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News
Service Tax Demand Cannot Go Beyond Show-Cause Notice: CESTAT Delhi
1+ day, 7+ hour ago (436+ words) The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Delhi, has reiterated that adjudicating and appellate authorities cannot confirm a service tax demand under a category different from the one specified in the show-cause notice. The assessee must be put…...
CESTAT Allows 12% Interest on Refund of Service Tax Paid by Mistake of Fact
1+ day, 6+ hour ago (841+ words) The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Allahabad Regional Bench, has held that an assessee is entitled to interest at 12% on the refund of an amount paid as Service Tax by mistake of fact, directing that such interest be…...
Viva Aerobus cancels flight and sends refund to the wrong bank
1+ week, 3+ day ago (394+ words) It turns out that my bank doesn’t use a SWIFT code or an intermediary bank. To make matters worse, Viva Aerobus performed the transfer but used a different SWIFT code than the one I provided. It sent the money to…...
Query Regarding Refund Adjustment Against Outstanding Demand
1+ week, 4+ day ago (90+ words) CAclubindia Query Regarding Refund Adjustment Against Outstanding Demand - Multiple payment of self assessment tax for A Y 2025-2026 - Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27) - FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter…...
$3.9M in 2025 individual tax refunds paid for returns filed through April 20
1+ week, 5+ day ago (149+ words) Taxpayers are assisted by personnel during their visit to the Income Tax and Processing Branch at the Guam Department of Revenue and Taxation in Barrigada on Jan. 26, 2026. More than $3.9 million in 2025 tax refunds were paid for income tax returns filed…...
IRS Collected $98B in FY2023. Illinois Taxpayers Are Running Out of Time
2+ week, 3+ day ago (611+ words) NAPERVILLE, IL - The IRS collected $98.4 billion through enforcement actions in fiscal year 2023, according to the IRS Data Book FY2023. A figure that reflects a collections infrastructure that doesn't pause, negotiate on its own, or wait for taxpayers to feel ready. With…...
IRS Collected $117.5B in FY2025. Enforcement Is Back and Accelerating
2+ week, 3+ day ago (662+ words) Uniondale, NY - The IRS collected more than $117.5 billion through enforcement actions in fiscal year 2025, according to the IRS Data Book FY2025. A sharp recovery from pandemic-era lows that signals the agency has fully resumed aggressive collections. For the millions of Americans…...
Taxpayers with a history of timely filing and paying can now get automatic penalty relief without requesting it, under a new IRS program.
2+ week, 3+ day ago (662+ words) Chris Martin is a US economics and current affairs journalist covering the intersection of policy, markets, and everyday financial life. With a background in financial reporting and a sharp eye for the stories behind the numbers, Chris brings clarity to…...
What Coinbase sends to the IRS, and what users still have to fix
2+ week, 4+ day ago (1072+ words) Coinbase users are entering a new reporting cycle. For the 2025 tax year, the exchange began issuing Form 1099-DA for reportable crypto sales and exchanges. Coinbase sends the form to the IRS and makes a copy available to the customer. That…...
Bank slips up while remitting New Zealand fee, student’s parents win Rs 37,000 relief
2+ week, 4+ day ago (477+ words) A Canara Bank error while remitting New Zealand dollars (NZD) 40,002 towards a student’s education at the University of Canterbury in New Zealand left his parents paying Rs 22,019 more than they should have, prompting a consumer body in Punjab to order…...