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LIC Gets Income Tax Penalty Notice Of Rs 84 Cr; Insurer To File Appeal

Penalty has been imposed on state-owned insurer for violation of sections 271(1)(c) and 270A of the Income Tax Act, 1961

Income-tax-department , Tax-department-on , Life-insurance-corporation , Income-tax-act , Tax-department ,

LIC gets income tax penalty notice of Rs 84 crore; insurer to file appeal

For assessment year 2012-13, the tax authority has imposed a penalty of Rs 12.61 crore, for 2018-19 Rs 33.82 crore, while Rs 37.58 crore for assessment year 2019-20, LIC said in a regulatory filing.

Income-tax-department , Tax-department-on , Life-insurance-corporation , Income-tax-act , Tax-department , Lic , Tax-penalty , Insurance ,

LIC receives Rs. 84 crore income tax penalty notice

The penalty has been imposed on state-owned insurers for violation of sections 271 (1)(c) and 270A of the Income Tax Act, 1961, it said.

Tax-department-on , Life-insurance-corporation , Income-tax-department , Income-tax-act , Tax-department , Lic , Ncome-tax-penalty ,

Guidance Issued on New York State Brownfield Cleanup Program | Hodgson Russ LLP

The New York State Department of Taxation and Finance officially issued guidance on the changes to the Brownfield Cleanup Program that were enacted pursuant to the budget legislation...

New-york , United-states , Property-placed-in-service , York-state-department-of-taxation , Tax-department-on , Hodgson-russ , Department-of-environmental-conservation , Brownfield-cleanup-program , York-state-legislature , New-york-state-department , New-york-state-legislature

Hero MotoCorp: Rs 1,000-cr bogus expenses under I-T scanner, stock plunges 7%

The I-T department is also probing the deal of a farmhouse on the outskirts of Delhi where cash worth Rs 100 crore has allegedly been paid.

Bangladesh , Colombia , United-states , Delhi , India , America , Pawan-munjal , Tax-department-on , Income-tax-department , Hero-motocorp , Ncome-tax-department

Income Tax Department conducts searches at leading real estate group 'Omaxe'

Income Tax Department conducts searches at leading real estate group 'Omaxe'
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Doubts over residency status remain... - The Hindu BusinessLine

Doubts over residency status remain...
Satya Sontanam
BL Research Bureau |
Updated on
February 01, 2021
...but there are enough reasons to cheer
Determining the residential status of a taxpayer for each assessment year is essential as the taxability and disclosure requirements for a taxpayer’s foreign income and assets depend on the residency status.
In case of residents, their Indian as well as foreign income will be taxable in India. The reporting and compliance requirements are also tougher for residents. For instance, residents have to report in their tax returns, their foreign assets and income earned from such assets. So, for an individual, it is beneficial to be categorised as an non-resident (NR)/not ordinarily resident (NOR) rather than as a resident under the Indian tax laws, if one could do so.

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Evangelist comes under I-T Dept. lens

Huge tax evasion suspected

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