Income Tax
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ITAT Sets Aside Ex-Parte Income Tax Order for Failure to Consider Submissions
AO’s 6% Profit Estimation Upheld -Difference of Opinion on Estimation Not Enough
Liquor Licence in Father’s Name, Profits in Son’s Books: ITAT Upholds Taxability
Multiple Notices in Short Span + Covid Hospitalisation: ITAT Deletes section 272A(1)(d) Penalty
ITAT Jaipur Denies Charitable Exemption Over Misuse of Cloth Merchant Trust Funds
Non-Communication of Reasons in Transfer Order Vitiates Assessment: ITAT Bangalore
ITAT Rejects PR Consultant’s Attempt to Shift from 44ADA to 44AD – Agency Business Not Eligible
Justice Over Technicalities – ITAT Restores Appeal Dismissed Without Reviewing Evidence
ITAT Bangalore Condones Delay for 74-Year-Old HUF Kartha – Substantial Justice Prevails
Farming Income Validated – No Straightjacket Formula for Agricultural Yield, ITAT Nagpur
Reopening Invalidated – Less Than 7 Days’ Notice Violates section 148A(b)
ITAT Delhi Deletes Sundry Debtors Addition for Jeweller, Restricts Bogus Purchases to 10%
CIT(A) Cannot Dismiss Appeal in Limine, ₹3.80 Cr Addition Remanded for Fresh Hearing
ITAT Nagpur Deletes ₹20.32 Lakh Addition as Unexplained Investment Lacks Evidence
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.
