Income Tax - Page 5

Addition u/s 68 unsustainable as identity, genuineness and creditworthiness of parties proved

ITO Vs Neminath Homes Pvt. Ltd. (ITAT Mumbai)

ITAT Mumbai held that addition u/s 68 for investment in joint venture unsustainable as assessee has duly discharged the onus and given all the necessary documents for the identity, genuineness and creditworthiness of the parties....

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Assessee can raise additional claims before appellate authority

Unifrax India Ltd. Vs JCIT (ITAT Mumbai)

ITAT Mumbai held that assessee is entitled to raise the additional legal submissions and also additional claims before the appellate authorities. Accordingly, appellate authorities have jurisdiction to entertain the new claim....

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Surcharge on Income Tax

The dictionary meaning of the term ‘surcharge’ is an additional charge or payment. Accordingly, in terms of taxation, a surcharge means a tax levied on a tax. Likewise, the surcharge on Income Tax is an additional charge/ tax levied on income tax. Importantly, the surcharge is leviable on income tax and not on income. In […]...

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Foreign Exchange Fluctuation Gain not changeable to tax: ITAT Mumbai

The nature of any particular receipt as capital or revenue is one of the fundamental steps in deciding the taxability of any income. Unfortunately, Income Tax Act, 1961 (as ‘IT Act’) does not provide any unambiguous explanation for the terms ‘capital receipt’ or ‘revenue receipt.’ With the advent of capital market transactions...

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Tax Saving Options for Salaried Person

As we all know March 2023 is coming. This means financial year 2022-23 is about to end. Everyone looks for tax planning to save tax.  Here we will talk about ways to save tax for salaried people. 1. Standard Deduction 16(1)  The standard deduction is allowed from gross salary. It is available to all class […]...

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What is TDS under Section 194C?

Provision of section 194C of the Income Tax Act comes to play whenever a payment is made in pursuance of a contract (whether written contract or oral contract). In the present article, let us briefly understand the applicability of provisions of section 194C; time of TDS and threshold limit for deduction of TDS under section […]...

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Section 234A interest not chargeable if Assessee filed return within due date

Bokaro Power Supply Co. Pvt Vs Addl. CIT Special Range(ITAT Delhi)

Bokaro Power Supply Co. Pvt Vs Addl. CIT Special Range(ITAT Delhi) In the written submissions the assessee has agitated regarding charging of interest of Rs. 48,069/- u/s. 234 A of the Act and submitted that the company has electronically uploaded form 3CEB on 30th November 2015 as well as the Income Tax Return on same […]...

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Provisions of section 56(2)(viia) cannot be invoked on buyback of own share

DCIT Vs TPS Infrastructure Ltd (ITAT Delhi)

ITAT held that provisions of section 56(2)(viia) of are applicable only in cases where purchased share become property in the hands of buyer company and, if shares are of any other company....

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Sales tax subsidy for development of industries is capital receipt

DCIT  Vs  s Vinati Organics Ltd (ITAT Mumbai)

If purpose of incentive or subsidy was to enable assessee to set up a new unit or to expand existing unit then receipt of subsidy was of capital in nature....

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TDS of Firm credited in PAN of Partner – ITAT directs assessee to apply under section 199 read with Rule 37BA

Nirav Bipinbhai Vaghasiya Vs ITO (ITAT Surat)

Nirav Bipinbhai Vaghasiya Vs ITO (ITAT Surat) ITAT find that in the return of income the assessee claimed refund of TDS reflected in his Form-26AS. The CPC denied such refund in its intimation dated 08.10.2018. The assessee filed application for rectification under section 154. In the application under section 154, the assessee claimed su...

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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.