Income Tax Return

Master Guide on filing of income Tax Return

Income Tax - Q.1 What is a return of income? Ans. ​ITR stands for Income Tax Return​. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund […]...

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Amendment in Income Tax Act through Finance Act 2021

Income Tax - Tax compliance season for Income Tax Return filing of A.Y. 2021-22 is on the way and thus, it is pertinent to note key amendments made in the Finance Act, 2021 which are applicable with effect from Assessment Year 2021-22. We have discussed some key amendments introduced in the Finance Act, 2021 in this article; which […]...

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TOP 10 High value cash transaction that may lead to income tax notice

Income Tax - Restriction on CASH Transaction along with TOP 10 High value cash transaction that may lead to income tax notice DID you know CASH transaction Limit under Income tax and GST and what are the HIGH value Transaction? This article will help you to solve your problems related to 2 important areas 1) Restriction on CASH […]...

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KNOW – Interest, Late Fees & Penalty under TDS PROVISION

Income Tax - DID you KNOW – Interest, Late Fees and Penalty under TDS PROVISION? Here is attached summary file that will help you to solve your problem related default made in TDS that will result in to LATE fees under section 234E, Interest and Penalty under TDS provision. Interest, Late Fees and Penalty under TDS provision  This […]...

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Right Time To File Income Tax Return For AY 2021-22

Income Tax - The due date of filing ITR varies depending on the type of taxpayers viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI and the applicability of audit. 2. The last date for filing the income tax return is generally on 31 July of the assessment year (AY). The ITR must be filed for income earned […]...

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आयकर विवरणी की ऑफलाइन यूटिलिटी v/s आयकर विवरणी दाखिल करने की नियत तिथी बढ़ाने की माँग वित्तीय वर्ष 2020-2021

Income Tax - वित्तीय वर्ष 2020-2021 के लिए CBDT ने दिनांक 03.04.2021 को आयकर फॉर्म्स जारी कर दिए  एवं ITR-1 और ITR-4 की ऑफलाइन यूटिलिटी जारी  कर दी है I ज्ञात रहे कि आयक...

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Request for Extension of date of Revised Return of Income Tax

Income Tax - The banks have almost reported wrong information to the department. The interest reported is twice/thrice than interest shown by the assessee in the income tax return. The banks have reported interest on the basis of consolidation as per form 26Q. Then they have reported on the basis of Form 26AS and thirdly on the basis of individual FDR...

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ITR-4–Validation Rules for AY 2021-22

Income Tax - Central Board of Direct Taxes, e-Filing Project ITR 4 – Validation Rules for AY 202 1-22 Version 1.0 2nd April 2021 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ITR 4 – Validation Rules for AY 202 1-22 Version Number: 1.0 Revision ...

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ITR-1–Validation Rules for AY 2021-22

Income Tax - ITR 1 – Validation Rules for AY 2021-22 Version 1.0 2nd April 2021 Directorate of Income Tax (Systems) E-2, A.R.A. Centre, Ground Floor Jhandewalan Extension New Delhi – 110055 Document Revision List Document Name: ITR 1 – Validation Rules for AY 2021-22 Version Number: 1.0 Revision Details Version No. Revision Date Revision Descrip...

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Timely release ITR Utilities & Stop sending Panic Messages

Income Tax - Chartered Accountants Association, Surat has written a letter to Chairman of Central Board of Direct Taxes and demanded for Timely release of Income Tax Return Utilities and Stopping of Panic Messaging. They also demanded that A suitable and adequate time compensation be provided for the amount of stakeholder’s time lost due to infr...

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Uttarakhand HC directs CBDT to consider representation on due date extension

The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) - The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) High Court held that Admittedly, the country continues to suffer and to reel under the COVID-19 pandemic. A large number of assesses still find it difficult to even meet their Chartered Accountants ...

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Gujarat HC rejects TAR/ITR due date date extension writ applications

All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) - At this stage, we may only observe that the CBDT may consider issuing an appropriate circular taking a lenient view as regards the consequences of late filing of the Tax Audit Reports as provided under Section 271B of the Act. We leave it to the better discretion of the CBDT in this regard....

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Consider extension of Income Tax Due dates: Gujarat HC to UOI

All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) - All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) High Court held that respondent No.1 – Union of India, Ministry of Finance should immediately look into the issue, more particularly, the representation dated 12th October 2020 at Annexure : I of the paper book (page ...

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Extension of Due date for TAR & IT Returns- Gujarat HC fixes next hearing on 31.12.2020

Gujarat Federation of Tax Consultants Vs Union of India (Ahmedabad High Court) - Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) Gujarat High Court heard petition for extension of due dates in TAR and ITR for A Y 2020-21 on today. Court issued notice and fix next hearing on tomorrow. FULL TEXT OF THE HIGH COURT ORDER/JUDGEMENT Heard Mr. S. N. Soparka...

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Income tax returns are public documents & can be summoned by Court

Pragati Green Meadows and Resorts Ltd. Vs M. Praneetha (Telangana High Court) - Income tax returns are public documents and they can be summoned by the Court. If same are produced before the Court , the same does not result in violation of Article 21 of Constitution of India, as they are Government documents and are accessible to others....

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19 FAQs on filling of ITR forms for Assessment Year 2019-20

Circular No. 18/2019-Income tax - (08/08/2019) - After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issued. —...

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CBDT notifies ITR Forms for AY 2021-22

Notification No. 21/2021-Income Tax/G.S.R. 242(E) - (31/03/2021) - CBDT notifies all ITR Forms 1 to 7 for AY 2021-22 vide Notification no. 21/2021 in G.S.R 242(E) dated 31/03/2021. To facilitate taxpayers & to minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to last year’s Forms. The Central Board of...

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Govt notifies extend due dates of Tax Audit/ITR/VSV Scheme

Notification No. 93/2020-Income Tax [S.O. 4805(E).] - (31/12/2020) - Govt notifies extend due dates of Tax Audit/ITR/VSV Scheme vide Notification No. 93/2020-Income Tax dated 31st December, 2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 93/2020-Income Tax New Delhi, the 31st December, 2020 S.O. 4805(E).—In exercise...

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Govt extend due dates of Tax Audit/ITR/VSV Scheme/GSTR 9/9A/9C

NA - (30/12/2020) - In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances. Due date for filing ITR (Non tax audit) extended till 10/01/2021. Due date for filing Tax Audit and TP Audit Report extende...

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CBDT extends due date for filing ITRs for AY 2019-20 to 30.11.2020

F. No. 225/150/2020-ITA-II - (30/09/2020) - On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020. Order u/s 119(2a) issued. F. No. 225/150...

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Recent Posts in "Income Tax Return"

Master Guide on filing of income Tax Return

Q.1 What is a return of income? Ans. ​ITR stands for Income Tax Return​. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund […]...

Read More
Posted Under: Income Tax |

Amendment in Income Tax Act through Finance Act 2021

Tax compliance season for Income Tax Return filing of A.Y. 2021-22 is on the way and thus, it is pertinent to note key amendments made in the Finance Act, 2021 which are applicable with effect from Assessment Year 2021-22. We have discussed some key amendments introduced in the Finance Act, 2021 in this article; which […]...

Read More
Posted Under: Income Tax |

TOP 10 High value cash transaction that may lead to income tax notice

Restriction on CASH Transaction along with TOP 10 High value cash transaction that may lead to income tax notice DID you know CASH transaction Limit under Income tax and GST and what are the HIGH value Transaction? This article will help you to solve your problems related to 2 important areas 1) Restriction on CASH […]...

Read More
Posted Under: Income Tax |

KNOW – Interest, Late Fees & Penalty under TDS PROVISION

DID you KNOW – Interest, Late Fees and Penalty under TDS PROVISION? Here is attached summary file that will help you to solve your problem related default made in TDS that will result in to LATE fees under section 234E, Interest and Penalty under TDS provision. Interest, Late Fees and Penalty under TDS provision  This […]...

Read More
Posted Under: Income Tax |

19 FAQs on filling of ITR forms for Assessment Year 2019-20

Circular No. 18/2019-Income tax 08/08/2019

After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issued. —...

Read More

Right Time To File Income Tax Return For AY 2021-22

The due date of filing ITR varies depending on the type of taxpayers viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI and the applicability of audit. 2. The last date for filing the income tax return is generally on 31 July of the assessment year (AY). The ITR must be filed for income earned […]...

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Posted Under: Income Tax | ,

Revised /Belated (Income Tax) Return – FY 2019-20

1. The Central Board of Direct Taxes (CBDT). Vide circular no. 08/2021 dated 30 April 2021 has extended the time limit of filing belated Income Tax Return for the financial year 2019-20 (assessment year 2020-21) to 31 May 2021. 1.1 Normally, Income Tax Returns for a financial year have to be filed by 31 July […]...

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Posted Under: Income Tax |

How to file FY 2019-20 belated Income tax return of Individual

As per the department of income tax, an income tax assesse who fails to file the return of income within the stipulated timeline can still submit the belated ITR. What is Belated return? Income tax return that is not furnished on or before the due date specified under Section 139 (1) is referred as belated […]...

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ITR for FY 2019-20 Can Now Be Filed Till 31st May 2021

Extended Deadline for Tax Compliance Is a Huge Relief for the Taxpayers, ITR for FY 2019-20 Can Now Be Filed Till 31 May Amid a surge in Covid-19 cases and a nationwide lockdown, the government on Saturday has announced to extend the timelines for various income tax compliance to 31 May, including late return filing […]...

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Posted Under: Income Tax |

File Belated & Revised Return for AY 2020-21 till 31st May, 2021

Belated Return and Revised Return for the Assessment Year 2020-21 may be filed on or before 31st May, 2021 In view of the adverse circumstances arising due to the severe Covid-19 pandemic, the CBDT, in exercise of its powers under Section 119 of the Income Tax Act, 1961 (‘the IT Act’), has issued a Circular […]...

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Posted Under: Income Tax |

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