Income Tax

An income tax is a tax imposed on individuals, entities (taxpayers). That varies with their respective income, profits (taxable income). Many jurisdictions refer to income tax on business entities as companies ,corporate tax. Partnerships generally are not taxed rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions. Most jurisdictions exempt locally organized charitable organizations from tax.

Income Tax Article

Amount received by assessee for relinquishing secretary ship of educational society cannot be treated as a capital receipt.

Amount received by assessee for relinquishing secretary ship of educational society cannot be treated as a capital...

Promotion and Transfer order of Pr. Commissioner of Income Tax

Promotion and Transfer order of Pr. Commissioner of Income Tax

AO can not withheld the Income Tax Refund once it is eligible u/s 143(1)

AO can not withheld the Income Tax Refund once it is eligible u/s 143(1)

Landmark Judgment: No concealment penalty even for non disclosing income in ITR if it is shown in Balance Sheet

Landmark Judgment: No concealment penalty even for non disclosing income in ITR if it is...

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019-reg

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019-reg   

Levy of penalty under section 271(1 )(c)

Levy of penalty under section 271(1 )(c) IN THE INCOME TAX APPELLATE TRIBUNAL  DELHI BENCH: ‘B’, NEW DELHI BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SHRI O.P....

Whether on the facts and in circumstances of the case and in law, the Tribunal is correct in upholding the order of CIT (A)...

Whether on the facts and in circumstances of the case and in law, the Tribunal is...

A.O. has grossly erred in passing order U/s 154 of the Act after passing the assessment order U/s 143(3) of the Act which is...

A.O. has grossly erred in passing order U/s 154 of the Act after passing the...

Advisory on Exhibit B3 of SEBI’s Circular dated 29th March 2019 regarding Procedure and formats for limited review / audit report of the listed...

Advisory on Exhibit B3 of SEBI’s Circular dated 29th March 2019 regarding Procedure and formats...

Purchase of flat below Fair Market value or stamp duty valuation and it’s taxation if difference is less than10%

Purchase of flat below Fair Market value or stamp duty valuation and it's taxation if...

High Court says goods cannot be detained even if E Way bill is expired if validity is extended before order of detention

High Court says goods cannot be detained even if E Way bill is expired if...

Landmark Judgment : If trust registration u/s 12A is denied, what could be brought to tax is the net income in the hands of...

Landmark Judgment : If trust registration u/s 12A is denied, what could be brought to...

Landmark Observation : Transactions between relatives involving receipt of loan in cash may not in the nature of loans or deposits as envisaged in...

Landmark Observation : Transactions between relatives involving receipt of loan in cash may not in...

Demonetisation cases and Addition by Income Tax Authorities on the basis of theory of ‘Human Probability Test’ under the Income Tax Act – 1961

Demonetisation cases and Addition by Income Tax Authorities on the basis of theory of ‘Human...

No deduction u/s 80P if credit co-operative society is doing business with Nominal Members also – Supreme Court in The Citizen Cooperative Society vs...

No deduction u/s 80P if credit co-operative society is doing business with Nominal Members also...