Income Tax
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₹50 Lakh Credit Without Source or Capacity Fails Section 68 Test; ITAT Upholds Addition
Section 35(1)(ii) Deduction Restored: Donation Can’t Be Denied Due to Later Withdrawal of Approval
ITAT Confirms FTC Allowance Under Section 90/91 for Investments Held Abroad
Books rejection upheld, but 8% profit estimate cut down to 2%
Lease Rent from Agricultural Land Must Be Properly Verified: ITAT
Interest Follows Purpose, Not Label: ITAT on Section 57(iii) Deduction
ITAT Rejects Revenue’s Addition Based Only on Third-Party Statement
Search Return Can Reduce Income; U/s 69A Fails & CSR Eligible U/s 80G
Interest Under Section 234A Not Levyable After Full Tax Payment Before Filing
Section 148 Notice Issued After Limitation Period Declared Invalid
Common Section 153D approval makes all search assessments void ab initio
Visa & Foreign Travel Paid by Sons Allowed as Business Expense; ITAT Grants Relief Despite Minor Delay
Vivad Se Vishwas Misapplication Corrected in 1592-Day U/s 263 Appeals
Section 50C Addition Set Aside Because AO Failed to Obtain Proper Property Valuation
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.
