TAX EVASION NOTICES
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24 (AY 2024-25)? ITR-2 can be filed using the Excel or Java utilities provided by the income tax department, or online directly through the e-filing portal. This guide outlines the most effective way to file ITR-2 online, including examples of reporting salary, capi...
05 Jul, 2024, 12.42 PM ISTGST Council likely to deliberate on online gaming tax, Par panel recommendation on fertiliser The GST Council is set to discuss various issues in its upcoming meeting, including taxation on online gaming and the recommendation to lower tax on fertilisers by the Parliamentary standing committee. The current GST rate on fertilisers is 5%, whil...
21 Jun, 2024, 09.08 PM ISTLaw committee recommends amendment to CGST law to quash retro tax notice The recommendation, if approved by the council may give relief to a large number of industries including online gaming industry, which was seeking relief from retrospective tax notice. The recommendation may be placed before the GST council and once...
19 Jun, 2024, 01.12 AM IST
Retro tax demand on online gaming companies may be quashed As per the recommendation tax notices in cases where the lower tax was paid due to interpretation of law or lack of clarity can be quashed, people familiar with the development said. The law committee has suggested amendment to the Central Goods and...
19 Jun, 2024, 12.40 AM ISTDuty evasion up to Rs 1 crore may not lead to jail term India proposes to decriminalise provisions in the central excise law, aiming to remove imprisonment for minor duty evasions and reduce penalties. The proposed Central Excise Bill 2024 seeks to modernise provisions, align with GST laws, govern taxati...
17 Jun, 2024, 12.03 AM ISTIATA boss warns foreign airlines may quit India if taxation issues are not sorted The chief of the International Air Transport Association (IATA), Wille Walsh, warned that airlines may withdraw from the Indian market if concerns over taxation are not addressed. Several global airline groups including Emirates, British Airways, Lu...
04 Jun, 2024, 05.50 PM ISTMandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria...
23 May, 2024, 04.30 PM ISTDGGI launches probe into 'tax evasion' worth Rs 18k cr by agricultural brokerage houses During a sector-wise analysis of GST data, the DGGI detected evasion by 58 brokerages, engaged in procurement of crops from farmers for businesses and government agencies, and in processing and packaging for exports, said officials. Some of these br...
02 May, 2024, 12.30 AM ISTTax evasion of Rs 730 cr by TMT bar makers detected All iron and steel items are subject to 18% GST. The Meerut unit of DGGI had received intelligence that several TMT bar makers were filing documents on behalf of non-existent companies naming them as suppliers and claiming input tax credit. The offi...
04 Apr, 2024, 12.32 AM ISTReal estate cos approach FinMin over GST notices Authorities had also sent out notices for non-payment of tax on corporate guarantees provided by flagship companies to their subsidiaries, which attracts 18% GST.
06 Mar, 2024, 01.20 PM ISTCoaching centres face DGGI probe for tax evasion DGGI is probing potential tax evasion of ₹850 crore by large coaching centres in 2020-21 and 2021-22. Officials suggest misdeclaration of enrolments and non-payment of tax after collection. The investigation, initiated in January 2023, targets numer...
22 Feb, 2024, 12.21 AM ISTInsurers' intermediaries get I-T notices under benami law over alleged fund routing violations Over the past one week, some companies acting as agents and marketing intermediaries of insurance companies have received notices under the Benami Transactions (Prohibition) Amendment Act, 2016, for allegedly routing funds to sidestep regulations.
22 Jan, 2024, 09.09 AM ISTSC seeks response from taxman on ₹1L cr notices to e-gaming cos The show-cause notices were issued after the government clarified that all online games involving betting and gambling, irrespective of skill or chance, will attract 28% GST on full-face value of the bets from October 1, 2023. The government believe...
09 Jan, 2024, 12.04 AM ISTGST notices of ₹1.45 lakh crore sent out in December for FY18 GST evasion of about Rs 1.51 lakh crore has been detected by central GST officers in the current fiscal, while recovery stands at Rs 18,541 crore as on December 30, against the internal target of Rs 50,000 crore. The finance ministry on Sunday said ...
08 Jan, 2024, 06.53 AM ISTTaxing times: Why are so many companies getting GST notices? The tax authorities have been shooting off tax demand notices for several months now. Tax officers sent around 33,000 GST notices to businesses for discrepancies in returns filed and short payment of taxes in 2017-18 and 2018-19 financial years, a C...
03 Jan, 2024, 06.21 PM ISTI-T lens on Rs 10,000 crore tax evasion by online sellers; ED show cause notice to Byju’s The income tax department reportedly uncovered tax evasion of around Rs 10,000 crore over three years by online retailers using social media platforms like Instagram and Facebook. This and more in today’s ETtech Morning Dispatch.
22 Nov, 2023, 08.13 AM ISTI-T pegs tax evasion by insurance companies, intermediaries at ₹30,000 cr The department is in the process of sending tax demand notices to these entities to recover the dues, people aware of the details told ET. The amount could increase once interest and penalties are levied, they said. "We are sending demand notices al...
12 Oct, 2023, 11.45 PM ISTGST Evasion Notice: DGGI seeks Rs 3k crore from ICICI Lombard and other insurance cos The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued notices to several insurance companies, including ICICI Lombard, seeking approximately Rs 3,000 crore in unpaid taxes. The notices state that these companies did not pa...
29 Sep, 2023, 12.01 AM ISTSC stays Karnataka HC order of Gameskraft tax evasion case The Supreme Court stayed the Karnataka High Court’s judgment that overturned the Directorate General of GST Intelligence’s order imposing a Rs 21,000 crore goods and services tax demand on Bengaluru-based online gaming firm Gameskraft. Meanwhile, th...
06 Sep, 2023, 01.01 PM ISTSula Vineyards shares tank 7% on Rs 116 crore excise duty notice However, Sula Vineyards in an exchange filing said, "It may be noted that the Order does not affect the existing business or the activities of the Company. The Company has always strived to and carried out its business in compliance with extant laws...
02 Aug, 2023, 10.50 AM IST