REASSESSMENT PROCEEDINGS
Waiting for pending old ITR? You may soon get ITR refund or income tax demand notice as CBDT extends the deadline till November 30, 2025
Income tax: The Income Tax Department will process pending ITRs for AY 2023-24 (FY 2022-23) by November 30, 2025, potentially leading to tax refunds, demand notices, or no change. This applies to ITRs filed by July 31, 2023, or belatedly by December 31, 2023, excluding those under scrutiny or delayed due to taxpayer issues.
PM Modi at G7: Is Carney undoing Trudeau's Khalistan policy?
Narendra Modi G7 summit: Canadian Prime Minister Mark Carney's invitation to Modi for the G7 summit signals a shift in Canada-India relations, contrasting with Trudeau's strained approach following the Nijjar killing. Carney emphasizes law enforcement dialogue and downplays the Khalistan issue, prioritizing national interests over domestic politics. This move aims to salvage Canada's foreign policy from being influenced by fringe political considerations.
Price wars hurt payment firms; CG Power’s fab play falters
Happy Friday! Payment aggregators are slashing fees to stay in the game. This and more in today’s ETtech Morning Dispatch.
CG Power’s chip plans rocked by turmoil at wafer company Wolfspeed
The potential bankruptcy of American Silicon Carbide (SiC) wafer maker Wolfspeed could have ripple effects on India's semiconductor ecosystem, particularly Murugappa group-owned CG Power's upcoming chip facility in Sanand.
US stock market futures fall: Dow, S&P 500, Nasdaq drop as US-China trade war fears reignite and Russia-Ukraine crisis sparks global selloff
US Stock market future today saw a pullback as Dow, S&P 500, and Nasdaq futures dropped amid rising US-China trade tensions and escalating concerns over the Russia-Ukraine war. China responded to U.S. tariff claims, reviving fears of a prolonged trade conflict. Meanwhile, Ukraine’s latest drone strikes on Russia added pressure, pushing investors toward safer assets like gold. The U.S. dollar weakened, and attention now shifts to key economic reports, including Friday’s nonfarm payrolls data. After a strong May rally, Wall Street faces a tense start to June. Dive into the full story for the latest updates on global risks shaking the markets.
Dalmia Bharat gets SC relief in ₹500 crore KKR investment tax dispute
The Supreme Court has put a hold on income tax reassessment proceedings against Dalmia Bharat and its subsidiaries. This involves a Rs 500 crore investment by KKR Mauritius Cement Investments in Dalmia Cement back in 2010-2011. The court is seeking a response from the income tax department regarding the reassessment.
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AWS cloud payments not taxable as royalty or technical fees: Delhi HC
The Delhi High Court ruled that payments received by Amazon Web Services from Indian entities for cloud computing services are not taxable as royalties or fees for technical services. It upheld that customers merely access services without rights to infrastructure or IP, thus exempt under Indian tax law and the India-US DTAA.
Will schools in Bengaluru, Delhi, Noida, Gurugram, Lucknow, and Patna, be closed tomorrow amid mock defence drills? Check details here
Schools in Delhi, Noida, Gurugram, Lucknow, Patna, and Bengaluru will remain open on May 7, despite a nationwide civil defence mock drill prompted by rising cross-border tensions. The Home Ministry has not issued any closure orders, though students are advised to stay in touch with their schools. The drill will take place in 244 districts across India and simulate emergency scenarios. Security has been tightened in several cities, and authorities urge citizens to remain alert and prepared.
Ryanair threatens to seek alternative to Boeing order if tariffs impact price
"If the US government proceeds with its ill-judged plan to impose tariffs, and if these tariffs materially affect the price of Boeing aircraft exports to Europe, then we would certainly reassess both our current Boeing orders, and the possibility of placing those orders elsewhere," O'Leary said in a letter to a U.S. lawmaker.
Audit shadows BluSmart’s books; Zomato rejigs top deck
Happy Thursday! BluSmart faces a forensic audit as losses mount. This and more in today’s ETtech Morning Dispatch.
Goodyear looks to sell India farm tyres biz for Rs 2,500 crore
Goodyear Tire & Rubber plans to sell its Indian farm tire business after selling its off-the-road business to Yokohama for $905 million. The US parent company is working with advisors to explore a sale, valuing the business up to Rs 2700 crore. This strategic review aims to optimize Goodyear's portfolio and cut costs, following pressure from activist shareholder Elliott.
Don’t be surprised if you get lesser income tax refund this year, the income tax dept is adjusting past dues against this year’s refund
Income Tax Notice: "Since there are pending assessment / re-assessment proceeding in the case of taxpayer, the refund release/withhold will be based on the response provided by Jurisdictional Assessing Officer(JAO) in accordance with the provisions of section 245(2) of the Income Tax Act, 1961." Read below to know how this notice can put an hold on your tax refund.
I have been contributing to NPS through my employer, should I now switch to mutual funds as there is no benefit in new tax regime?
Our panel of experts answers questions related to any aspect of personal finance. If you have a query, mail it to us right away.
Tata Steel gets notice over Rs 25,000 crore tax waiver, moves Bombay High Court
Tata Steel received an order to reassess its 2018-19 taxable income, increasing the amount by over Rs 25,000 crore. The company moved the Bombay High Court against the reassessment, citing technical infirmities and stating confidence in its case, which involves a debt waiver following the acquisition of Bhushan Steel.
Yes Bank gets demand notice of Rs 2,209 crore from I-T dept
Yes Bank has received a demand notice of Rs 2,209 crore for the assessment year 2019-20 from the income-tax department. The reassessment, done by the National Faceless Assessment Unit, made no additional disallowances. Despite this, a demand of Rs 2,209.17 crore, including interest, has been raised. Yes Bank plans to appeal and rectify this order.
Shah Rukh Khan wins big in ITAT ruling: Understanding foreign tax credit rule
Bollywood superstar Shah Rukh Khan won a significant legal battle as the Income Tax Appellate Tribunal (ITAT) ruled in his favor, overturning the tax authorities' reassessment for the 2011-12 financial year. The reassessment was initiated after the tax officer denied his claim for foreign tax credit on income earned in the UK, recalculating his income as Rs 84.17 crore instead of the declared Rs 83.42 crore. The reassessment was done beyond the four-year statutory period.
SC dismisses UP govt's appeal against Allahabad HC's Flipkart tax order
The Supreme Court upheld the Allahabad High Court's decision to quash tax reassessment proceedings against Flipkart India for the assessment year 2012-13. The court deemed the reassessments, initiated by the Uttar Pradesh government, time-barred. The High Court had found no justification for the reassessment, stating there was no evidence of escaped turnover or suppression.
Deadline for reassessment of these old ITRs approaching; Know who can get tax notice u/s 148 by August 31, 2024
Income tax notice: The income tax department may send you a tax notice for AY 2018-19 (FY 2017-18) by August 31, 2024 if there is exists any income of Rs 50 lakh or more which escaped assessment. Budget 2024 amended the tax provisions to now reduce the time limit to send a section 148 notice.
Budget proposes steps to reduce litigation, 'Vivad Se Vishwas' scheme 2.0 in offing
Budget 2024-25 proposes 'Vivad Se Vishwas' scheme 2.0, reduces reassessment limit to 5 years, and increases appeal thresholds. Changes to Income Tax Act aim to simplify tax processes and reduce litigation. Government focuses on improving taxpayer services and enhancing revenues.
Assessment 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.
Congress' Maken says party served Rs 1,823 cr notice by I-T dept, calls it a 'premeditated, diabolical campaign'
The Congress party has been issued a notice of around Rs 1,823 crore by the Income Tax department, adding to its financial worries before the crucial 2024 Lok Sabha elections, reported PTI, citing Ajay Maken 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.
Congress's plea against tax re-assessment by IT authorities dismissed by HC
The Delhi High Court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav said the pleas were dismissed in terms of its earlier decision refusing to interfere with the opening of re-assessment for another year.
Delhi HC set to pass order on Cong's pleas against tax re-assessment proceedings
Delhi High Court to rule on Congress party's tax challenge involving over Rs 520 crore 'escaped' income. Justices Varma and Kaurav's decision awaited as lawyer Singhvi contests statutory provision and tribunal refuses stay on Rs 100 crore notice.
Congress approaches Delhi HC against tax re-assessment proceedings
The Congress party has taken legal action against tax reassessment proceedings by authorities, filing a case in the Delhi High Court. The matter was presented before a bench led by Acting Chief Justice Manmohan, who agreed to hear it the following day.
Delhi High Court stays IT reassessment proceedings against NGO Oxfam India
The NGO has filed a petition challenging the notices and orders issued against it after a survey was conducted in September 2022. The reassessment proceedings for the year 2016-17 had led to the notice. The court has sought a response from the I-T Department and issued a notice.
HC stays Income Tax reassessment of PE Creations' investment
The Delhi High Court has put a stop to the Income-Tax Department's reassessment proceedings into the investment made by private equity firm Creations Investment LLC. The department had questioned the firm's investment in Vivitri Capital and initiated reassessment proceedings claiming that the investment was income that had escaped assessment.
CBDT asks tax officers to not issue reassessment notices for 3 years till FY15
Issuing an instruction on implementation of the apex court judgement regarding notices sent beyond the three-year reassessment period, the department said that for FY16 and FY17 where the timeline for issue of such notices falls within the 3 years, tax officers will issue show-cause notices and provide information to taxpayers for initiating reassessment proceedings within 30 days.
Taxman challenges HC order quashing reassessment notices
In the 2021 budget, the government had amended a provision governing reassessment proceedings under Section 148 of the Income-Tax Act, 1961. The amendment had limited the period for issuing notices with respect to reopening past years' assessment to three years from six earlier.
Over 1,300 I-T notices from old regime quashed by Delhi HC
The court's verdict may have a bearing on around 133,000 reassessment notices issued by the department after March 31, an income tax department official said.
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