Income Tax
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ITAT Denies Section 80P Deduction as Return Was Not Filed Within Section 139(1) Due Date
Accommodation Entry Allegation Rejected as Entire Loan Was Repaid With Interest
Section 69C Addition Deleted as Diary Entries Alone cannot Prove Unexplained Expenditure
Bombay HC Revives Income Tax Appeal as SC Remanded Section 151A Cases
Estimated Section 14A Disallowance Could Not Be Added to Book Profits
Family Cash Transactions Cannot Attract Sections 271D & 271E Penalty: ITAT Rajkot
ITAT Deletes Unexplained Investment Addition as Investments Were Already in Balance Sheet
ITAT Rajkot Remands 12AB Registration Case as Only One Hearing Was Granted
ITAT Deletes ₹18.24 Crore Addition as Corrupted Computer Records cannot Override Audited Books
FAQs on Faceless Income-tax Proceedings
Calcutta HC Grants PMLA Bail as Prolonged Incarceration Outweighed Section 45 Rigours
ITAT Quashes Section 153C Assessment as Satisfaction Note Was Common for Multiple Years
Section 263 Revision Invalid as Mandatory Section 143(2) Notice Was Never Issued
Interest from Overseas Head Office & Branches Not Taxable as It Constitutes Transactions with Self
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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