Income Tax
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Section 56(2)(viib) Not Applicable to Old Share Application Money – Addition Deleted
Delay Cannot Defeat Justice – Ex-Parte Addition u/s 69 Set Aside for Fresh Examination
Demonetised Cash from Members Not Unexplained: ITAT Upholds Deletion under Section 68
CIT(A) Cannot Dismiss Appeal for Non-Prosecution – Must Decide Reopening Validity on Merits
Reopening Cannot Be Quashed Using New Law Retrospectively – Matter Remanded to CIT(A)
Revised ITR u/s 139(5) was allowed only for errors in the original return
Only TDS Component Taxable When Assessee Acts as Facilitator; Section 57 Disallowance Partly Deleted
Ad-hoc Estimation of Agricultural Income Rejected: ITAT Deletes Section 69A Addition
Employee Exit Is Sufficient Cause: ITAT Condoned Delay and Restores Appeal for Fresh Hearing
ITAT Bangalore: Bogus Purchase Addition Cannot Be Made Without Independent Inquiry-Entire Disallowance Deleted
ITAT Bangalore: Power Generation Incentive Eligible for 80-IA Deduction-Direct Nexus with Business Established
Even in Ex-Parte Assessment, Gross Deposits Can’t Be Taxed as Income: ITAT Remands with Cost
CSR Trust Denied Registration Wrongly: ITAT Directs Grant of 12AB & 80G Approval
ITAT Bangalore: No Disallowance U/s 36(1)(iii) When Interest-Free Funds Exceed Advances-Revenue Appeals Dismissed
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.
