Income Tax
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Section 144 Assessment Upheld, Cash Addition Slashed Section 115BBE Disallowed – Partial Relief to Transporter
Ad-Hoc percentage basis Addition on Sundry Creditors Is Illegal – 41(1) Can’t Run on Presumptions
Controlled Cant Benchmark Controlled – Pro-Rata Commission TP Struck Down
WhatsApp Chats ≠ Unexplained Money – U/s 69A & 115BBE Crumble Without Cash or Ownership
Section 153C Valid, Bogus Purchases Fully Taxable Section 153D Approval Upheld – Assessee Loses on All Fronts
For Non-Searched Persons, Clock Starts on Receipt of Books – Revenue’s U/s 153C Theory Rejected
Cherry-Picked Comparables Rejected Assessees Set Ignored – TP Matter Sent Back for Fresh Benchmarking
Opening Balance Can’t Be Taxed Again & Corpus Fails Only Where Proof Fails – Revenue Routed
Demonetisation Cash Sales Upheld Again – Chawla Jewellers Gets a Clean Chit
Recording of satisfaction note before initiation of proceedings u/s. 153C is invalid satisfaction
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.
