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Income Tax Tick-Tock! The 31st July ITR Alarm is Ringing – Is the Taxpayer Ready? Income Tax Chennai ITAT Deletes Addition for Luxury Car Purchase as Company’s Economic Ownership Prevails Over Registration in Director’s Name Income Tax Chennai ITAT Deletes Interest Disallowance; No Notional Interest Can Be Imputed on Business Advances When Assessee Has Sufficient Own Funds Income Tax Chennai ITAT Quashes Section 263 Revision of Penalty Order; PCIT Cannot Revise Order That Has Merged with CIT(A)’s Appellate Decision Income Tax Chennai ITAT Deletes Demonetisation Addition; Cash Deposits Matching Audited Sales and VAT Returns Cannot Be Treated as Unexplained Income Tax Chennai ITAT Quashes Reassessment Where No Addition Was Made on the Recorded Reason for Reopening Income Tax Chennai ITAT Upholds Deletion of Ad Hoc Disallowances; GSTR-2A Is Strong Corroborative Evidence and Purchases Cannot Be Rejected Without Verification Income Tax Chennai ITAT Deletes ₹76.45 Lakh Addition; Once Source of Cash Is Proved, Revenue Cannot Rely on Suspicion About Its Temporary Utilisation
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Income Tax

Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.

Income TaxForeign Tax Credit Demand cannot sustain without lawful service of Intimation: Bombay HC
Income Tax

Foreign Tax Credit Demand cannot sustain without lawful service of Intimation: Bombay HC

CA Sandeep Kanoi5 months ago
Income TaxITAT Allows Earlier Indexation Year Because Possession & Payment Occurred Before Registration
Income Tax

ITAT Allows Earlier Indexation Year Because Possession & Payment Occurred Before Registration

CA Sandeep Kanoi5 months ago
Income TaxITAT Allows 12AB Registration as CIT Exceeded Scope by Questioning Donor Creditworthiness
Income Tax

ITAT Allows 12AB Registration as CIT Exceeded Scope by Questioning Donor Creditworthiness

CA Sandeep Kanoi5 months ago
Income TaxITAT Bangalore: Mere Long Outstanding Sundry Creditors Not Taxable u/s 41(1) – No Cessation of Liability Without Write-Back
Income Tax

ITAT Bangalore: Mere Long Outstanding Sundry Creditors Not Taxable u/s 41(1) – No Cessation of Liability Without Write-Back

CA Vijayakumar Shetty5 months ago
Income TaxITAT Bangalore: Souhadra Co-operative Eligible for U/s 80P Deduction – Delay Condoned & Additions on Interest Provision Deleted
Income Tax

ITAT Bangalore: Souhadra Co-operative Eligible for U/s 80P Deduction – Delay Condoned & Additions on Interest Provision Deleted

CA Vijayakumar Shetty5 months ago
Income TaxBelated Return – u/s 80P Deduction Validly Denied u/s 143(1): ITAT Bangalore Dismisses Co-operative Society’s Appeal but Advises u/s 119(2)(b) Remedy
Income Tax

Belated Return – u/s 80P Deduction Validly Denied u/s 143(1): ITAT Bangalore Dismisses Co-operative Society’s Appeal but Advises u/s 119(2)(b) Remedy

CA Vijayakumar Shetty6 months ago
Income TaxITAT Bangalore : CIT(A) Has No Power to Set Aside & Remand Assessment (Non-144 Cases) – Matter Restored to CIT(A) for Decision on Merits
Income Tax

ITAT Bangalore : CIT(A) Has No Power to Set Aside & Remand Assessment (Non-144 Cases) – Matter Restored to CIT(A) for Decision on Merits

CA Vijayakumar Shetty6 months ago
Income TaxITAT Bangalore : Demonetisation Cash Deposits Cannot be Added u/s 68 When Supported by Books – GP Addition Deleted Without Defects in Accounts
Income Tax

ITAT Bangalore : Demonetisation Cash Deposits Cannot be Added u/s 68 When Supported by Books – GP Addition Deleted Without Defects in Accounts

CA Vijayakumar Shetty6 months ago
Income TaxSection 68 addition remanded — Identity proved shifts onus to AO; Failure to invoke Section 133(6) grant opportunity held improper
Income Tax

Section 68 addition remanded — Identity proved shifts onus to AO; Failure to invoke Section 133(6) grant opportunity held improper

CA Vijayakumar Shetty6 months ago
Income TaxWrong Approval u/s 151(ii) Vitiates Reassessment: ITAT Bangalore Quashes 147 Order & Entire Proceedings (AY 2016-17)
Income Tax

Wrong Approval u/s 151(ii) Vitiates Reassessment: ITAT Bangalore Quashes 147 Order & Entire Proceedings (AY 2016-17)

CA Vijayakumar Shetty6 months ago

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.