or 'No' for a personal hearing while responding to the GST DRC-01 notice.
GST Revenue in May 2024 Hits Rs 1.73 Lakh Crore, Marks 10% YoY Growth
03 June 2024 at 09:01Gross GST revenue collection in May 2024 stands at Rs 1.73 lakh crore; Records 10% y-o-y growth
Income Tax Department Records Massive Seizure of Rs 1100 Crore During Lok Sabha Elections 2024
01 June 2024 at 09:04Income Tax Department has achieved a remarkable feat by seizing a staggering amount of Rs 1100 crore in cash and jewellery during the ongoing Lok Sabha elections, marking a remarkable 182% increase compared to the 2019 elections.
Income Tax Department Unveils MAC Utility for Filing ITR 1 to ITR 4 for AY 2024-25
01 June 2024 at 09:03Income Tax Department has rolled out the much-awaited MAC utility for filing Income-tax Returns (ITRs) 1, 2, 3 and 4 for the AY 2024-25.
ITR-5: Online & Offline Utilities for AY 2024-25 Now Accessible
01 June 2024 at 09:02The Income Tax Department has made the ITR-5 form available for filing for the Assessment Year (AY) 2024-25. Taxpayers can now access both the offline and online utilities to submit their ITR-5 forms.
State Government Employees Protest Against Flawed Tax Deduction System for Opting Old Regime
31 May 2024 at 09:06In a significant demonstration of discontent, over 50 employees of the Tamil Nadu Arasu Uzhiyargal Sangam gathered outside the Department of Treasuries and Accounts office in Saidapet on Wednesday.
GST Scam Worth Rs 1000 Crore Exposed: Two Individuals Arrested
31 May 2024 at 09:03In a major crackdown on GST fraud, two individuals, Umang Darji and Ravi Soni, have been arrested for orchestrating a large-scale fraudulent operation involving fake rubber stamps and bogus GST input tax credits.
FM Sitharaman: Section 43B may be reverted if MSMEs Accept Delayed Payments Over 45 Days
30 May 2024 at 08:46In a significant development for Micro, Small, and Medium Enterprises (MSMEs), Finance Minister Nirmala Sitharaman announced on Tuesday that the government is open to repealing the recent changes to Section 43B of the Income Tax Act.
CBDT Exempts RBI from Higher TDS/TCS Rates for Non-Filing of Income Tax Returns
29 May 2024 at 09:19CBDT has released two significant notifications on May 27, 2024, introducing higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for individuals and entities failing to furnish their Income Tax Returns (ITR).
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