Income Tax
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Delhi HC Allowed Compensation as Revenue Expense Due to Commercial Expediency
On-Money Payment Addition Quashed as Excel Sheet & Third-Party Statements Found Unreliable
Bogus Purchases – Only 0.2% Profit Addition Sustainable, Consistency Prevails: ITAT Mumbai
Penalty on Share Premium Valuation Deleted – Bona Fide Claim Not Concealment
ITAT Deletes Additions Due to Unreliable Third-Party Evidence in 153C Proceedings
ITAT Quashes Reopening Due to Vague Reasons Under Section 147
ITAT Mumbai: Rule 46A Violation Fatal – CIT(A) Cannot Delete Additions Without AO Verification
80P Deduction Denied Due to Late Return? Tribunal Sends Case Back Pending Delay Condonation Decision
ITAT Mumbai: Bogus Purchases – Only 12.5% Profit Taxable, Full Disallowance Rejected
No Appeal Dismissal u/s 249(4)(b) Without Advance Tax Liability: ITAT Hyderabad
ITAT Mumbai: Section 270A Penalty Quashed – Vague Notice Without Specific Charge Invalid
Opening Balance Cannot Be Taxed u/s 68: ITAT Remands ₹55.53L Loan Addition for Verification
ITAT Mumbai: On-Money Taxed at 8%, Subcontract Disallowance Deleted – Real Estate Additions Rationalised
ITAT Mumbai: Faceless Additions Set Aside – Salaried Assessee Deserves Fair Opportunity
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.
