Income Tax
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From Section 44AA to 62: Evolution of Book-Keeping & Tax Auditor Liability
LTCG Cannot Be Taxed in Wife’s Hands When Property Settled by Husband – ITAT Deletes Rs. 19.86 Cr Addition
Reopening Notice Invalid Without Proper Section u/s 151 – ITAT Quashes Reassessment
Cash Received at Time of Property Registration Not Hit by Sec.269SS – Penalty u/s 271D Deleted
Free Gift Scheme Valid Business Promotion – ITAT Deletes ₹1.47 Cr Disallowance
ITAT Pune: Reopening After 4 Years Invalid When Share Premium Details Already Disclosed – Rs. 30 Cr Addition u/s 68 Deleted
Entire Bank Deposits Cannot Be Treated as Income – ITAT Directs 8% Profit Estimation
Penalty U/s 271DA & 271E Invalid When Original Assessment Set Aside – ITAT Deletes Penalties
Bank Deposits Treated as Business Receipts – ITAT Upholds Deletion of ₹1.71 Cr Addition u/s 69A
Reassessment Quashed – Notice U/s 148 Held Time-Barred & Ante-Dated
ITAT Chennai: No Addition U/s 56(2)(vii) Where Valuation Difference Within 10% Tolerance Band
Penalty U/s 270A Deleted – AO Failed to Specify Misreporting Clause
ITAT Chennai: Registration u/s 12AB & 80G Cannot Be Denied Merely Because Trust Has Not Yet Started Activities
Penalty U/s 271(1)(c) Not Sustainable on Deemed Addition U/s 56(2)(vii)(b) – ITAT Chennai
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.
