Income Tax
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CIT(A) Had No Material to Examine – Assessee Gets Final Opportunity to Prove Capital Source
Surmises, Patterns Kolkata Report Cannot Override Evidence – Penny Stock Addition u/s 68 Scrapped
Form No. 26AS Not Equal to Turnover: Penalty u/s 271B Deleted for ₹1.11 Cr
Section 144 Assessment Partly Modified: 8% Reduced to 6% NP on ₹1.99 Cr
Demonetization Cash Credit Case Remanded for Reassessment
ITAT Quashes ₹1 Cr Addition Under Section 148 on Penny Stock LTCG
CIT(A) Cannot Hide Behind PCIT’s 263 Order – Independent Application of Mind Mandatory
Government Grant Held Non-Income Despite AO’s 15% Surplus Addition
Banks Can Compute 36(1)(viia) on Total Income Including Capital Gains: ITAT Ahmedabad
Directors’ Cash Deposits Not Taxable in Company Hands: ITAT Deletes ₹10.5 Lakh Addition
Delayed Form 10B Filing Not Fatal: ITAT Remands Exemption Case
Section 271(1)(c) Penalty Invalid Due to Ambiguous Satisfaction Recorded by AO
No Inquiry, No Jurisdiction: PCIT Revision Under Section 263 Invalid
Bogus Purchases: Only 2% Profit Taxable Due to Accepted Sale
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.
