Income Tax
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Cash Deposits in Medical Store Bank Account Not Taxable U/s 69A as Such- ITAT Holds Only Profit Element Can Be Assessed
18% Profit Rate on Contract Receipts Held Excessive – ITAT Restricts Estimation to 8% and Grants Major Relief
Tax Audit Report Error Cannot Trigger Disallowance – ITAT Deletes Section 40(a)(ia) Addition Based on Copied Audit Figures
Reassessment Quashed for Wrong Approval Under Section 151 – ITAT Holds Sanction by PCIT Instead of PCCIT is Fatal
Reassessment Quashed for Violating 4-Week Cooling-Off Period After Disposal of Objections – ITAT Pune Follows Asian Paints
Wrong Claim in Original Return Does Not Automatically Defeat Genuine Chapter VI-A Deduction- ITAT Orders Fresh Verification
Wrong Section Selected in ITR Cannot Defeat Genuine Section 80P Claim – ITAT Directs CPC to Grant Full Deduction
Jurisdictional Defects Vitiate Entire Assessment: ITAT Strikes Down Additions Based on Search Material
Assessment on Deceased Assessee Not Void Where Notice Was Issued During Lifetime – ITAT Pune Orders Fresh Assessment in Legal Heir’s Name
ITAT Orders De Novo Adjudication on Taxability of Concessional Sugar Distributed by Co-operative Sugar Factory
Wrong Clause Selected in Form 10AB is a Curable Defect – ITAT Pune Restores U/s 12AB & 80G Applications of Educational Society
CBDT Approves National Institute of Advanced Studies as Scientific Research Institution
CBDT Approves S. Nijalingappa Sugar Institute for Scientific Research Tax Benefit Eligibility
CBDT Approves Biotechnology Research Institution for Tax Benefit Eligibility Until 2030-31
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.
