Income Tax Department to Scrutinize Insurance Companies for Higher Commissions and Deductions

Income Tax Department

Income Tax Department The Income Tax Department is set to scrutinize multiple insurance companies for their payment of higher commissions to intermediaries and claims of higher deductions. This move comes as the Central Board of Direct Taxes (CBDT) plans to reassess the tax paid by these companies in certain years before April 1, 2023. It is estimated that demand notices worth a total of ₹25,000 crore will be issued in …

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IRS Collects Over $500 Million in Unpaid Taxes from Millionaires

IRS Collects Over $500 Million in Unpaid Taxes As of today, the Internal Revenue Service (IRS) has successfully collected over $500 million in unpaid taxes from 1,600 millionaires. This significant achievement has been made possible through the implementation of the Inflation Reduction Act, which aims to ensure that the super-wealthy pay their fair share of taxes, just like hardworking Americans. The Inflation Reduction Act has provided the IRS with the …

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Government Identifies 29,273 Bogus Firms Involved in Fraudulent Input Tax Credit Claims

The government identifies 29,273 Bogus Firms The government recently made a significant announcement regarding the identification of 29,273 bogus firms engaged in fraudulent input tax credit (ITC) claims. These claims amounted to a staggering Rs 44,015 crore in the eight months leading up to December 2023. The discovery of these fraudulent entities was a result of a concerted effort by GST officers to combat fake registrations. The actions taken against …

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