Celebs And Influencers will be held Liable for Misleading Ads, Warns SC
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Celebs And Influencers will be held Liable for Misleading Ads, Warns SC

The Supreme Court on Tuesday warned that celebrities, social media influencers and advertisers will be equally responsible and liable if they endorse and publish deceptive and misleading ad campaigns or services related to food and health products. It is the shared responsibility of advertisers and endorsers, including celebrities and influencers, to ensure the accuracy of…

Insurance Agents Got Extra ₹25000cr Via Benami Cos: I-T Dept
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Insurance Agents Got Extra ₹25000cr Via Benami Cos: I-T Dept

Over ₹25,000 crore changing hands in deals involving more than 60 intermediary firms using hundreds of bank accounts mark the contours of the elaborate probe on suspected benami transactions between agents of insurance companies and go-between entities. The Income Tax (I-T) department is learnt to have prepared an assessment report on how a string of…

MNC Dividends Pour Post Scrapping of Distribution Tax
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MNC Dividends Pour Post Scrapping of Distribution Tax

Many multinational companies (MNCs) or firms with high foreign holdings have been doling out liberal dividends since the removal of the dividend distribution tax (DDT) in April 2020. Tax experts and market participants said the scrapping of DDT, which results in dividend income getting taxed in the hands of the recipient or the shareholder, has…

Record ₹6.77 cr IT Returns Filed till July 31
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Record ₹6.77 cr IT Returns Filed till July 31

A record 6.77 crore income-tax returns were filed till July 31 for the assessment year 2023-24. 16.1% higher than the returns filled for the assessment year 2022-23, according to the Central Board of Direct Taxes. The department also received 53.67 lakh ITRs till July 31, 2023 from first time filers, a fair indication of widening…

Remittances Overseas, Travel Spends Soared in May to Beat TCS Hit
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Remittances Overseas, Travel Spends Soared in May to Beat TCS Hit

Resident Indians front-loaded their overseas spending under the central bank’s Liberalised Remittance Scheme (LRS), including for travel abroad, to save on tax collected at source (TCS) that was to come into force later. Outward remittances in May jumped 40% from a year earlier to $2.9 billion, even as the economy is still not out of…

Some Insurers gave Fake Bills when Quizzed on ITC: Probe
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Some Insurers gave Fake Bills when Quizzed on ITC: Probe

An ongoing probe into instances of alleged Goods and Services Tax (GST) evasion by up to 30 insurers has found that in certain cases, the companies submit- ted hurriedly made invoices to contest charges of wrongful input tax credit claims by the authorities, sources in the know told ET. “In the case of a major…

Using Social Media to Help Taxpayers
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Using Social Media to Help Taxpayers

Every major reform initiative in the area of direct taxes over the last nine years has been driven by the twin objectives of simplification of the taxation regime and facilitation of honest taxpayers. From lowering tax rates to easing compliances, these reforms have fundamentally changed the approach of the Central Board of Direct Taxes (CBDT)…

NCLT Grants Punj Lloyd Liquidator Extension till July 23 for Dissolution
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NCLT Grants Punj Lloyd Liquidator Extension till July 23 for Dissolution

The National Company Law Tribunal on Monday allowed the liquidator in the Punj Lloyd case time till July 23 for the liquidation of the company. The liquidator can file a fresh application after July 23 for seeking more time, the tribunal said. The counsel appearing for the liquidator informed the tribunal that if the company…

FM Pitches for Stronger Global Rules to Fight Financial Crimes
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FM Pitches for Stronger Global Rules to Fight Financial Crimes

India on Sunday pitched for further strengthening the global architecture to tackle financial crimes, money laundering, and tax evasion in a more synchronised and effective manner. “We hope that the G20 continues exploring the options to further strengthen the global architecture to fight financial crime and assist jurisdictions in enhancing their law enforcement capacity,” finance…