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Income Tax - 1. Sec 139 of Income Tax Act a. As per sec 139(1), being a company or a firm [mandatorily required to file Return of Income (ROI)] ; or being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he […]...
Read MoreIncome Tax - Dear readers, the season of Income Tax Return filing has been started, as on date, Income Tax department has released Income tax return filing utilities of A.Y -2020-21 in FORM ITR-1, ITR-2 and ITR-4 and remaining ITR Form utilities are expected to be released by the end of this month. In today’s topic, we will […]...
Read MoreIncome Tax - The CBDT had notified the New Income Tax Return Form 1 to Form 7 for the assessment year (AY) 2020-21. However, in this article we are going to discuss in details about ITR-1 (Sahaj), including the key changes made in ITR 1 for AY 2020-21. Income tax return filing is currently available only for those […]...
Read MoreIncome Tax - Taxpayers often receive many defective return notices from CPC in case of having business income in the form of future and option trading income regarding non -filing of balance sheet and profit and loss account or for wrong compliance of Tax Audit u/s 44AD/44AE/44ADA . This article shall try to flag off all the confusions regarding tax...
Read MoreIncome Tax - An e-filed Income Tax Return can be defective for Many reasons and common reason among them are Gender Mismatch, Non-filing of P&L & BS details in ITR, Sales/Gross receipts of business or profession is greater than 100 lakhs and AUDIT INFORMATION not completely filled, In case of ITRS Presumptive Income is less that 8% and [&hel...
Read MoreIncome Tax - Certain misinformation is being circulated in Social Media pertaining to individual return filers. CBDT clarifies: During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19 Out of these, 1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclos...
Read MoreIncome Tax - Taxation Committee of the Bombay Chartered Accountant’s Society (BCAS) has submitted a Representation dated 19th December 2019 to the CBDT Chairman Shri Pramod Chandra Mody on processing the returns of Income for AY 2019-2020 under Section 143(1)(a) of the Income-tax Act, 1961. Relevant Text of the same is as follows:- Bombay Charte...
Read MoreIncome Tax - Sales Tax Bar Association Request for extension of due date of filing Income Tax Returns and Tax Audit Reports for the Assessment Year 2019-20 to 15th November 2019. Text of the representation is as follows:- SALES TAX BAR ASSOCIATION (REGD.) Office: IInd Floor, Department of Trade & Taxes, Vyapar Bhawan, Indraprastha Estate, New Delh...
Read MoreIncome Tax - Representation regarding extension of last date of filing of Income tax returns in Audit case and Audit Reports from 30-09-2019 to 30-11-2019 by District taxation Bar Association, Karnal to Hon Smt Nirmala Sitharaman, Hon. Union Minister of Finance, Ministry of Finance, Government of India’. DISTRICT TAXTATION BAR ASSOCIATION (REGD.) RE...
Read MoreIncome Tax - RTCA has made a representation to CBDT Chairman and requested to extend the date of filing of Tax Audit Report and income Tax Returns in audit cases for Asstt Year 2019-20 to to 15th November 2019....
Read MorePragati 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....
Read MoreKunal Structure (India) Private Limited Vs DCIT (Gujarat High Court) - Limitation period for issuance of scrutiny notice under section 143(2) on filing of defective returns was to be considered from the date of filing of the original return as upon removing of defects, the return would relate back to the date of filing of the original return thus, the notice under ...
Read MoreK. Nirai Mathi Azhagan Vs Union of India (Madras High Court) - Fees for late filing of income tax returns under section 234F was a fixed charge not a penalty for the extra service which the Department had to provide due to the late filing of the Income Tax return....
Read MoreAjay Kumar Gupta (HUF) Vs ACIT (ITAT Delhi) - Since assessee was an HUF and HUF itself could not become a working partner in the partnership firm, therefore, the due date of filing of the return applicable to assessee was 31st July of the relevant assessment year and belated return filed by assessee could not be revised....
Read MoreRakshit 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 ...
Read MoreNotification No. 31/2020-Income Tax - (29/05/2020) - CBDT notifies Form ―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 for Assessment Year 2020-21 i.e. financial Year 2019-20. Also Read- Rule 12 of Income Tax Rules wef 29.05.2020 | ITR | AY 2020-21 MINISTRY OF FINANCE (Department of Reve...
Read More(Release ID: 1616035) - (19/04/2020) - In order to enable income taxpayers to avail full benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end of this month....
Read MoreF. No. 225/306/2019-ITA- II - (23/03/2020) - CBDT further extends the ‘due-date’ for filing of Income-tax Returns/Tax Audit Reports for the Assessment year 2019-20 as specified in section 139 (1) of the Act to 31st March, 2020 in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh. F. No. 225/306/2019-ITA- II Governmen...
Read MoreITBA-ITR Processing Instruction No - 10 - (18/02/2020) - Steps to clear the pendency of processing of Paper Returns or E-returns transferred by CPC-ITR due to verification of relief claimed u/s 90/90A or 91 of the Income Tax Act, 1961. ITBA-ITR Processing Instruction No – 10 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewal...
Read MoreNA - (04/02/2020) - t under the proposed section 194K, a Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall be required to be deducted by the Mutual Fund on income which is in the nature of capital gains. Necessary clarification, if required, shall be proposed in the relevant pr...
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