Income Tax - Page 10

Addition deleted as cash withdrawals during pre-demonetization more than cash deposited during demonetization

ACIT Vs Omaxe Forest SPA and Hills Developers Ltd. (ITAT Delhi)

ITAT Delhi held that when the assessee has shown cash withdrawals during pre demonetization period more than the cash deposited during demonetization then the source cannot be disputed. Accordingly, addition u/s. 68 deleted....

Reassessment based on change of opinion without any tangible new information unsustainable

Ashraf Chitalwala Vs DCIT (Bombay High Court)

Bombay High Court held that the reopening of the assessment order based on change of opinion without surfacing of any tangible new information is unsustainable in law and liable to be set aside....

Conversion of firm to company for consideration of paid up share capital doesn’t amount to transfer

ITO Vs Jatin Kanubhai Kotadia (ITAT Ahmedabad)

ITAT Ahmedabad held that Sale/ conversion of business of assessee-firm as a going concern to company for consideration of paid up share capital does not amount to transfer liable to tax as capital gains....

Penalty order quashed due to insufficient service of notice

Gajender Singh Jadon Vs ACIT (ITAT Delhi)

ITAT Delhi quashed the penalty order passed under section 271(1)(b) of the Income Tax Act as service of notice by way of affixture on the Assessee cannot be construed as sufficient Service of Notice....

SC upheld Settlement Commission order granting penalty & prosecution immunity

Kotak Mahindra Bank Limited Vs CIT (Supreme Court of India)

Supreme Court upheld an order by Settlement Commission granting immunity from penalty and prosecution, emphasizing importance of full disclosure and cooperation....

Orders without application of mind: HC Directs NFAC to pass denovo orders

Mohler Machine Works Pvt. Ltd. Vs PCIT (Madras High Court)

Analysis of Mohler Machine Works Pvt. Ltd. vs. PCIT case. Madras High Court sets aside order by NFAC and PCIT, citing lack of clear findings and directs reassessment. Explore the details....

LIC Commission – Business or Other Sources & Allowability of expenses?

Purushottam Sharma Vs DCIT (ITAT Jodhpur)

Analysis of Purushottam Sharma vs. DCIT (ITAT Jodhpur) case. Is income from LIC commission considered business income or other sources? Explore the legal arguments and conclusions....

Digital Transaction Tax (DTT): A Progressive Solution for India’s Taxation System

Explore how Digital Transaction Tax (DTT) can address India's tax challenges, boost revenue, and promote progressive taxation for a fairer system....

Posted Under: Income Tax |

New TCS rule from 1st October 2023: Tips to reduce TCS on foreign trip

The Central Government had initially announced the implementation of new Tax Collection at Source (TCS) rates from 1st July 2023, as per the Union Budget 2023. However, concerns about the unpreparedness of reporting systems and the increased compliance burden led to a postponement of the new TCS rates to 1st October 2023. In the Union [&h...

Posted Under: Income Tax |

Grievance Redressal & Assessment Index (GRAI)

F. No. Dir(Hqrs)/Ch(DT)/07(112)/2022 22/09/2023

Learn about measures to enhance grievance redressal as per Grievance Redressal & Assessment Index (GRAI) in this official memorandum from Ministry of Finance, Government of India...

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.
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