Income Tax Department

Outward remittances exceeding ₹6 lakh come under I-T scanner

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Outward remittances exceeding ₹6 lakh come under I-T scanner

New Delhi: The Central Board of Direct Taxes (CBDT) has launched a comprehensive scrutiny and verification of high-value outward foreign remittances of above ₹6 lakh to identify discrepancies in remittance data and likely tax evasion. The move follows detection of cases where foreign remittances and expenditures did not align with the income declared by individuals, … Read more

Hero Moto tax notice: Hero MotoCorp gets tax and interest notice from I-T Dept totalling Rs 605 cr for six AYs

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Hero Moto tax notice: Hero MotoCorp gets tax and interest notice from I-T Dept totalling Rs 605 cr for six AYs

Two-wheeler maker Hero MotoCorp has received tax demand notice from the Income Tax Department for Rs 308.65 crore and interest thereon for Rs 296.22 crore for six assessment years, the company said in a stock exchange filing on Thursday. The assessment orders and demand notices are for six assessment years including FY14, FY15, FY16, FY17, … Read more