I-T Dose a Fuel Check of India Inc’s startup Engine
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I-T Dose a Fuel Check of India Inc’s startup Engine

Several new economy ventures, primarily in fintech sector, have received income tax notice in recent weeks with respect to venture capital raised by them according to people in the know. The notices – served under Section 68 of the Income Tax Act- have clubbed the investment received by these startups with the income earned by…

Singals Caused Loss of ₹11,446 Cr to Financial Institutions, Alleges ED
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Singals Caused Loss of ₹11,446 Cr to Financial Institutions, Alleges ED

The Enforcement Direc torate (ED) has alleged that Brij Bhushan Singal and Neeraj Singal, former promoters of Bhushan Steel and Bhushan Energy, incorporated more than 150 companies for siphoning of funds from the two now-defunct companies. This way, the Singals caused financial institutions losses of “₹11,446.73 crore, which is nothing but the proceeds of crime”,…

Exporters Seek Exemption from 45-day Payment to MSMEs Rule
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Exporters Seek Exemption from 45-day Payment to MSMEs Rule

Exporters across sectors have sought exemption from a new rule that requires them to pay any pending bills to micro and small units within 45 days. Around 150,000 exporters, represented by as many as 15 export promotion councils, including the Federation of Indian Export Organisations, have raised concerns over the provision, saying it will impact…

CBDT Expands Scope of Filing Appeals by Taxman, including TDS Disputes
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CBDT Expands Scope of Filing Appeals by Taxman, including TDS Disputes

The Central Board of Direct Taxes has directed its field formations to press ahead with filing of appeal in cases involving tax deducted at source, international tax, information received from other government investigative agencies, penny stock and accommodation entries, even if the tax amount under dispute is below the specified monetary threshold. In cases where…

I-T Recovers ₹73,500cr in Pending Bills
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I-T Recovers ₹73,500cr in Pending Bills

The income tax department has recovered ₹73,500 crore of pending dues in this financial year up to March 15, on the back of a targeted recovery plan drawn up as part of efforts to step up collection of outstanding tax arrears, officials said. Of the total, pending corporate tax dues amount to ₹56,000crore, ₹16,500crore is…

Cos Under Recast Get More Time to File Modified Income Returns
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Cos Under Recast Get More Time to File Modified Income Returns

In a major relief to companies undergoing business reorganisation such as amalgamation, merger or demerger, the Central Board of Direct Taxes (CBDT) has allowed them to file modified returns of income with an extended deadline. Companies undergoing business reorganisation, particularly those involved in schemes of amalgamation, merger, or demerger or succession post insolvency sanctioned by…

New Law for Timely Payments to Small Vendors may Hurt Businesses in FY24
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New Law for Timely Payments to Small Vendors may Hurt Businesses in FY24

Weeks before the financial year ends, millions of businesses in India, large and small alike, are waking up to an accounting alarm. They are coming to grips with a situation where profits will be dented by a new law that will be triggered on March 31. Businesses will be hit by a higher tax outgo…

Frequently Asked Questions (FAQs) on Amendment in Section 43B 
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Frequently Asked Questions (FAQs) on Amendment in Section 43B 

Over the amendment u/s 43B, following frequently asked questions can be considered: QUESTION1: This amendment is applicable from which F.Y.?  Answer:- This amendment is applicable from  A.Y. 2024 -25 i.e.  F.Y. 2023-24. QUESTION2: This amendment can be made applicable whether for an amount outstanding to micro & small enterprise as on March 31, 2023? Answer:-…

Taxman Sends 22k Intimation Notices for Mismatch of ITRS
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Taxman Sends 22k Intimation Notices for Mismatch of ITRS

The Income-Tax Department has sent out intimation notices to 22,000 taxpayers, including salaried and high net- worth individuals and trusts whose deductions do not match the information furnished in their Form 16 or Annual Information Statement (AIS) or the data available with the Income Tax Department. All these intimation notices were sent for the tax…