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TAX DEPT
Leave encashment tax rules for AY 2026-27: How much exemption salaried employees can claimITR Filing 2026-27: Salaried employees can claim tax exemption on leave encashment at retirement. While government employees enjoy full exe...- GST dept issues tax demand of Rs 124 crore to Spicejet, slaps showcause notice for delay in return filingThe GST department has levied a significant tax demand of Rs 124.65 crore on SpiceJet. This action follows the airline's failure to file Go...
- Gave up tenancy, got new flat in redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT MumbaiA Mumbai tenant successfully challenged a Rs 1.1 crore tax notice. He surrendered tenancy for a new flat in a redeveloped building. The Inc...
- India assured DTAA tax benefits will continue after Supreme Court ruling, Mauritius Cabinet Note saysIndia has assured Mauritius that it will uphold benefits under the Double Taxation Avoidance Agreement. This comes after a Supreme Court ru...
- 'Clarified my statement in Chennai': Mallikarjun Kharge on 'terrorist' remark against PM ModiCongress President Mallikarjun Kharge on Wednesday addressed the ongoing controversy regarding his recent remarks against Prime Minister Na...
- Income Tax dept seeks details from NRIs, offshore firms on unlisted share deals, flags valuation and fund source concernsIndia’s tax department has asked NRIs and offshore entities to justify investments in unlisted shares, seeking details on fund sources and ...
- West Bengal elections: Income Tax Dept raids premises linked to TMC Candidate, Banerjee's proposerWest Bengal Assembly Elections: Income-Tax Department officials raided the residence of Miraj Shah, who proposed Mamata Banerjee's name for...
- CIC flags lack of tracking system for tax evasion complaints, urges GST authorities to improve transparencyThe Central Information Commission has urged GST authorities to implement a system for tracking tax evasion complaints. Currently, complain...
- PhysicsWallah gets tax relief as I-T dept cuts demand; contests residual ask of Rs 193 croreEdtech firm PhysicsWallah has seen its tax demand reduced from Rs 263.3 crore to Rs 192.7 crore following a rectification application. The ...
- Income Tax Dept tightens disclosure norms under presumptive taxation schemeStarting from the assessment year 2026-27, a new mandate will compel taxpayers utilizing the presumptive taxation system to reveal their ba...
- Top 10 winners get Rs 10,000 each: Income Tax Dept organises quiz on Income Tax Act, 2025 with cash prizesThe Income Tax Department is hosting a quiz on the new Income Tax Act, 2025. This initiative aims to boost citizen awareness of the taxatio...
- Income tax dept opposes benefits to Jane Street SingaporeIndia's tax office has challenged treaty benefits claimed by Jane Street's Singapore arm, suspecting ₹8000 crore in escaped income. The dep...
- No loss of income tax refund under new Income Tax Act 2025: Loss can be set-off with tax refund due under old 1961 Income Tax ActTaxpayers can now have their income tax refunds from the old 1961 Act set off against demands under the new 2025 Act, and vice versa. The g...
- Taxpayer deposits Rs 20 lakh in NRE bank account, skips ITR; income tax dept issues notice but he wins in Gujarat High Court for this reasonAn Indian expatriate successfully challenged an income tax notice for Rs 20 lakh deposited in his NRE account. The Gujarat High Court ruled...
- 53% interest to be paid by Income Tax dept to an individual’s tax refund of Rs 6.42 lakh; Delhi High Court orderThe Delhi High Court has ordered the Income Tax Department to pay Mr. Goel Rs 3.55 lakh in interest on a Rs 6.42 lakh tax refund. This sign...
- Over 2 crore ITRs filed on new portal, CBDT urges taxpayers to file FY21 returns quicklyOf the verified ITRs 1 and 4, over 1.06 crore ITRs have been processed and over 36.22 lakh refunds for the assessment year (AY) 2021-22 hav...
- Vodafone retro tax case: All you need to knowIn 2012, Indian govt amended the Income Tax Act retrospectively.
- Nokia tax case: HC defers hearing on plea of Income Tax deptThe Delhi High Court today deferred the hearing to January 20 on the pleas of Income Tax department seeking "directions/clarifications" on ...
- Income tax dept to open 10 overseas I-T unitsThe Income Tax Department has begun opening overseas tax units in countries with low tax.
- Tax officials on month-long strike on outsourcing contract to InfosysAn outsourcing contract to Infosys, has resulted in an unexpected reprieve for those with income to hide.Irked by the contract, officials o...
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