Income Tax - Page 30

Cryptocurrency Taxation in India: Rules and Implications

Learn how cryptocurrency is taxed in India, including rates, deductions, and reporting requirements. Get insights into crypto tax rules and their impact on various transactions....

Posted Under: Income Tax |

HC Quashes Section 148A(d) Order Based on Cash, Loan & Transaction Records not shared with Appellant

Krishan Kumar Gupta Vs ITO (Calcutta High Court)

In a case involving violation of natural justice, Calcutta High Court sets aside an Income Tax order for assessment year 2019-20. Details inside...

HC Dismisses Delayed Revenue Appeal Due to Department’s Lack of Diligence in Filing

PCIT Vs Britannia Industries Limited (Calcutta High Court)

In a significant decision, the Calcutta High Court dismisses a delayed revenue appeal due to a lack of diligence in filing the appeal within the prescribed timeframe....

Calcutta High Court Dismisses Appeal for Low Tax Effect

PCIT Vs K.B. Capital Markets PVT. Limited (Calcutta High Court)

In a recent ruling, Calcutta High Court dismisses a revenue appeal against K.B. Capital Markets Pvt. Ltd. due to tax effect falling below CBDT Circular threshold....

Co-op Society Eligible for Section 80P(2)(a)(i) Deduction on Interest from Statutory Reserves

CIT Vs Paschim Banga Gramin Bank (Calcutta High Court)

Calcutta High Court's ruling that co-operative societies are entitled to Section 80P(2)(a)(i) deduction for interest earned from statutory reserves, as per Income Tax Act...

BCAS asks for deferment of form 10B and 10BB

Bombay Chartered Accountants Society requests a one-year deferment of Form 10B/10BB, citing challenges faced by charitable trusts in complying with the new audit requirements in India....

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Addition u/s 69C based on dumb document is unsustainable

DCM Shriram Industries Ltd Vs DCIT (ITAT Delhi)

ITAT Delhi held that addition under section 69C of the Income Tax Act towards unexplained expenditure based on dumb documents not sustainable in law....

Date of handing over of possession of new property relevant for deduction u/s. 54

Satyamurti Ramasunder Vs ACIT (ITAT Delhi)

ITAT Delhi held that deduction under section 54 of the Income Tax Act is allowable based on handing over of possession and not based on payment of consideration. Date of handing over of possession of new property is relevant for deduction u/s. 54....

EPFO not liable to deduct TDS as rent free accommodation not provided to employees

Employees Provident Fund Organisation Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that TDS are not applicable as EPFO have not provided rent free accommodation to employees, as employees are paying license fees as per Rules of Govt. of India....

Expense incurred to remove impediments/ encumbrances allowable as cost of improvement

Nitaben M. Patel Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held that the expenses incurred to remove impediments or encumbrances in way of transfer of capital asset has to be allowed as deduction under the head ‘cost of improvement’ while computing taxable amount of capital gain....

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.