Income Tax
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Cash Deposits for Clients Not Assessee’s Own Funds: Section 69A Inapplicable
No Section 271(1)(c) Penalty on Estimated Presumptive Additions
ITAT Deletes LTCG Addition as “Human Probability” Can’t Replace Evidence
Reassessment Quashed for Addition Based on Retracted Search Statements & missing DIN
NFAC Order Set Aside for Ignoring Written Submissions & Failure to Record Reasons
No Second Guessing AO’s Judgment – ITAT Nullifies PCIT’s 263 Revision as Overreach
PCIT’s 263 Revision Quashed – AO’s Enquiry on Goodwill, Warranty & CSR Found Proper
Non-Compliance with Earlier ITAT Directions – Matter Remanded Again to AO for Verification of Deductees
Partial Relief on Cash Deposits – ITAT Agra Accepts Loan Recovery & Past Savings as Explained Sources
Reassessment Notices beyond Limitation – ITAT Delhi Quashes Proceedings
FTC Cannot Be Denied If Form 67 Filed late but Before Assessment Completion
ITAT Deletes ₹2 Lakh Demonetisation Cash Addition Citing CBDT Instruction
Condonation of 447-day delay by Income Tax Dept in filing appeal against acquittal was allowed in tax evasion case
Registration u/s. 12A r.w.s 12AB granted as genuineness of activity of trust established
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.
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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.
