Income Tax
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Adhoc 30% Expense Disallowance Deleted – No Specific Defects or Verification by AO: ITAT Chandigarh
Penalty u/s 271C for Non-Deduction of TDS on Foreign LTC Upheld: ITAT Chandigarh
Mere Third-Party Excel Sheet Insufficient for Section 69 Addition: ITAT Chandigarh
ITAT Guwahati Quashes Reassessment Notice, Treats Loose Sheets as Dumb Documents, Deletes Protective Sec 69C Addition
ITAT Guwahati Deletes Bogus Loan Addition as Firm’s Liability, Quashes Wrong AY Share Addition
Compensation paid due to fluctuation loss is allowable business expense
ITAT Hyderabad Remands Agricultural Land vs Capital Asset Issue – Directs Proper Sec 2(14) Verification
Rejection of Books Upheld but Profit Estimation Reduced to 5% – Self-Made Vouchers Expense Defects Not Fully Reliable – ITAT Hyderabad
ITAT Chandigarh Deletes “On-Money” Addition – Third-Party Digital Data Insufficient Without Corroboration
ITAT Chandigarh Upholds Sec 271C Penalty – Nodal Govt. Agency Liable for Non-Deduction of TDS U/s 194C
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.
