Tag: Income Tax department

Hero MotoCorp Gets Demand Notice Of Rs 605 Crore From Income Tax Department

April 4, 2024 admin

Representational Image New Delhi: The country’s largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around Rs 605 crore, including interest, for six assessment years. On April 3, 2024, the company received assessment orders/ demand notices dated March 30, 2024, pertaining to six assessment years…

Nation

High Court Rejects Congress’s Petitions Against Tax Reassessment Proceedings

March 22, 2024 admin

High Court dismissed Congress’s pleas challenging reassessment proceedings by Income Tax dept. New Delhi: The Delhi High Court today dismissed Congress party’s pleas challenging the reassessment proceedings initiated against it by the Income Tax Department. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav, while pronouncing the verdict, said, “We dismiss the writ petitions.”…

Nation

Last Instalment Deadline On March 15

March 15, 2024 admin

Advance tax allows taxpayers to spread out their income tax payments throughout the year. Today, March 15, 2024, marks the final deadline for taxpayers in India to settle their fourth and final installment of advance tax for the financial year 2023-24. Missing this deadline can result in penalties and interest charges. Advance tax allows taxpayers…

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All You Need To Know

March 11, 2024 admin

People with total tax liability of Rs 10,000 or more in a year need to pay advance tax. The income tax department has launched an electronic campaign for taxpayers who have carried out significant transactions in the current financial year. Such taxpayers will be informed through email and SMS, with the department urging them to…

Direct tax collections rise 16% to ₹6.53 lakh crore till August 10 in FY24

August 11, 2023 admin

Image used for representational purpose only. | Photo Credit: S. Siva Saravanan Gross direct tax collection grew 15.73% to ₹6.53 lakh crore till August 10 in the current fiscal, the Income Tax department said on August 11. Net direct tax collection after adjusting refunds stands at ₹5.84 lakh crore, which is 17.33% higher than the…

Business

Individuals reporting annual income of above ₹1 crore doubles in 2 years to 1.69 lakh

August 7, 2023 admin

File. | Photo Credit: V. RAJU Individuals reporting annual total income of over ₹1 crore have doubled to 1.69 lakh in the two-year period ending March 2022, the income tax department data showed. As per the tax return data filed in assessment year (AY) 2022-23, relating to income earned in fiscal 2021-22, 1,69,890 individuals have…

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Over six crore Income Tax Returns filed in a new milestone, says Income Tax Department

July 30, 2023 admin

Over six crore taxpayers had filed their income tax returns (ITRs) by Sunday evening, a day before the filing deadline, which the Income Tax Department termed a “new milestone” as this is significantly higher than the total returns filed by July 31, 2022. Nearly 26.8 lakh taxpayers filed their tax returns by 6:30 p.m. on…

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