Income Tax Return

Transactions which may get non-filers 21 day notice from Income Tax department

Income Tax - Recently Income Tax department has come out with 21 days notice for non filers identified by their Non- Filers Monitoring System The Finance ministry on 22nd January 2019, identified and requested the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit an online response within 21 [&hell...

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Have you received Non-filing notice from Income-tax department?

Income Tax - The Income Tax Department has identified several potential non-filers who have carried-out high value transactions in Financial Year 2017-18 but have still not filed Income Tax Return for Assessment Year 2018-19 (relating to FY 2017-18). There might be several reasons for sending such notices. These are common notices, but you need to kno...

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Income Tax Return Non-Filers: CBDT & Finance ministry is watching you

Income Tax - The Finance Ministry has recently sent various notices to income tax return non-filers based on information and analytics generated by NMS. Such notices have been sent through messages, emails and physical letters based on details registered on non-filers PAN database available with CBDT records....

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Income Tax Return Filing, Processing, Assessments, Appeals & Revision

Income Tax - Article explains Filing of Income Tax Returns, Who are required to file Income Tax Return?,  ITR filing for some special entities, Time limit for filing of Returns,  Consequences of Late filing of Return, Revision of Income Tax Returns, Defective Income Tax Return u/s 139(9), Processing of Income Tax Return,   Income Tax Assessment Pro...

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Income Tax Return Types, Filing dates, Verification & Consequences of not filing

Income Tax - Type of Income Tax Returns, Due date of filing Income Tax Return, Verification and Consequences of not filing Income Tax return Who is required to file Income Tax Return? Section 139 (1): every person, a) being a company or firm; or b) being a person other than a company or a firm, i) if his […]...

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Done High Value Transactions in F.Y. 2017-18 but not filed ITR Yet?

Income Tax - Have You Done High Value Transactions in F.Y. 2017-18 but haven’t filed ITR Yet? HERE’S A CHANCE TO SEE THE ISSUE & RESPOND ONLINE Many persons who have done high-value transactions in F. Y. 2017-18, but not yet filed Income Tax Return for the corresponding Asst. Year 2018-19, have been identified. For transparency and t...

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CBDT requests non-filers to Submit IT Return or Online Response

Income Tax - CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high...

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E-Returns Filed by Individual Tax Payers during last four financial years

Income Tax - E-Returns Filed by the Individual Tax Payers There has been a growth in the number of e-Returns filed by the individual tax payers during the last four years. The number of income-tax returns filed and the annual growth rate during the last four financial years are as under: Financial Number of Income Tax Returns Growth […]...

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Income Tax Return filing registers an upsurge of 71% upto 31.08.2018

Income Tax - A remarkable increase is seen in the number of ITRs in 2 categories ie ITRs filed by salaried Individuals (ITR-1& 2) as also those availing the benefit of the Presumptive Taxation Scheme(ITR-4)....

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File Your Income Tax Return by 31st August, 2018

Income Tax - File Your Income Tax Return by 31st August, 2018 (Last date for persons whose accounts are not liable for audit) For e-filing returns of Income log on to on to https://incometaxindiaefiling.govin Consequences of not filing Income Tax Return on time ♦ Belated return cannot be revised ♦ Fee for late filing under Section 234F: i. [&helli...

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MD & Director are equally responsible to file IT returns of Company

Rakshit jain Vs ACIT (Delhi High Court) - Rakshit jain Vs ACIT (Delhi High Court) It is the argument of the petitioners that the obligation to verify and submit the ITR on behalf of the company has been placed by the legislature at the door of the managing director of the company and, consequently, it is inappropriate and unfair to rope in ...

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HUF cannot be a partner in partnership firm; Belated return cannot be revised

Ajay Kumar Gupta (HUF) Vs ACIT (ITAT Delhi) - Ajay Kumar Gupta (HUF) Vs ACIT (ITAT Delhi) In our considered opinion, the Assessing Officer has rightly invoked section 154 because the assessee wanted to take benefit of the notification issued by the CBDT. In the present case, as per judicial precedents, the HUF itself cannot become a partner in ...

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Allow ITR filing without Aadhaar linkage atleast till 31.03.2019: Delhi HC

Shreyasen, & ANR Vs Union of India & ORS (Delhi High Court) - Delhi HC held that that at least for the period till 31.03.2019, the CBDT shall issue an appropriate direction, and also create a platform by amending the digital form of substituting them properly to enable opt out from the mandatory requirement of having to furnish Aadhar Registration or Aadhar li...

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Formulate rational policy for processing IT Returns sent to AO: HC

Tata Projects Limited Vs. Deputy Commissioner of Income­ tax (Bombay High Court) - Yet again, Section 143(1D) of the Income Tax Act came under the scrutiny of a Constitutional Court. This time, it was the High Court of Bombay, which held categorically while considering many writ petitions in Tata Projects Limited vs. Deputy Commissioner of Income Tax Range 2(3)(2) & Ors., that Sec...

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Aadhaar Mandatory for filing IT Returns: Madras HC

Mr.Thiagarajan Kumararaja Vs Union of India (Madras High Court) - Those who are not PAN holders, while applying for PAN, they are required to give Aadhaar number. This is the stipulation of sub-section (1) of Section 139AA, which we have already upheld....

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Income Tax Return Due Date extended to 31/08/2018

F. No. 225/242/2018/ITA.II - (26/07/2018) - CBDT extends 'due-date' of filing income-tax return for assessment-year 2018-2019 as prescribed in section 139(1) of the Act, from 31st July, 2018 to 31st August, 2018....

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CBDT Releases ITR 1 to ITR 7 for Financial Year 2017-18 / A.Y. 2018-19

Notification No. 16/2018-Income Tax [G.S.R. 332(E)] - (03/04/2018) - CBDT releases Forms Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V as applicable for Financial Year 2017-18 or Assessment Year 2018-19....

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AO should electronically process return pushed to it by CPC : CBDT

F.No. 225/53/2018/ITA.II - (28/03/2018) - The returns pushed to the Assessing Officer for processing by the CPC are required to be processed electronically on the ITBA. However, in exceptional circumstances, whenever returns cannot be processed because of technical difficulties in functioning of ITBA, in order to provide an uninterrupted ta...

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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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Recent Posts in "Income Tax Return"

Transactions which may get non-filers 21 day notice from Income Tax department

Recently Income Tax department has come out with 21 days notice for non filers identified by their Non- Filers Monitoring System The Finance ministry on 22nd January 2019, identified and requested the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit an online response within 21 [&hell...

Read More
Posted Under: Income Tax |

MD & Director are equally responsible to file IT returns of Company

Rakshit jain Vs ACIT (Delhi High Court)

Rakshit jain Vs ACIT (Delhi High Court) It is the argument of the petitioners that the obligation to verify and submit the ITR on behalf of the company has been placed by the legislature at the door of the managing director of the company and, consequently, it is inappropriate and unfair to rope in the […]...

Read More

Have you received Non-filing notice from Income-tax department?

The Income Tax Department has identified several potential non-filers who have carried-out high value transactions in Financial Year 2017-18 but have still not filed Income Tax Return for Assessment Year 2018-19 (relating to FY 2017-18). There might be several reasons for sending such notices. These are common notices, but you need to kno...

Read More
Posted Under: Income Tax | ,

Done High Value Transactions in F.Y. 2017-18 but not filed ITR Yet?

Have You Done High Value Transactions in F.Y. 2017-18 but haven’t filed ITR Yet? HERE’S A CHANCE TO SEE THE ISSUE & RESPOND ONLINE Many persons who have done high-value transactions in F. Y. 2017-18, but not yet filed Income Tax Return for the corresponding Asst. Year 2018-19, have been identified. For transparency and t...

Read More
Posted Under: Income Tax |

Income Tax Return Non-Filers: CBDT & Finance ministry is watching you

The Finance Ministry has recently sent various notices to income tax return non-filers based on information and analytics generated by NMS. Such notices have been sent through messages, emails and physical letters based on details registered on non-filers PAN database available with CBDT records....

Read More
Posted Under: Income Tax | ,

CBDT requests non-filers to Submit IT Return or Online Response

CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high...

Read More
Posted Under: Income Tax |

Income Tax Return Filing, Processing, Assessments, Appeals & Revision

Article explains Filing of Income Tax Returns, Who are required to file Income Tax Return?,  ITR filing for some special entities, Time limit for filing of Returns,  Consequences of Late filing of Return, Revision of Income Tax Returns, Defective Income Tax Return u/s 139(9), Processing of Income Tax Return,   Income Tax Assessment Pro...

Read More
Posted Under: Income Tax | ,

Income Tax Return Types, Filing dates, Verification & Consequences of not filing

Type of Income Tax Returns, Due date of filing Income Tax Return, Verification and Consequences of not filing Income Tax return Who is required to file Income Tax Return? Section 139 (1): every person, a) being a company or firm; or b) being a person other than a company or a firm, i) if his […]...

Read More
Posted Under: Income Tax |

HUF cannot be a partner in partnership firm; Belated return cannot be revised

Ajay Kumar Gupta (HUF) Vs ACIT (ITAT Delhi)

Ajay Kumar Gupta (HUF) Vs ACIT (ITAT Delhi) In our considered opinion, the Assessing Officer has rightly invoked section 154 because the assessee wanted to take benefit of the notification issued by the CBDT. In the present case, as per judicial precedents, the HUF itself cannot become a partner in the partnership firm and as […]...

Read More

E-Returns Filed by Individual Tax Payers during last four financial years

E-Returns Filed by the Individual Tax Payers There has been a growth in the number of e-Returns filed by the individual tax payers during the last four years. The number of income-tax returns filed and the annual growth rate during the last four financial years are as under: Financial Number of Income Tax Returns Growth […]...

Read More
Posted Under: Income Tax |

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