New Delhi, March 25 (IANS) Life Insurance Corporation of India (LIC) on Wednesday said that it has received a massive tax demand from the Income Tax Department for the financial year 2021–22.In its disclosure in a regulatory filing, LIC said the Assessment Unit of the tax department has raised a demand of Rs 61,46,71,18,015 as income tax, along with an additional interest amount of Rs 9,53,25,87,935.The insurer clarified that it plans to challenge this order and will file an appeal before the …
Latest Commissioner of Income Tax Appeals News & Updates
New Delhi, March 25 (IANS) Life Insurance Corporation of India (LIC) on Wednesday said that it has received a massive tax demand from the Income Tax Department for the financial year 2021–22.In its disclosure in a regulatory filing, LIC said the Assessment Unit of the tax department has raised a demand of Rs 61,46,71,18,015 as income tax, along with an additional interest amount of Rs 9,53,25,87,935.The insurer clarified that it plans to challenge this order and will file an appeal before the …
New Delhi, Jan 13 (IANS) Apex business chamber FICCI on Tuesday listed its key expectations from Union Budget 2026-2027 regarding direct taxes and processes dealing with customs collections that include a reduction in the pendency of appeal cases, and tax neutrality for fast-track mergers.According to a FICCI statement, the reduction of pendency before the Commissioner of Income Tax, Appeals, is critical to the success of the new Faceless Appeal system and for alleviating hardships faced by taxp…