More than 9.54 lakh people with income of ₹1 crore and above filed their income tax (I-T) returns until October 31, the data on the Income Tax portal revealed. The latest data for the financial year 2024-25 shows that a total of 2.76 lakh individuals in the ₹1-crore club filed their tax returns in October. … Read more
Employees of India’s largest IT services company, Tata Consultancy Services (TCS), have received income tax notices about discrepancies in their tax deduction at source (TDS). Several employees received income tax notices due to discrepancies between the TDS credit in their Form 26AS, Annual Information Statement (AIS) and the amount they claimed while filing their income … Read more
Some income taxpayers have reportedly received notices under section 148, which is related to the reopening of assessments for the assessment years 2014-15, 2015-16, 2016-17 and 2017-18. A former president of the Institute of Chartered Accountants of India ((ICAI), the chartered accountants’ professional body, believes that these tax notices are wrongly sent since the limitation … Read more