Congress served Rs 1,700 cr notice by I-T Dept, a fresh setback ahead of Lok Sabha elections
The Congress party has been issued a notice of around Rs 1,700 crore by the Income Tax department, adding to its financial worries before the crucial 2024 Lok Sabha elections, as per a report from TOI on Friday. This action follows the rejection of the party's appeal against reassessment proceedings for four assessment years by the Delhi High Court. The newly imposed demand relates to assessment years 2017-18 to 2020-21, encompassing penalties and interest. Key Points
Economic TimesOver 2.16 lakh people earn above Rs 1 crore in assessment Year 2023-24: Pankaj Chaudhary
India witnesses a remarkable rise in individuals earning over Rs 1 crore annually, reaching 2.16 lakh for the 2023-24 assessment Year. Minister Pankaj Chaudhary unveils a positive trend in high-income earners, with significant growth since 2019. Additionally, there's an uptick in 'Profession' income reporting. Finance Minister Sitharaman notes a 27.6% year-on-year increase in personal income tax collections, attributing it to tax reforms and enhanced compliance measures, painting a promising picture for India's economic trajectory. Key Points
Economic TimesCBIC reorganizes National assessment Centre
Each of the 8 NACs would now be convened by one Chief Commissioner and it will also bring uniformity in customs assessment of similar goods. The changes would be effective from June 15 and and DG Systems would issue suitable advisory in this regard, CBIC said in an internal circular sent to field formations on Thursday. Key Points
Economic TimesIncome Tax Dept seeks more time for international cases
The Indian tax office has requested that hearings related to contentious transfer pricing and international taxation cases be adjourned until a ruling is given by the Supreme Court. If the top court upholds a ruling by either the Bombay High Court or earlier Chennai High Court order, a number of tax matters currently before the Dispute Resolution Panel would become time-barred under tax law, meaning the tax office would be unable to recover any tax from these claims. Key Points
Economic Timesassessment proceedings against Congress were set to get time-barred: Sources
Assessments against the Congress party were reopened for 7 years (assessment years 2014-15 to 2020-21), based on incriminating material seized, the sources added. During search operations, specifically in April 2019, extensive use of cash in the electoral process was found, sources added. Key Points
Economic Times
MSMEs will get collateral free loans of upto Rs 100 cr through a new credit assessment model by PSU banks:
Finance Minister Nirmala Sitharaman announced a new credit guarantee scheme for MSMEs, offering collateral-free loans up to Rs 100 crore. The scheme aims to address the difficulties faced by MSMEs in obtaining term loans for machinery and expansion. Sitharaman highlighted that banks will implement their own credit assessment models, eliminating the need for third-party guarantees. Key Points
Economic TimesU.S. says decentralized finance services being used for illicit transfers
North Korea, cybercriminals, ransomware attackers, thieves and scammers are using decentralized finance (DeFi) services to transfer and launder their illicit proceeds, the U.S. Treasury Department warned on Thursday. Key Points
ReutersDecentralised finance services used for illicit transfers, U.S. regulator says
The U.S. Treasury Department warned that North Korea, cybercriminals, ransomware attackers, thieves, and scammers are using decentralised finance (DeFi) services to launder illicit proceeds Key Points
The HinduInfosys set to get Rs 6,300 crore tax refund gain
Infosys received Rs 6,329 crore in tax refunds for 11 years but faces a Rs 2,763 crore tax demand for 2022-23. Various subsidiaries also dealt with tax liabilities and refund orders, impacting the company's overall financial position. Key Points
Economic TimesHero MotoCorp gets Rs 605 cr demand notice from I-T Dept
The country’s largest two-wheeler maker Hero MotoCorp on Thursday said it had received demand notices from the Income Tax department for around Rs... Key Points
The Tribune India
SC takes note of HPC report, permits Vedanta to carry out upkeep of its closed Tuticorin plant
The top court took note of the July 2022 report of the High Powered Committee, set up by the Tamil Nadu government, for carrying out a 'Civil and Structural Safety Integrity assessment Study' of the plant. At least 13 people were killed and several injured on May 22, 2018 when police had opened fire on a huge crowd of people protesting against environment pollution being allegedly caused by the factory. Key Points
Economic TimesBusinesses can revoke cancelled GST registration by June 30
Businesses whose GST registrations were cancelled for non-filing of returns before December 31 can apply for revocation by June 30 by paying due taxes, interest and penalty. The time limit for making an application for revocation of cancellation of registration has been increased from 30 to 90 days. If taxpayers file the pending GST returns GSTR-10 and GSTR-3B, assessment proceedings initiated by the tax authorities under the GST Act will be deemed to have been withdrawn. Key Points
Economic TimesBusinesses can revoke cancelled GST registration by Jun 30
Businesses whose GST registrations were cancelled for non-filing of returns before December 31 can apply for revocation by June 30 by paying due taxes, interest and penalty. The time limit for making an application for revocation of cancellation of registration has been increased from 30 to 90 days. If taxpayers file the pending GST returns GSTR-10 and GSTR-3B, assessment proceedings initiated by the tax authorities under the GST Act will be deemed to have been withdrawn. Key Points
Economic TimesHero MotoCorp gets tax and interest notice from I-T Dept totalling Rs 605 cr for six AYs
Hero MotoCorp faces a tax demand notice of Rs 308.65 crore plus interest from the Income Tax Department for six assessment years. The company plans to appeal against the orders, stating the demand is unsustainable. Despite this, its total sales rose 5.5% in FY24, with motorcycle and scooter sales showing growth. Key Points
Economic TimesZee expands scope of advisory panel to include investigation assessment
New Delhi, Feb 27 (PTI) Zee Entertainment Enterprises Ltd on Tuesday said its board has expanded the scope of independent advisory panel to include investigation assessment. The announcement by the company comes amid the ongoing probe by market regulator Sebi against its promoters for fund diversion. Last week, the company announced constituting of independent advisory […] Key Points
ThePrint
Final Cost Inflation Index for FY24 to be fixed at 348
“This notification shall come into force with effect from the 1st day of April 2024 and shall, accordingly, apply in relation to the assessment year 2024-25 and subsequent assessment years” According to the Central Board of Direct Taxes (CBDT) notification. Cost Inflation index is used for calculating long-term capital gains arising from sale of immovable property, securities and jewellery after adjusting inflation when they file income tax returns (ITR) next year. Key Points
Economic TimesCustoms to introduce additional disclosures for export-import of medicinal products from June 1
The Customs Department is proposing to introduce additional disclosures for the export and import of medicinal products from June 1 to fast-track clearances of shipments. These additional disclosures, once introduced, will reduce queries of Customs officials, which are frequently posed to EXIM traders dealing in medicinal plants and chemicals. Key Points
Economic TimesWith final semester in six days, MU yet to release exam schedule for masters in journalism
As per the university officials, “The assessment of the third semester is over and the result-making process is going on. The results and the detailed timetable will be announced very soon.” | Mumbai news Key Points
Hindustan TimesFaceless scrutiny assessment under GST may take some time: GSTN official
The introduction of faceless scrutiny assessment for Goods and Services Tax (GST) returns may be delayed, according to a senior official. This system involves no direct interaction or physical document submission between tax officers and assesses. Initially introduced by the Income Tax department, it was later extended to Customs. Key Points
Economic TimesDGCA allows scheduled commuter airlines to operate single-engine aircraft at night
Till now, such operations were restricted to day operations and Visual Flight Rules. Aviation safety regulator DGCA has allowed scheduled commuter airlines to operate their single engine aircraft at night, a move that will help in enhancing air connectivity to remote areas during night hours. Key Points
The Tribune India
Simple blood test can help diagnose bipolar disorder accurately: study
Finds that the blood test on its own would diagnose up to 30 per cent of patients with bipolar disorder, but it was effective when combined with a digital mental health assessment. Researchers have developed a simple blood test that in combination with an online psychiatric assessment provides an improved diagnosis of bipolar disorder. Key Points
The Tribune IndiaCause and Effect | Scientist’s job isn’t negotiating but giving evidence to govt
The IPCC has begun work on its seventh assessment report in Nairobi, Kenya. In an interview with HT, Aditi Mukherji explains the process. Key Points
Hindustan TimesUsing social media to help taxpayers
A major enabler has been CBDT's embrace of technology to not only simplify compliances but to also identify potential cases of tax evasion through data analytics. E-filing of ITRs has been further improved by introducing pre-filled ITR forms. The faceless assessment procedures now make the entire assessment cycle of an ITR an online process. Key Points
Economic TimesHow to correct mistakes made at the time of paying income tax
It is important to ensure that correct details are selected or filled in the tax challan at the time of depositing your income tax. It may happen that a mistake has been made while putting details. Here is a look at how taxes are paid and how to correct any mistakes made at the time of paying self-assessment tax. Key Points
Economic TimesRobust tax mopup gives 433% boost to capex, says FM
Robust tax collections have increased capital expenditure and investment in infrastructure projects. Gross direct tax collections rose 16.77%, with expectations of further increase. Refunds worth ₹2.48 lakh crore were issued, and 1.66 crore income tax returns were processed in a day. Time for assessment reduced, faceless assessment introduced for transparency, and technology used to boost collections. Key Points
Economic Times
Govt completes first cost of regulation study: DPIIT secretary
At FICCIs 96th Annual General Meeting and Annual Convention, Rajesh Kumar Singh said: “We are talking about a huge amount of 17,000-odd crore of the cost of regulation during that assessment period, which was one and a half years period last year”. The study has been undertaken for all states and union territories in the country but is not in the public domain yet. Key Points
Economic TimesCountries not moving fast on climate: UN body study
The report analysed the most up-to-date nationally determined contributions submitted by countries. It concludes that timely implementation of all pledged actions would lead to an 8% increase in greenhouse gas emissions by 2030, compared to emission levels in 2010. This is a marginal improvement over last year's assessment, which reported the increase in emissions at nearly 11%. Key Points
Economic TimesBombay High Court asks I-T dept to refund Rs 1,128 crore to Vodafone Idea within 30 days
Vodafone Idea tax refund case: The Bombay High Court said that the income tax department failed to follow procedure and directed the tax authorities to refund Vodafone Idea Rs 1,128 crore. The court sought action against the assessing officer for causing loss to the exchequer. The court directed the process to be completed in 30 days. Key Points
Economic TimesMass-market carmakers are making 'six airbags' a new norm for cars & SUVs in India
Once seen only in premium and luxury cars, six airbags are now becoming more accessible to and affordable for the average car buyer in India. The government last month clarified that six airbags were not mandatory (in India, two airbags are mandatory), leaving it to the customer to make a comparative assessment of safety while buying vehicles. Key Points
Economic TimesVodafone Idea's Independence Day Offer: 50GB Data, discounts, and more
Vi offers 50GB of data for unlimited recharges over ₹199, along with discounts on select recharge packs. There is also a ‘Spin the Wheel’ competition on the Vi App with various rewards. Key Points
mint
Kuttappa optimistic of his wards getting three to four Olympic quota places at the Asian Games
Encouraged by the Indian male boxers’ best-ever showing of three bronze medals in the recent World boxing championships in Tashkent, head coach C.A. Kuttappa is optimistic that his boys will earn three to four Olympic quota places at the Hangzhou Asian Games in September. Key Points
The HinduONGC discovers oil, gas in Arabian Sea blocks
India's state-owned Oil and Natural Gas Corporation (ONGC) has found oil and gas deposits in two blocks in the Arabian Sea off Mumbai. The discoveries, named Amrit and Moonga, were made in the OALP blocks MB-OSHP-2017/1 and OALP exploration block in Mumbai Offshore, respectively. ONGC has not given details of the reserves. A detailed assessment of the discoveries is underway. The discoveries underline ONGC's impressive track record in making discoveries in consecutive years, the company said. Key Points
Economic TimesKSEAB Class 10 results to be announced on May 8
The Karnataka School Examination and assessment Board (KSEAB) will announce the Class 10 result on May 8, Monday at 10 a.m. Key Points
The HinduMissed the deadline to file ITR? Check out this option
Anyone who has missed filing income tax return has another chance to update it within two years from the end of the relevant assessment year. Here is all you need to know. Key Points
India Today