Income Tax
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Delhi ITAT Quashes Reassessment for No Section 143(2) Notice, Section 292BB Inapplicable
ITAT Chennai: SBI Not Assessee in Default – HC Interim Order Barred TDS on Foreign LFC
ITAT Raipur Quashes Reassessment Where PCIT Approved Notice Beyond Three Years
Delhi HC: Reassessment Fails – PCIT Lacked Authority to Grant Approval Beyond Three Years
ITAT Raipur: Reassessment Set Aside – Jurisdiction Failed Due to Missing Section 127 Transfer Order
ITAT Surat: Property Addition Set Aside – CIT(A)’s Order Based on Incorrect Facts
ITAT Mumbai: Section 56(2)(x) Addition Deleted – Stamp Value on Earlier Allotment Date Applies
No Capital Gain Taxation on Untransferred JDA Land: ITAT Pune
Delhi ITAT Deletes ₹7.15 Crore Protective Addition After Substantive Assessment Quashed
ITAT Mumbai Restores R&D Deduction Claim Under Section 35(1)(i) After DSIR Rejection
ITAT Pune Rejects Section 80P Claim for Failure to Prove Co-operative Society Status
Kerala HC: Bank Cannot Rely on Expired Income Tax Prohibitory Order to Freeze Account
Kerala HC: Appeal Restored After 10 Years – Form 35 E-Filing Transition Caused Confusion
ITAT Chandigarh: PCIT Cannot Invoke Section 263 Merely Over Cryptic Assessment 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.
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