Income Tax
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Section 69A Addition Deleted & Reopening Quashed – No Ownership of Money & Borrowed Satisfaction
Reassessment Quashed – Invalid Approval U/s 151 Vitiates Jurisdiction
Reassessment Quashed – No Addition on Original Reason for Reopening
Notice U/s 148 quashed as sanction U/s 151 obtained from non-competent authority
Section 153C Assessment Quashed – Mechanical & Combined Approval U/s 153D Held Invalid
Bogus Purchase, Loan Creditor Additions Deleted – CIT(A) Relief Upheld
Charitable Trust Taxed at Slab Rates – MMR Application Held Incorrect
Section 153A Assessment Quashed – Mechanical Approval U/s 153D Held Invalid
Addition U/s 69A Deleted – Third Party Statement Without Corroboration Insufficient
Bogus Purchase Addition Restricted to 10% – CIT(A) Relief Upheld
Reassessment Quashed – Notice U/s 148 Issued Before Approval & Mechanical Sanction U/s 151
Reopening Upheld but Addition Restored – Non-Speaking Order on Cost of Improvement
TDS Default u/s 201 – Matter Remanded for Verification of Payees’ Tax Payment
Loan Repayment Not Taxable U/s 68 & 14A Disallowance Restricted to Actual Expenditure
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.
