Income Tax
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ITAT Chennai: 60% Tax U/s 115BBE Not Applicable for AY 2017-18 Transactions Prior to 01-04-2017
ITAT Chennai Quashes Reassessment – Notice U/s 148 Invalid for Want of Approval from Correct Authority U/s 15
ITAT Pune Upholds Estimation of Profit @8% When Assessee Fails to Prove Purchases & Creditors
ITAT Chennai: Ad-hoc Disallowance of Expenses Not Permissible Without Pointing Specific Defects in Books
ITAT Pune: Entire Bank Deposits Cannot Be Taxed – Income to Be Estimated @2% on Deposits in Renukamata Society Account
ITAT Chennai Deletes ₹6.5 Cr Addition u/s 68 – Assessee Not Required to Explain Source of Source of Source
ITAT Chennai: Milk Trading by Charitable Trust Does Not Automatically Attract Proviso to Sec.2(15) – Matter Remanded
ITAT Chennai Deletes Demonetisation Addition – Cash Deposits from Recorded Business Receipts Cannot Be Taxed u/s 69
Broad functionality insufficient while selecting transactions/entities for transfer pricing comparables
ITAT Chennai Reduces Estimated Profit from 8% to 6.5% of Bank Deposits in Best Judgment Assessment
Exemption u/s 11 Cannot Be Denied in u/s 143(1) Processing When Registration u/s 12AA Granted Retrospectively
Expenditure Cannot Be Disallowed Solely for Non-Response to Notices U/s 133(6); Matters Remanded for Proper Verification
CIT(A) Cannot Admit Fresh Evidence Without AO’s Opportunity – Violation of Rule 46A; Matter Remanded
Delay in Filing Form 9A & Return Should Be Considered for Condonation; Matter Remanded for Fresh Examination
Latest Income Tax News
Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.
Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.
Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.
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Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.
