Income Tax
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ITAT Mumbai – Addition U/s 56(2)(x) Deleted; 10% Safe Harbour Applied on Property Purchase
Assessment Held Invalid as Framed u/s 143(3) Instead of Mandatory Sec 153C in Search Case
Reassessment Based on Quashed 263 Cannot Survive – Revenue Appeal Dismissed
TDS Credit Even if Not in Form 26AS – CIT(A)’s Direction for Verification Upheld; Revenue Appeal Dismissed
ITAT Mumbai – Sec.54F Exemption Allowed on Under-Construction Flat Sec. 50C Addition Deleted; Penalty U/s 271(1)(c)
PCIT Section 263 Quashed – Business Expenditure Allowable Even Without Income; AO Conducted Proper Enquiry
Assessment Against Deceased Person Quashed – Legal Heir Not Obliged to Inform Death
ITAT Mumbai – Entire Demonetisation Cash Addition Deleted; Belated VAT Returns not Ground for Sec.68 Addition
ITAT Mumbai: Fresh Legal Claim Can Be Raised Before CIT(A) – Goetze (India) Not Applicable to Appellate Authority
ITAT Mumbai: Ad-hoc Disallowance U/s 37(1) Unsustainable Without Specific Defects – Revenue Appeal Dismissed
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.
