Income Tax
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Capital gain to be offered in the year of execution of sale deed: Exemption u/s. 54 allowed
Ex-Parte Assessment Set Aside Due to Death and Sealed Factory
Ex-Parte Faceless Order Quashed for Denial of Natural Justice
Bank Deposit Additions Need Proof, Not Presumptions
Self-Made Vouchers Alone Can’t Justify 20%–50% Expense Cuts
Bogus Purchase Addition Fails When Sales Are Accepted as Genuine
263 Has Limits: Second Bite at Cherry Denied to Revenue
No Remand for AO’s Lapse: Section 80JJAA Claim Restored by ITAT
Section 68 Additions Fail After Remand Verification Confirms Loans
No Valid 153C Jurisdiction, No Power Under Section 263
Old U/s 148 Notice Converted Later Still Time-Barred for AY 2015-16
Transfer pricing adjustment of corporate guarantee fee not sustained based on earlier years decision
Section 263 Fails Where 153C Assessment Has Valid 153D Approval
Abated Assessment Year Lets AO Re-Examine Entire Return
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.
