Income Tax - Page 20

Direct Tax Collections Show Strong Growth in FY 2023-24

As of September 16, 2023, India's FY2023-24 Direct Tax collections surge by 18.29%, with net collections up by 23.51%. Advance Tax reaches Rs. 3,55,481 crore....

Posted Under: Income Tax |

CBDT Extends Filing Deadlines for Form 10B, 10BB, and ITR-7

Circular No. 16/2023-Income Tax 18/09/2023

Get latest update on CBDT's extension of filing deadlines for Form 10B, Form 10BB, and ITR-7 for Assessment Year 2023-24. Stay compliant with ease....

Income Tax Practices: Common Mistakes and Solutions

Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax deductions under Section 80G in India....

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Understanding Section 43B: MSME Payment Deductions

Introduction: Section 43B of the Income Tax Act is a crucial provision that governs the deduction of certain sums when computing income. It is particularly relevant in cases where payments are made to Micro and Small Enterprises (MSMEs). This article provides an overview of Section 43B, highlights the proposed amendment in the Union Budge...

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Confiscatory Nature of Tax: Unveiling Unfair Taxation

Explore concept of confiscatory taxation, its judicial perspective, and how it affects individuals and businesses. Discover key cases and insights into this controversial tax issue....

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Addition u/s 68 unsustainable as leased land not considered while assessing agricultural income

Late Madan Mohan Sharma Vs ITO (ITAT Delhi)

ITAT Delhi held that addition under section 68 towards unexplained income unsustainable as AO failed to consider leased land while assessing the agricultural income....

Right to sue for damages is capital receipts hence not taxable

Virendra Bhavanji Gala Vs PCIT (ITAT Mumbai)

ITAT Mumbai held that damage on account of right to sue is a capital receipt and accordingly not chargeable to tax....

Request for Deferment of Applicability of New Form 10B & Form 10BB by One Year

Income Tax Bar Association & All Gujarat Federation of Tax Consultants request a one-year deferment for new Form 10B and Form 10BB compliance due to practical difficulties....

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Presumptive Taxation Scheme for Business Section 44AD of Income Tax Act

Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach....

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Tips and tricks to avoid mistakes in the ITRs

Learn about Income Tax Returns, exemptions based on age and income, and key insights for accurate filing. Avoid common mistakes and understand parameters for scrutiny....

Posted Under: Income Tax |

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.

At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost.

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.