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…

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…

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:-…

Taxpayer Find IT Refund a Smooth Sail    
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Taxpayer Find IT Refund a Smooth Sail    

The income tax refund process has seen a significant improvement, according to a Confederation of Indian Industry (CII) survey, with 89% of individual taxpayers and 88% of firms reporting reduction in waiting time for refunds. Not only has the time taken for refunds reduced, but also individual taxpayers reported simplification of the refund process, with…

Charitable Trusts Gasp Under New Regime, Plead More Time
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Charitable Trusts Gasp Under New Regime, Plead More Time

Lakhs of charitable trusts, operating from run down, short-staffed offices by retired, sleepy trustees and modestly paid bookkeepers are in a spot, struggling to figure out what to report and how to report a mountain of information that has to be uploaded by end September. Sharing the identities of relatives of trustees, settlors, and substantial…

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…

NFRA Fines Auditors ₹1.1-cr for Lapses in Coffee Day Unit Case
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NFRA Fines Auditors ₹1.1-cr for Lapses in Coffee Day Unit Case

The National Financial Reporting Authority (NFRA) has slapped total fines of ₹1.10 crore on a firm and two individual auditors, citing lapses in the auditing of Tanglin Developments Ltd (TDL), an arm of Coffee Day Enterprises Ltd (CDEL), and barred them from undertaking fresh work for varying periods. In an order dated August 18, the…

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I-T Sends Notices Over Donations to Charitable Trusts

The income tax department has sent notices to about 8,000 taxpayers who have made large donations to charitable trusts, suspecting them to be attempts at tax evasion. Data analytics suggested these taxpayers were making donations disproportionate to their income and expenditure, officials told ET. Those served notices include salaried and self-employed individuals, apart from companies….