Income Tax
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Recourse to residuary provision 37(1) not justified as provision u/s. 35D for amortization of preliminary expense exists
Penalty U/s 271(1)(c) Deleted Due to Defective Notice – No Specific Charge Mentioned
1040 vs 1040 NR – Understanding Which Tax Return You Need to File
Sec 54 Benefit Upheld – Investment Within Time Sufficient, Possession Delay Not Fatal
Exemption Allowed as Corpus Donations Excluded from Annual Receipts U/s. 10(23C)(iiiad)
Stamp Duty Addition Deleted – Allotment Date Prevails for Sec 56(2)(x) Valuation
Assessment Quashed Due to 9-Month Delay in Recording Satisfaction Under Section 158BD
Deduction U/s 80P(2)(d) Allowed on Interest from Co-operative Bank – ITAT Mumbai
Reassessment u/s. 148 after four years untenable as full and true material facts disclosed
Appeal Dismissed as Delay of Over 8 Years Held Unreasonable for Giving Effect to Tribunal Order
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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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.
