Income Tax
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ITAT Upholds Deletion of Bogus F&O Loss Additions; Post-Search Reports Cannot Justify 153A
80G Cannot Be Denied Merely Because One Object Seems Religious – ITAT Says Check 5% Rule & Facts Properly
Section 10(34)/(35) Exemption Allowed Despite Sec. 11 Denial: ITAT Mumbai
ITAT Remands Crore Expense Disallowance, Citing Failure to Examine Documentary Evidence
Section 194IC Applies to Leasehold Land in JDA, but Developer May Avoid Default if Tax Paid
ITAT Mumbai upholds penny-stock loss as genuine – Revenue’s addition deleted
ITAT Delhi: Cash of ₹3.11 Cr found in locker is NOT “unexplained” – treated as speculative/business income, Section 69A & 115BBE deleted
AO Can’t Cry ‘SBN Violation’ to Tax Genuine Sales – Demonetisation or Not – Once Sales Are in the Books, You Can’t Tax the Cash Twice
Addition upheld by CIT(A) without passing speaking order is not justifiable: Matter restored
ITAT Delhi delivers a two-fold relief – quashes reassessment as void for lack of jurisdiction & grants full Section 54F exemption even where houses are constructed in son’s name
Payment of non-compete fees to retiring partner is revenue expense
ITAT Chennai deletes demonetisation cash deposit addition – Once books are accepted, cash sales cannot be treated as unexplained money u/s 69A
No reassessment u/s. 148 as income earned in NRE account exempt u/s. 10(4)(ii)
ITAT Chennai restricts addition on cash deposits – Treats assessee as commission agent, estimates income at 4% instead of taxing entire deposits
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.
