Income Tax
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Penalty u/s. 271(1)(c) set aside as notice failed to specify specific charge or limb
Revenue Cannot Reopen Closed Cases on Previously Verified Share Capital
Suppliers Didn’t File Returns? Doesn’t Mean Assessee Didn’t Buy
One Commission, Two Tax Demands? ITAT Says: Verify First – No Double Taxation
A clerical mistake in Form 3CD cannot lead to addition without hearing assessee
“Kalra Ji” on Loose Papers Not Enough: ITAT Deletes ₹1.2 Cr Addition for Lack of Evidence
Jewellery Stock Surrender Taxable as Business Income, Not Unexplained Investment
No addition of ₹3.55 Cr addition u/s 68 in Accommodation Entry Dispute as there was genuineness of transaction
TCS liability against mining officer was valid as compounding fees from Illegal Mining was treated as ‘Transfer of Rights’
Surrendered income during survey cannot be treated as unexplained income so higher tax u/s. 115BBE not justified
Assessment u/s. 153A quashed as based on common approval u/s. 153D
Seized amount prima facie proceeds of crime cannot be treated as income before conclusion of PMLA trial
Treatment of income due to mere presence of blank cheque without any other evidence not tenable
Section 80IA Deduction Restored: ITAT Follows High Court Quashing Approval Withdrawal Order
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.
