I-T Dept slaps Rs 124-cr notice on insurer

Ludhiana: The Income-tax (I-T) Department has slapped Rs 124.98 crore demand notice on the public sector general insurer New India Assurance. The company confirmed the receipt of notice on March 19 from the Income Tax Department, levying a penalty of Rs 1,24,98,58,050 for disallowance of payment made to auto dealers for the year 2016-17.

Unable to recover 67% arrears: I-T Dept

Ludhiana: With the Standing Committee on Finance expressing concern over the huge arrears of demand and desired to know the possible steps, including a moratorium, that can be taken to address this, the Income-tax (I-T) Department has informed a Parliamentary panel that two-third of Rs 43 lakh crore outstanding direct tax demand is “difficult to collect”.

BMW vehicles to cost more from April 1

Ludhiana: BMW Group India and Renault India also announced an increase in their vehicle prices from April 1. BMW said it will increase the prices by up to 3 per cent across the BMW and MINI car range from next month. Renault India said it will increase prices of its entire model range by up to 2 per cent. This is the first hike announced by Renault since February 2023.