Mumbai, March 20 (IANS) State Bank of India on Friday said it has received an income tax demand of Rs 63,375 crore for the assessment year 2023–24 and said it will challenge the order.The public lender lender informed stock exchanges that it has received a tax demand notice from the Income Tax Department following scrutiny assessment proceedings.The order, dated March 19, 2026, includes a total demand of Rs 63,375 crore, which also covers interest.The bank said the demand has been raised due t…
Latest Income Tax Department News & Updates
Bhopal, March 19 (IANS) The Enforcement Directorate’s (ED) Bhopal Zonal Office has carried out search and seizure operations at three premises linked to M/s Rajul Group and its partner Priyank Mehta in Madhya Pradesh’s Jabalpur on Thursday. The action, conducted under the provisions of the Foreign Exchange Management Act (FEMA), 1999, comes in connection with alleged misuse of the Liberalised Remittance Scheme (LRS) for acquiring immovable properties abroad. The investigation was initiated follo…
Mumbai, March 18 (IANS) Edtech firm PhysicsWallah Limited has received an income tax demand of Rs 263.34 crore, according to a disclosure made to stock exchanges on Wednesday. The company said it received the assessment order and demand notice on March 16.The order, issued by the Assessment Unit of the Income Tax Department, has treated investments received by the company during the Assessment Year 2023–24 as taxable income.These investments included funds from various investors, such as SEBI-…
New Delhi, March 18 (IANS) Net direct tax collections went up 7.19 per cent (on-year) to Rs 22.80 lakh crore (up to March 17), according to the latest provisional data released by the Income Tax Department on Wednesday.It includes net corporate tax of Rs 10.91 lakh crore, non-corporate tax of Rs 11.32 lakh crore and securities transaction tax (STT) of Rs 55,717 crore, the data showed.STT collections increased to nearly Rs 55,717 crore from Rs 53,095 crore a year ago, while other taxes dropped to…
Chennai, March 18 (IANS) The Income Tax (I-T) Department on Wednesday informed the Madras High Court that it has initiated an independent investigation into allegations of income suppression, misrepresentation, and unlawful enrichment against Ramanathapuram Member of Parliament K. Navas Kani of the Indian Union Muslim League (IUML). Appearing before a Division Bench comprising Chief Justice Sushrut Arvind Dharmadhikari and Justice G. Arul Murugan, Additional Solicitor General A.R.L. Sundaresan, …
Jaipur, March 13 (IANS) The Rajasthan Cricket Association (RCA) has sparked a fresh controversy after applying for registration as a public trust with the state’s Devasthan Department, with the Opposition questioning the timing and legality of the move.According to documents submitted to the department, RCA Ad-hoc Committee Convenor Deendayal Kumawat has filed an application seeking to register the cricket body as a public trust under the Rajasthan Public Trusts Act, 1959, naming himself as th…
Mumbai, March 10 (IANS) The National Stock Exchange (NSE) on Tuesday directed its trading members — brokers and sub-brokers — to furnish details of excess Securities Transaction Tax (STT) collected but not remitted to the government for FY 2023–24 and preceding years, following instructions from the Income Tax Department.In a circular issued by the exchange’s finance and accounts department, NSE said the Joint Commissioner of Income Tax, Range 7(1), had advised the exchange to draw attenti…
New Delhi, March 9 (IANS) A nationwide survey conducted by the Income Tax Department on 62 restaurants across 46 cities in 22 states has revealed suppression of sales amounting to around Rs 408 crore, Finance Ministry said on Monday.The I-T Department carried out investigation relating to tax evasion pattern in Food and Beverage sector in November 2025. During the exercise, it was found that several restaurants were engaged in deletion of bulk bills and other modifications to suppress the actual…
New Delhi, March 7 (IANS) E-commerce marketplace Meesho has received an income tax demand of nearly Rs 1,500 crore for the assessment year 2023–24 and said it will challenge the order, stating that it disagrees with the tax department’s observations.The demand was issued through an assessment order under Section 143(3) of the Income Tax Act, 1961 along with a demand notice under Section 156.According to an exchange filing, the tax authorities have raised a total demand of Rs 1,499.73 crore, …
Kolkata, March 2 (IANS) The full bench of the Election Commission of India (ECI), led by Chief Election Commissioner (CEC) Gyanesh Kumar, is likely to visit West Bengal on March 9 to review the post-Special Intensive Revision (SIR) scenario in the state ahead of the 2026 Assembly elections.According to sources in the office of the Chief Electoral Officer (CEO), West Bengal, the full bench is scheduled to hold a review meeting in the state on March 10. If proceedings remain on schedule, the Commi…