2 Income Tax Return

Income Tax Return

FAQs on Income Tax e-Verification Scheme 2021

Income Tax - FAQs on e-Verification Scheme, 2021 provide general guidance in understanding procedures & processes of the e-Verification Scheme, 2021...

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Few must know questions about income tax returns

Income Tax - There are various schemes implemented by the government to ensure the smooth functioning and development of the organization. Tax is an amount that each earning employee pays in one way or the other. This amount is invested for the development of the country. There are various ways wherein the employee can file for a tax […]...

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Updated Return – Section 139(8A) – An Analysis

Income Tax - ITR-U is the form which is offer by Govt. to update your Income tax return or file your return within two years from the end of relevant Assessment Year. The concept was introduced in the union budget 2022 under section 139(8A) of Income tax Act, 1961 which allows assessee to update your ITR within two […]...

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ITR-U Return: Last Resort for those Who Missed ITR Due Date

Income Tax - Filing ITR-U Return in India: Benefits, Process and Additional Income Tax Payable – Last Resort For Those Who Missed the ITR Due Date INTRODUCTION In India, the government has introduced the concept of updated returns in the Union Budget 2022 to benefit taxpayers who have failed to file their Income Tax Returns (ITRs) by the [&helli...

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You can file your income tax return under ITR U

Income Tax - Taxpayers who have not yet filed their income tax returns for 2022 and 2023 can still file their income tax returns under ITR U. In addition to this, the income tax returns of the taxpayers for the assessment year 2020-2021 and 2021-2022 can also be filed through ITR-U....

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Webinar on Monthly Updates on Direct & Indirect Taxes on 3rd December 2022

Income Tax - Direct & Indirect Taxes : Monthly Updates Date & Time – 3rd December 2022 (Time:11 a.m to 12:30 p.m) Tax Guru is Organizing a 1 and Half Hour Workshop for discussions on ‘Direct & Indirect Taxes : Monthly Updates’ on the following topics- GST – 1. Replying to notices for ITC denial for- A. Mismatch [&hellip...

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CBDT releases draft Common Income Tax Return Form for public consultation

Income Tax - At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is [&h...

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Suggestions for Common Income Tax Return

Income Tax - The present format of ITR as well as the one proposed in the draft Common ITR, requires the assessee to furnish Financial Statements in a format adapted to the requirements of the department for variety of reasons including meaningful analysis....

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CBDT Proposes common Income-tax Return (ITR) Form

Income Tax - CBDT proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4) or the proposed common ITR, at their convenience....

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Instructions for filling out Form ITR-7 for A.Y. 2022-23

Income Tax - These instructions are guidelines for filling the particulars in Income-tax Return Form-7 for the Assessment Year 2022-23 relating to the Financial Year 2021-22....

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Proceedings u/s 153C untenable as material seized during third party search not proved as belonging to assessee

ACIT Vs Ashrita Construction Pvt. Ltd (ITAT Ahmedabad) - ITAT Ahmedabad held that AO failed to prove that material seized, during the course of search in case of third party, belong to the assessee. Hence, invocation of proceedings u/s. 153C of the Income tax Act is against the provisions of law...

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Assessment proceedings commence with filing of Income Tax return

Leh Nutrition Project Vs DCIT (ITAT Amritsar) - Assessment proceedings commence with filing of Income Tax return and not when notice is issued for the first time under section 143(2)...

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Income Tax return filed belatedly cannot be revised under section 139(5)

Vijay Channabasav Suttatti Vs ACIT (ITAT Pune) - Income Tax Return revision right under section 139(5) was denied and not at all available to assessee who has filed belated return under section 139(4)....

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Remedy for Claiming Condonation of delay in ITR Filing Lies with CBDT

Sudipta Basu Vs ITO (Delhi High Court) - Sudipta Basu Vs ITO (Delhi High Court) Delhi High Court is of the view that Section 119(2)(b) of the Act read with CBDT Circular No. 9/2015 provides a remedy to the Assessees to seek condonation of delay, in cases where Assessee could not file their income tax returns within time due to genuine hard...

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Non Filing of Income Tax Return- Court can presume culpable mental state of accused

S. J. Surya Vs DCIT (Madras High Court) - Section 278 (e) of the Income Tax Act, 1961, empowers the Court to presume culpable mental state of the accused, unless, the accused shows that he had no such mental state with respect to the act charged as an offence in the prosecution....

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Revised Instruction for withholding of Refund u/s 241A in Scrutiny cases

Instruction No. 07 of 2022-Income Tax - (06/12/2022) - Instruction No. 07 of 2022 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No.: DGIT(Systems)-1/Instruction/241A/2022-23 Dated: 06.12.2022 To All Principal Chief Commissioners of Income Tax/CCsIT All Principal Director Generals of Income ...

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Due Date for Return filing for Audit & Related Cases extended to 07th Nov 2022

Circular No. 20/2022-Income Tax - (26/10/2022) - CBDT extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is 31st October 2022 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th November, 20...

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CBDT extends time for filing of modified ITR in Form ITR-A

F.No. 370142/41/2022-TPL - (26/09/2022) - CBDT extends timeline for filing of modified ITR in Form ITR-A by a successor company under section 170A of Income Tax Act till March 31, 2023 in in cases where the order of business reorganization of the competent authority was issued between the period 1st April 2022 and 30th  September 2022. F.N...

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CBDT notifies Form ITR-A & rules for modified return by successor entity

Notification No. 110/2022-Income Tax [G.S.R 709(E)] - (19/09/2022) - CBDT notifies new Income Tax Rule 12AD modified  return of income under section 170A to be furnished by a successor entity to a business reorganisation and relevant Form ITR-A vide Notification No. 110/2022-Income Tax | Dated: 19th September, 2022. MINISTRY OF FINANCE (Department of Revenue) (CEN...

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ASK Centers throughout India shall remain open on 31st July 2022

F. No. 225/125/2022-ITA.II - (30/07/2022) - ASK Centers throughout India shall remain open on 31st July 2022 during normal office hours to facilitate filing of Income Tax tax returns ...

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Recent Posts in "Income Tax Return"

FAQs on Income Tax e-Verification Scheme 2021

FAQs on e-Verification Scheme, 2021 provide general guidance in understanding procedures & processes of the e-Verification Scheme, 2021...

Read More
Posted Under: Income Tax | ,

Few must know questions about income tax returns

There are various schemes implemented by the government to ensure the smooth functioning and development of the organization. Tax is an amount that each earning employee pays in one way or the other. This amount is invested for the development of the country. There are various ways wherein the employee can file for a tax […]...

Read More
Posted Under: Income Tax |

Updated Return – Section 139(8A) – An Analysis

ITR-U is the form which is offer by Govt. to update your Income tax return or file your return within two years from the end of relevant Assessment Year. The concept was introduced in the union budget 2022 under section 139(8A) of Income tax Act, 1961 which allows assessee to update your ITR within two […]...

Read More
Posted Under: Income Tax |

ITR-U Return: Last Resort for those Who Missed ITR Due Date

Filing ITR-U Return in India: Benefits, Process and Additional Income Tax Payable – Last Resort For Those Who Missed the ITR Due Date INTRODUCTION In India, the government has introduced the concept of updated returns in the Union Budget 2022 to benefit taxpayers who have failed to file their Income Tax Returns (ITRs) by the [&helli...

Read More
Posted Under: Income Tax | ,

You can file your income tax return under ITR U

Taxpayers who have not yet filed their income tax returns for 2022 and 2023 can still file their income tax returns under ITR U. In addition to this, the income tax returns of the taxpayers for the assessment year 2020-2021 and 2021-2022 can also be filed through ITR-U....

Read More
Posted Under: Income Tax |

Will Common ITR Form aid in simplification of tax return filing process?

Draft Common ITR Form By CBDT Will It Help In Simplifying The Return Filing Process? Every year, millions of people around the world have to file their income tax returns. Putting together an income tax return requires a lot of information and calculations. In order to simplify the process, the CBDT has released a draft […]...

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Posted Under: Income Tax |

Proceedings u/s 153C untenable as material seized during third party search not proved as belonging to assessee

ACIT Vs Ashrita Construction Pvt. Ltd (ITAT Ahmedabad)

ITAT Ahmedabad held that AO failed to prove that material seized, during the course of search in case of third party, belong to the assessee. Hence, invocation of proceedings u/s. 153C of the Income tax Act is against the provisions of law...

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Last Month, Last Chance to File ITR of FY 2021-22

Arjuna (Fictional Character): Krishna, the calendar year 2022 is about to end, and the new year is about to start. How should a taxpayer prepare himself for this year’s December ending? Krishna (Fictional Character): Arjuna, the month of December is very important for all Taxpayers. In few days we are going to say Good-bye to […]...

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Why you should file your pending income tax returns this month itself i.e. December 2022?

Background about due dates for income tax returns First, let us have a look at due dates for income tax returns. Due dates are governed by Section 139 of the Income Tax Act. The most relevant ones are as follows: No. Type of assessee Due date (after the end of financial year) 1 Non- Audit […]...

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Posted Under: Income Tax | ,

Revised Instruction for withholding of Refund u/s 241A in Scrutiny cases

Instruction No. 07 of 2022-Income Tax 06/12/2022

Instruction No. 07 of 2022 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No.: DGIT(Systems)-1/Instruction/241A/2022-23 Dated: 06.12.2022 To All Principal Chief Commissioners of Income Tax/CCsIT All Principal Director Generals of Income Tax /DGsIT All Principal Commissioners o...

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