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…

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…

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…

Global Tax Deal: Large Indian Cos Check Readiness, Assess Impact
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Global Tax Deal: Large Indian Cos Check Readiness, Assess Impact

Large Indian corporations such as Reliance Industries, Tata Group and Adani Group are assessing their data readiness and analysing how the Organisation for Economic Co-operation and Development’s (OECD’s) Pillar Two model rules could impact merger and acquisition transactions and investment decisions, people aware of the development said. The Pillar Two model rules under Global Anti-Base…

No Customs Duty on Rare Diseases Drugs: Delhi HC
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No Customs Duty on Rare Diseases Drugs: Delhi HC

Customs duties and charges shall not be levied on medicines, drugs and therapies for rare diseases, the Delhi High Court has clarified in a recent order. Justice Pratibha Singh said that whenever medicines are brought in respect of rare diseases, the custom authorities will ensure that the same are cleared quickly and no unnecessary impediments…

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…

Probe on Insurers Over, I-T Finds Alleged Tax Evasion of ₹15,000 cr
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Probe on Insurers Over, I-T Finds Alleged Tax Evasion of ₹15,000 cr

The income tax (I-T) department has completed its investigation into alleged malpractices in the payment of commissions by insurance companies and uncovered evasion of more than ₹15,000 crore, said people with knowledge of the matter. The tax on this will be about ₹4,500 crore, they said. The probe, which covered more than 25 insurers and…