Income Tax
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Disallowance u/s. 43B for non-payment of statutory tax needs verification hence matter restored
ITAT Quashes Reassessment: Revenue’s Appeal Fails Because 148 Notice Invalidity was Unchallenged
Reassessment notice u/s. 148 quashed as being barred by limitation
Reopening must be on the same reason on which addition is made- ₹1.30 Cr Addition Deleted
Reassessment order in absence of notice u/s. 143(2) is bad-in-law
Notional Foreign Exchange Gain from year-end revaluation of a loan on capital account was not taxable income
Provision for consumer loyalty program was an allowable deduction u/s 37 and no TP adjustment as profits of eligible units were at arm’s length
No addition u/s 69A for undisclosed Jewellery as family inheritance and household withdrawals were sufficient to explain sources
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
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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