News

The Tax Department has determined a refund of Rs 15.98 crore payable to Powerica Limited for AY 2025-26 after accepting its rectification application under Section 154 of the Income Tax Act, 1961.

Powerica Limited Gets Rs 15.98 Crore Income Tax Refund After Section 154 Rectification

Sapphire Foods India Limited has received a GST rectification order from Karnataka tax authorities confirming a demand of Rs 4.39 crore.

Sapphire Foods India Faces Rs 4.39 Crore GST Demand After Karnataka Tax Authorities Issue Rectification Order

Snowman Logistics’ income tax penalty for AY 2024-25 has been reduced by Rs 34.43 lakh to Rs 1.72 crore following a rectification order, while the company’s appeal against the penalty remains pending.

Snowman Logistics Receives Income Tax Rectification Order, Penalty for AY 2024-25 Reduced from Rs 2.06 Crore to Rs 1.72 Crore

ICICI Life Insurance faces a total tax and interest demand of Rs 5,914.19 crore for AY 2023 and has filed an appeal against the rectification order, stating that no material adverse financial impact is expected.

ICICI Prudential Life Insurance Faces Rs 5,914 Crore Tax Demand After Income Tax Department Issues Rectification Order for AY 2023

MRF’s Kerala sales tax demand has been cut sharply from Rs 91.53 crore to Rs 36.19 crore following a rectification order.

MRF Gets Major Tax Relief as Kerala Authority Slashes Sales Tax Demand from Rs 91.53 Crore to Rs 36.19 Crore

Former ICAI President Kamlesh Vikamsey has urged the government to address prolonged Section 154 rectification delays and strengthen accountability in e-Nivaran grievance disposal.

Ex-ICAI President Kamlesh Vikamsey Flags Delays in Income Tax Rectification, Seeks CBDT Accountability

One Stop Solution For CA CS CWA Direct Indirect Tax GST Business News