Income Tax Return

Last Date For Filing of Belated Income Tax Return

Income Tax - he due date for filing of Income Tax Return is mentioned in Section 139(1) of the Income Tax Act. As per this section the due date for filing of return for the Assessment Year 2016-17 were 31st July, 2016 and 30th September, 2016 for different types of assesses. ...

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10 Common Mistakes People make when filing Income Tax Returns

Income Tax - The season of filing of tax return is here. This year all those who have taxable income are required to file their return. Also those with income above Rs five lakhs have to compulsorily e-file their return. Its very important to file error free Income tax Return to avoid future problems. Lets see the most commonly committed mistakes thos...

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Launch ITR with e-filing utility for AY 2017-18 in First week of April

Income Tax - Right from the beginning there have been emphasis on the changing and incorporating the suitable provisions in respect of Income Tax Return (ITRs) forms. Going are the days for the manual filling and filing of the ITRs. There is continuous emphasis on the e-filing of the ITRs. ...

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Heavy Penalty: A measure to ensure timely Income Tax Return Filing

Income Tax - Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any oth...

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Retain existing time limit for filing of revised tax return: ICAI

Income Tax - Section 139(5) - Reduction in time limit for filing revised return - Retention of existing time limit for filing of revised tax return at least in cases of claim of foreign tax credit...

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Aadhaar to be mandatory for income tax returns and PAN

Income Tax - Union government has proposed making Aadhaar mandatory for filing income tax returns and for obtaining Permanent Account Number (PAN) through proposed  amendments to the finance bill 2017. The government on 21.03.2017 proposed making Aadhaar mandatory for filing of income-tax returns as well as for obtaining and retaining the PAN. Accord...

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4.21 Crore Income Tax Returns e-filed till 28.02.2017

Income Tax - Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28.02.2017) was 4.21 Cr: The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28.02.2017)...

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Income Tax Dept receives Award for e-filing of Income Tax Returns project

Income Tax - The Income Tax Department as been conferred Silver Award in National Awards on e-Governance-2016-17 for e‑filing of Income Tax returns and other forms project in category Incremental Innovations in existing projects....

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Top 10 unusual excuses for not filing return on time by UK Residents

Income Tax - Each year HMRC receives a number of unusual excuses from Self Assessment customers who didn’t complete their tax return on time....

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Income Tax Return Statistics for AY 2013-14 & 2014-15

Income Tax - CBDT has further released data relating to distribution of income and tax payable in respect of returns filed for Assessment Years 2013-14 and 2014-15. ...

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Delay in filing return due to sufficient cause should be condoned

M/s Regen Infrastructure & Services Pvt. Ltd. Vs CBDT , CIT & ITO (Madras High Court) - The Hon'ble Madras High court in the above cited case held that in deciding the application for condonation of delay in filling return of income the approach of the CBDT should be justice oriented so as to advance the cause of justice....

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Bombay HC criticises CBDT move of extending of ITR due date for only two states & one Union territory

The chambers of Tax Consultant & Others Vs UOI (Bombay High Court) - It was argued that the above decisions were accepted by CBDT and the due date was extended in the respective territories of the High Court’s jurisdiction. Hon’ble HC after considering the above two judgments held that held that it is very unfair that benefit regarding an all India statute is res...

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Analysis of Gujarat HC judgement directing CBDT to extend ITR due date to 31.10.2015

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court) - By this petition under article 226 of Constitution of India petitioners sought relief by way of writ and prayed before court that due date of filing ITR should be extended upto 30.11.2015. Following relief were sought in this instant writ petition...

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Analysis of P&H HC judgment directing CBDT to extend ITR due date to 31.10.2015

Vishal Garg Vs UOI (Punjab & Haryana High Court) - Vishal Garg Vs. UOI In the instant petition petitioners sought relief by way of writ under article 227 of the constitution of India and prayed before court that due date of filing ITR should be extended upto 31.10.2015....

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Guajrat HC also Directs CBDT to extend due date to 31st October 2015

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court at Ahmedabad) - After Punjab & Haryana High Court the Gujarat High Court also directs CBDT to extend the due date for Filing of ITR to October 31st in its Judgement today. ...

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Processing of returns filed in F.Y. 2015-16 to get time barred on 31.03.2017

AST Instruction No. 143 - (17/03/2017) - As you are aware that returns furnished by the assesses during the FY 2015-16 are pending for processing u/s 143(1) and the limitation date for the same is 31.03.2017. ...

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Income Tax Return filing date in Jammu & Kashmir extended

F.No. 225/195/2016/ITA.II - (29/07/2016) - CBDT extends the 'due-date' for filing Returns of Income from 31st July, 2016 to 31st August, 2016, in case of Income-tax assessees in the State of Jammu & Kashmir who are required to file their return under section 139(1) of the Act by the said 'due date'...

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Dept to accept Income Tax Returns on Saturday & Sunday

F.No.225/195/2016/ITA.II - (29/07/2016) - In order to facilitate filing of income-tax returns on 30th July & 31st July, 2016 (Sunday), CBDTin exercise of powers , hereby directs that necessary arrangements be made for receiving Income tax returns in all income-tax offices throughout the country on these days, during the normal working hours...

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Verification of ITR through EVC pending due to non-filing of ITR-V

Circular No. 13/2016-Income Tax - (09/05/2016) - Verification of tax-returns for Assessment Years 2009-2010, 2010-2011, 2011-2012 2012-2013, 2013-2014 and 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such returns-regd....

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Include Interest Income in your Tax Return: CBDT

NA - (23/03/2016) - CBDT would like to inform the persons earning interest income that interest credited/received on deposits is taxable unless exempt under section 10 of the Income-tax Act. Such interest income should be shown in the return of income even in cases where Form 15G/15H has been filed if the earning is no...

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Recent Posts in "Income Tax Return"

Processing of returns filed in F.Y. 2015-16 to get time barred on 31.03.2017

AST Instruction No. 143 (17/03/2017)

As you are aware that returns furnished by the assesses during the FY 2015-16 are pending for processing u/s 143(1) and the limitation date for the same is 31.03.2017. ...

Read More

Aadhaar to be mandatory for income tax returns and PAN

Union government has proposed making Aadhaar mandatory for filing income tax returns and for obtaining Permanent Account Number (PAN) through proposed  amendments to the finance bill 2017. The government on 21.03.2017 proposed making Aadhaar mandatory for filing of income-tax returns as well as for obtaining and retaining the PAN. Accord...

Read More
Posted Under: Income Tax | ,

Last Date For Filing of Belated Income Tax Return

he due date for filing of Income Tax Return is mentioned in Section 139(1) of the Income Tax Act. As per this section the due date for filing of return for the Assessment Year 2016-17 were 31st July, 2016 and 30th September, 2016 for different types of assesses. ...

Read More
Posted Under: Income Tax | ,

4.21 Crore Income Tax Returns e-filed till 28.02.2017

Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28.02.2017) was 4.21 Cr: The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28.02.2017)...

Read More
Posted Under: Income Tax |

10 Common Mistakes People make when filing Income Tax Returns

The season of filing of tax return is here. This year all those who have taxable income are required to file their return. Also those with income above Rs five lakhs have to compulsorily e-file their return. Its very important to file error free Income tax Return to avoid future problems. Lets see the most commonly committed mistakes thos...

Read More
Posted Under: Income Tax | ,

Launch ITR with e-filing utility for AY 2017-18 in First week of April

Right from the beginning there have been emphasis on the changing and incorporating the suitable provisions in respect of Income Tax Return (ITRs) forms. Going are the days for the manual filling and filing of the ITRs. There is continuous emphasis on the e-filing of the ITRs. ...

Read More

Heavy Penalty: A measure to ensure timely Income Tax Return Filing

Where a person required to furnish a return of income under Section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of- (a) Five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year; (b) Ten thousand rupees, in any oth...

Read More
Posted Under: Income Tax | ,

Retain existing time limit for filing of revised tax return: ICAI

Section 139(5) - Reduction in time limit for filing revised return - Retention of existing time limit for filing of revised tax return at least in cases of claim of foreign tax credit...

Read More
Posted Under: Income Tax | ,

Budget proposes Fee for delay in filing of Income Tax return

The proposed fee structure is as follows:—(i) a fee of five thousand rupees shall be payable, if the return is furnished after the due date but on or before the 31stday of December of the assessment year; (ii) a fee of ten thousand rupees shall be payable in any other case....

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Posted Under: Income Tax | ,

Benefits of Filing Income Tax Return by Different Classes of Assessees

Though as a Company or a Firm you are required to file a return irrespective of whether you have income or losses. In cases where a person (an individual) has Loss under the head ‘Income from House Property’ or loss under the head ‘ Profits & Gains of Business or Profession’ ‘Capital Gains’ or losses from ‘Income from Other ...

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Posted Under: Income Tax |
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