RECOVERY OF OUTSTANDING TAX
CBIC issues fresh norm for recovery of GST dues The CBIC issues a new guideline for taxpayers to address outstanding dues until the GSTAT is functional. Payments can be made via electronic liability register with an undertaking to avoid recovery proceedings.
12 Jul, 2024, 11.43 PM ISTQ1 tax revenue likely to exceed budgeted growth The government expects tax revenues to exceed budgeted growth in Q1 but will stick to interim budget revenue estimates, considering global headwinds. Gross revenue collections projected at ₹38.30 lakh crore for FY 2024-25, with factors like complian...
16 May, 2024, 12.19 AM ISTSC asks Centre to not use "threat and coercion" in GST recovery operations The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals ti...
08 May, 2024, 08.42 PM IST- ADVERTISEMENT
Recovery of Rs 135 cr from Congress as per provisions of Income Tax Act: Sources The Congress party lost its income tax exemption for the 2018-19 fiscal year due to extensive cash usage in the electoral process, resulting in a Rs 135 crore tax recovery, in accordance with the Income Tax Act. Seized material during search operati...
29 Mar, 2024, 10.10 PM ISTHow India's grand old party was left with bank accounts frozen At a hurriedly convened press conference on February 16, Congress treasurer Ajay Maken said the tax department had frozen the party's main bank accounts on the "flimsy" ground of delay in filing returns years ago. He said the action had left the par...
23 Mar, 2024, 01.42 PM ISTCongress tax case: Delhi HC dismisses party's plea challenging I-T Dept's reassessment proceedings The Delhi High Court rejected Congress' appeals contesting Income Tax Department reassessment for fiscal years 2014-15, 2015-16, and 2016-17. Congress argued these reassessment actions were time-barred, but the court dismissed the pleas, marking a m...
22 Mar, 2024, 02.38 PM ISTDelhi HC set to pass order on Cong's pleas against tax re-assessment proceedings Delhi High Court to rule on Congress party's tax challenge involving over Rs 520 crore 'escaped' income. Justices Varma and Kaurav's decision awaited as lawyer Singhvi contests statutory provision and tribunal refuses stay on Rs 100 crore notice.
22 Mar, 2024, 01.28 PM ISTCongress approaches Delhi HC against tax re-assessment proceedings The Congress party has taken legal action against tax reassessment proceedings by authorities, filing a case in the Delhi High Court. The matter was presented before a bench led by Acting Chief Justice Manmohan, who agreed to hear it the following d...
19 Mar, 2024, 11.58 AM ISTI-T recovers ₹73,500 cr in pending bills The income tax department has recovered ₹73,500 crore of pending dues in the current financial year up to March 15, with corporate tax dues amounting to ₹56,000 crore, personal income tax at ₹16,500 crore, and undisclosed income from foreign assets ...
19 Mar, 2024, 12.52 AM ISTDelhi HC upholds ITAT order in tax demand case involving Congress party The Delhi High Court upheld the Income Tax Appellate Tribunal's order refusing to stay the notice issued by the Income Tax department to the Congress party for recovery of outstanding tax of more than Rs 100 crore. The tax demand stood at Rs 102 cro...
13 Mar, 2024, 03.04 PM ISTCongress moves Delhi HC against ITAT order in relation to imposition of penalty for discrepancies in tax returns The Congress party has filed a petition in the Delhi High Court challenging the ITAT's decision to dismiss their request for a stay on the recovery of outstanding tax for the assessment year 2018-19. The court has scheduled an urgent hearing today f...
11 Mar, 2024, 11.18 AM ISTTax planning after death of a person A legal representative will have to file the income tax return on behalf of the deceased person for that year and then submit the PAN for cancellation.
11 Mar, 2024, 06.30 AM ISTCongress questions I-T taking away Rs 65 crore from its bank accounts when tribunal hears case Congress objects to ₹65 crore recovery by I-T department against ₹115 crore claim. Party questions enforcement of lien before ITAT hearing. BJP's move threatens democracy. Congress hints at legal recourse against ₹210 crore demand. Grassroots effort...
21 Feb, 2024, 11.09 PM ISTIndian businesses fear higher taxes over unsettled dues to small vendors as March 31 deadline inches closer Indian businesses are facing a higher tax outgo due to a new law that requires them to clear outstanding dues to small and micro vendors within 45 days. The law, passed in 2023 and unchanged in the 2024 budget, treats incurred expenditures as income...
04 Feb, 2024, 08.25 PM ISTTech helps I-T department recover Rs 36,000 crore India's income tax department has recovered ₹36,000 crore from outstanding tax demand in the current fiscal, including ₹27,000 crore from corporate tax and ₹9,000 crore from personal income tax. The department expects the recovery to increase furthe...
27 Dec, 2023, 11.51 PM ISTCBIC instructs officials to upload digital summary of tax notices to boost transparency In a significant move towards transparency and efficiency, tax officials are now required to upload detailed summaries of show cause notices or tax demands raised under the Goods and Services Tax (GST). The Central Board of Indirect Taxes and Custom...
30 Nov, 2023, 10.21 AM ISTIf construction is booming, why are consumer staple sales so anaemic? Neelkanth Mishra explains “Some of the trackers that our Axis Capital colleagues who cover consumer track show that FMCG baskets are 30% more expensive than they were three years back and if you have that level of inflation, then obviously,volumes will start getting affected...
30 Nov, 2023, 09.08 AM ISTChina leaves benchmark lending rates unchanged as expected "Economic activity has stabilised and authorities can afford to wait a while before deploying more monetary easing down the road," emerging market analysts at TD Securities said in a research note.
20 Oct, 2023, 09.19 AM ISTHave a policy for bad loan write-offs, focus efforts on recovery: RBI to banks “We would like the bank managements to have a board-approved policy for write-off and also a follow-up to maximise recovery from these accounts for which we are engaging with bank managements,” deputy governor Swaminathan J said.
11 Aug, 2023, 12.54 AM ISTTax appellate tribunal asks CBIC to frame norms for tax recovery in insolvency cases KPMG Tax Partner Abhishek Jain said the insolvency and bankruptcy law in India overrides any other law and stipulates that recovery proceedings including tax recovery cannot be initiated post approval of the resolution plan. This has also been affir...
27 Oct, 2022, 07.28 PM IST