Income Tax
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ITAT Cannot Uphold Section 263 Revision on Grounds Not Raised by Commissioner: Kerala HC
Allahabad HC Admits Appeals on Alleged Benami Property and Cash Seizure
Reopening Quashed for Lack of Disclosure Failure
Cash Withdrawals Cover Deposits; No Mapping Needed & CIT(A) Cannot Enhance Without Notice
Delhi ITAT Holds Sec.50C Inapplicable to Buyer; Repayment of Loans Quells Sec.68 Doubts—Additions Deleted
Preponderance of Probability Not Enough—Share Transactions Genuine, Section 68 Addition Deleted
Suspicion Not Evidence: ITAT Strikes Down Addition Based on “Average Cash Deposit” Theory
TCS not collectable on compounding fees recovered from illegal miners
Reopening on Wrong Reason Quashed: ITAT Deletes Section 68 Addition
ITAT Rules Exemption Cannot Be Denied for Curable Form 10B Defect
Loss not speculative when shares were acquired on conversion of partly convertible debentures
Demonetisation Cash Deposits Not Unexplained: ₹45 Lakh Addition Deleted
No question of denying exemption u/s. 11 since there is no retention of income
TP Adjustment Under 80IA(10) Dismissed for Lack of Evidence
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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