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Pending income tax demand of up to Rs 1 lakh per individual waived. All the details

The limit of Rs 1 lakh would include principal component of tax demand, interest, penalty or fee, cess, surcharge. However, the remission shall not be applicable on the demands raised against the tax deductors or tax collectors under TDS or TCS provisions of the I-T Act. ....

Maneesh-bawa , Sanjay-malhotra , Nirmala-sitharaman , Income-tax-department , Income-tax , Assessment-year , Central-board , Direct-taxes , Finance-minister-nirmala , Andersen-india-partner-maneesh-bawa , Pending-action , Outstanding-demand

Rs 20 lakh cr pending direct tax demands under litigation: Govt official

Of the pending demands, Rs 3,500 crore will be waived, as per the Budget announcement on Feb 1, 2024. ....

India , Supreme-court , Union-budget-on , Information-technology , Income-tax-appellate-tribunal , High-courts , Double-taxation-avoidance-agreements , Union-budget , Finance-minister , Direct-tax , Bdt

Income Tax recovers Rs 115 cr from Congress bank accounts, Rs 19 cr pending

Recoveries have been made against the total outstanding demand of Rs 135 crore for assessment year 2018-19 arising on account of non-compliance of certain sections of the Income Tax Act and late filing of returns ....

Indian-national-congress , Income-tax-department , Income-tax-appellate-tribunal , Income-tax-act , Assessing-officer , Inc , Ongress , Bdt , Ncome-tax , Ajay-maken , Jp

Tax season: How many times can you interchange between the Old tax regime and New tax regime? Check details here

Old Tax Regime vs New Tax regime: The Union government in Budget 2023 made the New Tax Regime a default choice. If a taxpayer does not choose between the old and new tax regimes, then their taxes will be automatically calculated under the new regime. ....

Union-budget , Old-tax-regime , New-tax , Income-tax , New-tax-regime , Income-tax-return , Central-board , Direct-taxes , Assessment-year , Income-tax-regime , Ncome-tax

Excl: I-T Dept. alleges evasion by insurers, likely to send Rs 25,000 cr tax notices

The I-T department says higher commission was paid to agents without any additional service being provided. This could be seen as masking higher income as expenditure through accounting. ....

Development-authority-of-india , Insurance-regulatory , Development-authority , Central-board , Direct-taxes , Income-tax , Bdt , Nsurance-companies , Tax-notice , St ,