Income Tax - Page 4

Income Surrendered During Survey Not Taxable at 60% under Section 115BBE

Yogesh Kumar Vs PCIT (ITAT Delhi)

ITAT Delhi quashes revision order, ruling that additional income surrendered during survey proceedings should not be taxed at 60% under Section 115BBE of the Income Tax Act....

No Section 44ADA Addition for Consultancy Income by 10th-Passed Assessee

Vishnu Dattatraya Ponkshe Vs Central Processing Centre (ITAT Mumbai)

ITAT Mumbai rules that income earned from a consultancy business, even with TDS deductions, should not be taxed under Section 44ADA of the Income Tax Act....

No Section 14A Disallowance of Expenditure for Stock-in-Trade Securities

Central Bank of India Vs Assessing Officer National Faceless Appeal Centre (ITAT Mumbai)

ITAT Mumbai grants relief to Central Bank of India, disallowing expenditure under Section 14A for securities held as stock-in-trade, citing the Maxopp Investment Ltd case....

ITAT upheld Section 147 reopening as AO had tangible material in his possession

Lakshman Tools Pvt. Ltd. Vs ITO (ITAT Delhi)

In the case of Lakshman Tools Pvt. Ltd. Vs. ITO (ITAT Delhi), learn about the validity of Section 147 application, non-genuine purchases, and commission payments....

ITAT Grants Section 12AA Registration for Trust’s COVID-19 Relief Activities

Kanojiya Pardeshi Dhobi Vs ITO (ITAT Pune)

In a recent case, ITAT Pune grants 12AA registration to Kanojiya Pardeshi Dhobi Trust, allowing its charitable activities during COVID-19. Full order analysis....

No Section 271B Penalty without Assessee’s Reasonable Opportunity to be Heard

Evermore Polymer Systems Ltd. Vs CIT (ITAT Mumbai)

In a landmark decision, ITAT Mumbai rules in favor of Evermore Polymer Systems Ltd., stating that penalties under Section 271B require a reasonable opportunity to be heard....

Bonus Share Issuance Not Subject to Section 56(2)(vii)(c): ITAT

DCIT Vs Smt Aruna Chandhok (ITAT Delhi)

ITAT Delhi rules on the taxability of bonus shares in the case of DCIT vs. Smt Aruna Chandhok. Detailed analysis of the decision and its implications....

ITAT Orders Reassessment Due to Ex-Parte Assessment Ignoring Rule 46A Evidence

Ajay Gajanand Deshmukh Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad directs readjudication of ex-parte assessment orders passed without considering additional evidence filed under Rule 46A of Income Tax Rules....

Supreme Court Ruling on TDS Penalty in US Technologies Case – A Detailed Analysis

Read about Supreme Court's decision in US Technologies case regarding TDS penalty under Section 271C of Income Tax Act, 1961, for delayed remittance....

Posted Under: Income Tax |

New 20% TCS on Foreign Remittance from 01.10.2023 Simplified

Learn about revised TCS rates on foreign remittance effective October 1, 2023. Discover what expenditures are affected, exemptions, and key details....

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.