Income Tax
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Section 149(1)(b) Conditions Unmet: Reopening and Adhoc Profit Addition Quashed – ITAT Kolkata
Reopening Beyond 3 Years Quashed: PCIT (Not PCCIT) Approval U/s 151(ii) Invalid – Jurisdictional Defect Fatal – ITAT Kolkata
Ad-Hoc 8% Profit on Logistics Turnover Rejected; ₹19.09 Cr Addition Deleted – ITAT Mumbai
Festival Donations Allowed u/s 37(1); No 40A(ia) Disallowance Below TDS Limit; Interest Addition Upheld: ITAT Kolkata
Assessment Quashed: Sec 143(2) Notice Not in CBDT Format per 23.06.2017 Instruction – ITAT Kolkata
Section 68 Addition Deleted as Identity, Creditworthiness & Genuineness Established – ITAT Kolkata
Sec 69 Addition Deleted – NRI Property Funded by Overseas Remittances via Mother’s Bank Trail – ITAT Mumbai
Reopening Quashed: Mechanical Sec 151 Approval Invalid; Rubber-Stamp Sanction Cannot Sustain Sec 147 – ITAT Kolkata
Bogus Purchase Addition Restricted to 5% as Sales Accepted & Banking Trail Proven: ITAT Mumbai
NFAC Reassessment Void Without Sec 151A Notice – Assessment & 271(1)(c) Penalty Deleted – ITAT Kolkata
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.
