Income Tax
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Addition U/s 69 for alleged on-money deleted – No corroborative evidence denial of cross-examination violates natural justice – ITAT Mumbai
Reassessment notice u/s 148 quashed – Income below ₹50 lakh wrong sanctioning authority – ITAT Mumbai
Section 153C Addition U/s 69 Deleted – Third Party Statement Loose Paper Held Insufficient
Deduction U/s 54F Allowed – Deposit in CGAS Not Mandatory if Investment Made Within Extended Time
WhatsApp Chats Alone Cannot Prove ₹23 Cr On-Money; Refurbishment Proposal Accepted & Addition U/s 69 Deleted
Commission Allegation Based on Dumb Excel Sheet Rejected by ITAT Delhi
Penny Stock Addition u/s 68 Set Aside; Reopening Held Invalid for lack of Mind Application
U/s 80IAC Deduction Allowed Subject to Filing Form 10CCB – Technical Lapse Held Curable
U/s 69A Addition Partly Sustained – Estimated Relief Granted Considering Household Savings
U/s 153C Assessment Quashed – Defective Satisfaction Note & Invalid Jurisdiction
Letter of Comfort didn’t constitute International Transaction: TP adjustment deleted
Revision U/s 263 Upheld – Lack of Enquiry on Alleged Cash Payment in Property Purchase
Disallowance U/s 14A while computing book profit U/s 115JB deserved to be deleted
Demonetisation Cash Deposits Deleted – Source Explained from Books & Sales
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.
