Income Tax
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Assessment Invalid Where Department Could Not Prove Timely Issue of Order: ITAT Bangalore
Demonetization cash deposit not added u/s. 68 as source duly explained
No addition of unexplained income u/s 69A for cash deposits from business sales during demonetization without contrary evidence
Provision for discount was an allowable expenditure if based on a scientific method & consistently discharged in subsequent years
Reassessment u/s. 147 without any fresh and new material is invalid
ITAT Confirms 270A Penalty When Undisclosed Receipts Detected During Survey
CBDT Instruction No. 3/2017 Shields Small Deposits from Scrutiny-Gift from Grandmother Accepted
No Addition Can Be Made on Mere Presumption About Cash Withdrawal Habits: ITAT Bangalore
Agricultural Income Must Be Judged on Official Records, Not Satellite Images
ITAT Chennai Restores 12AB & 80G Applications – Convention Centre Not Inherently Commercial
Charitable Trusts Can Claim Exam & License Fees Paid Abroad as Application of Income
ITAT Chennai Upholds Deletion of ₹2 Crore Loan Addition – Loan Already Taxed in Borrower’s Hands
ITAT Bangalore Restricts Additions in Search Assessment – Statement Alone Not Incriminating
AO Cannot Tax Entire Capital Gain, Only Balance in CGAS Taxable: ITAT Chennai
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.
