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

Writ filed by Assessee challenging order of rejection of stay application in a cryptic manner

Writ filed by Assessee challenging order of rejection of stay application in a cryptic manner Short...

HC restrained revenue from enforcing order of attachment of property during pendency of appellate proceedings

HC restrained revenue from enforcing order of attachment of property during pendency of appellate proceedings Where...

Surcharge on Super Rich :

Surcharge on Super Rich : "In view of rising income levels, those in the highest income...

Only expenditure incurred on the assets is eligible for deduction while computing capital gain. Expenses to improve the title of the assets is neither...

Only expenditure incurred on the assets is eligible for deduction while computing capital gain. Expenses...

Assessee engaged in building and leasing premises of special nature as per the requirements of clients is business income

Assessee engaged in building and leasing premises of special nature as per the requirements of...

Taxation of alleged bogus long-term capital gain on sale of shares

Taxation of alleged bogus long-term capital gain on sale of shares   Short Overview : Since transactions of...

CBDT Clarification on withdrawal of low tax effect cases in appeal

CBDT Clarification on withdrawal of low tax effect cases in appeal

Cost of acquisition and cost of improvement – As discussed by Supreme court in R. M. Arunachalam Etc. vs Commissioner Of Income Tax

Cost of acquisition and cost of improvement – As discussed by Supreme court in R....

Where share capital had been scrutinized and accepted by the revenue then holding the same share capital as unexplained in reassessment u/s 153A tantamounted...

Where share capital had been scrutinized and accepted by the revenue then holding the same...

Capital gains exemption u/s 54F if superstructure is strictly not a residential house

Capital gains exemption u/s 54F if superstructure is strictly not a residential house Short Overview : It...

Benefit of accumulation not available to income assessed u/s 11(3)

Benefit of accumulation not available to income assessed u/s 11(3) Abheraj Baldota Foundation Vs DCIT Benefit of...

Politicians getting in favour of taxpayers ! Now, Ex CM of Maharashtra also requested for Date Extension

Politicians getting in favour of taxpayers ! Now, Ex CM of Maharashtra also requested for...

Case with wider Benefits : Offering scholarship for creating visibility in international arena is a revenue expenditure, allowable u/s 37(1).

Case with wider Benefits : Offering scholarship for creating visibility in international arena is a...

Blocking of Eway bill extended to 21st November 2019 vide notification No. 36/2019 Dated 20th August, 2019

Blocking of Eway bill extended to 21st November 2019 vide notification No. 36/2019 Dated 20th...