Income Tax Return

Attention! You might have to file your income tax returns even if it’s below the taxable limit

Income Tax - According to section 139(1) of the Income Tax Act, an assessee needs to file Income Tax Return (ITR) on or before the due date of filing ITR when the total annual income exceeds the maximum amount, which is not chargeable to income tax. Anybody who is less than 60 years of age and has an […]...

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ITR-V, -Time Limit to submit & what if not submitted in time

Income Tax - What is an ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. This form is received when you e-file without using a digital signature. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature. On receipt of ITR-V you have to sign the co...

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Income Tax Return – Who can verify and sign?

Income Tax - The individual filing his Income Tax Return has to sign the return. In case the individual is mentally incapable, then the return may be signed by his Guardian or by any other person competent to act on his behalf. In case the individual is absent from India or because of any other reason he is not able to sign and verify his return of ...

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Common Errors while Filling, validating or uploading ITR

Income Tax - Why do I get an error message at the time of submission/uploading of return ? What is to be done if taxpayer get NULL error, while uploading the xml file ? I have saved the xml file in my computer but while uploading system is giving the error “Cannot read the xml file? What should I do ? What to do when there is an Error in uploading ...

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Common Reason for E-filed Defective Returns

Income Tax - Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC’s business rules. Assessees are requested to avoid errors mentioned below which are among the top reasons for the return to be classified as defective: 1. ITR 4 - The assessee has not filled Part A P&L or Balance Sheet or both an...

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Extend timeline for filing of Return, Tax & Transfer Pricing audit

Income Tax - Due date for filing of returns for all the taxpayers for A.Y. 2020-21 be extended to 31st March, 2021 and the due date for filing the tax audit report also be extended to 28th February, 2021. Consequently, the timeline for filing all the reports and certificates under the Act which fall due alongwith or in connection with the ITR filing d...

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Extend due date of filing ITR, Tax Audit/Transfer Pricing Report

Income Tax - Request for extension of due date of filing Return of Income (ITR), Tax Audit Report and Transfer Pricing Report for the Assessment Year 2020-21 by Chamber of Commerce and Industry. Dated- 08/09/2020 Mr. P.C. Mody, IRS Chairman Central Board of Direct Taxes Department of Revenue Ministry of Finance Government of India North Block New Delh...

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One Time relaxation of tax-returns pending due to non-filing of ITR-V

Income Tax - One Time Relaxation of tax-returns for AY’s 15-16,16-17,17-18,18-19 and 19-20 which are pending due to non -filing of ITR-V form and processing of such returns It has been brought to the notice of Central Board of Direct Taxes (‘CBDT’) that a large number of electronically filed ITRs still remain pending with the Income tax ...

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Postponement of Deadline Fine Income Returns Till September 30

Income Tax - Postponement of Deadline Fine Income Returns Till September 30 Instead of July 31,2020! 1. Introduction: The Central Board of Direct Taxes has once again, relieved the taxpayers from going into an unnecessary hassle for submitting their ITR returns and saving them from paying penal charges unnecessarily. On July 29, the CBDT has formall...

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Request for Extension of Due Date of ITR for AY 2019-20

Income Tax - Tax Bar Association made a request to Minister of Finance & to CBDT for  Extension of Due date in filing the Returns of Income under Income tax act for the Assessment year 2019-20 [Financial year ending 31st of March 2019]....

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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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Limitation Period to issue scrutiny notice for defective ITR is from due date of filling original ITR

Kunal 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 ...

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Fee for late-filing of ITR is not penalty but a charge for extra service: HC

K. 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....

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Due date for Filing Income Tax Return for HUF Partner- Belated return cannot be revised

Ajay 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....

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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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CBDT to start Voluntary Income Tax Return Compliance campaign

Release ID: 1639664 - (18/07/2020) - The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/taxpayers who are either non-filers or have discrepancies/de...

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One-time Relaxation for Verification of Last 5 years “E-filed” Income Tax Returns

Circular No. 13/2020-Income Tax - (13/07/2020) - One-time relaxation for Verification of tax-returns for the Assessment years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which are pending due to non-filing of ITR-V form and processing of such returns...

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ITR (Income Tax Return Forms) 1 to 7 for AY 2020-21 notified

Notification No. 31/2020-Income Tax [G.S.R. 338(E)] - (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...

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CBDT revising Income Tax return forms due to Covid-19

(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....

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TAR/ ITR Due date extended for J&K & Ladakh to 31st March 2020

F. 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...

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Recent Posts in "Income Tax Return"

Extend timeline for filing of Return, Tax & Transfer Pricing audit

Due date for filing of returns for all the taxpayers for A.Y. 2020-21 be extended to 31st March, 2021 and the due date for filing the tax audit report also be extended to 28th February, 2021. Consequently, the timeline for filing all the reports and certificates under the Act which fall due alongwith or in connection with the ITR filing d...

Read More
Posted Under: Income Tax |

Attention! You might have to file your income tax returns even if it’s below the taxable limit

According to section 139(1) of the Income Tax Act, an assessee needs to file Income Tax Return (ITR) on or before the due date of filing ITR when the total annual income exceeds the maximum amount, which is not chargeable to income tax. Anybody who is less than 60 years of age and has an […]...

Read More
Posted Under: Income Tax |

Extend due date of filing ITR, Tax Audit/Transfer Pricing Report

Request for extension of due date of filing Return of Income (ITR), Tax Audit Report and Transfer Pricing Report for the Assessment Year 2020-21 by Chamber of Commerce and Industry. Dated- 08/09/2020 Mr. P.C. Mody, IRS Chairman Central Board of Direct Taxes Department of Revenue Ministry of Finance Government of India North Block New Delh...

Read More
Posted Under: Income Tax | ,

ITR-V, -Time Limit to submit & what if not submitted in time

What is an ITR-V? ITR-V stands for ‘Income Tax Return – Verification’ form. This form is received when you e-file without using a digital signature. Income Tax Department needs to verify the authenticity of income tax return when filed online without using a digital signature. On receipt of ITR-V you have to sign the co...

Read More
Posted Under: Income Tax | ,

Income Tax Return – Who can verify and sign?

The individual filing his Income Tax Return has to sign the return. In case the individual is mentally incapable, then the return may be signed by his Guardian or by any other person competent to act on his behalf. In case the individual is absent from India or because of any other reason he is not able to sign and verify his return of ...

Read More
Posted Under: Income Tax | ,

Common Errors while Filling, validating or uploading ITR

Why do I get an error message at the time of submission/uploading of return ? What is to be done if taxpayer get NULL error, while uploading the xml file ? I have saved the xml file in my computer but while uploading system is giving the error “Cannot read the xml file? What should I do ? What to do when there is an Error in uploading ...

Read More
Posted Under: Income Tax | ,

Common Reason for E-filed Defective Returns

Currently CPC is unable to process over 2 lakhs returns which have been classified as defective under CPC’s business rules. Assessees are requested to avoid errors mentioned below which are among the top reasons for the return to be classified as defective: 1. ITR 4 - The assessee has not filled Part A P&L or Balance Sheet or both an...

Read More
Posted Under: Income Tax | ,

One Time relaxation of tax-returns pending due to non-filing of ITR-V

One Time Relaxation of tax-returns for AY’s 15-16,16-17,17-18,18-19 and 19-20 which are pending due to non -filing of ITR-V form and processing of such returns It has been brought to the notice of Central Board of Direct Taxes (‘CBDT’) that a large number of electronically filed ITRs still remain pending with the Income tax ...

Read More
Posted Under: Income Tax |

Avoid Heavy Penalty: Ensure Timely Filing of Tax Return

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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Posted Under: Income Tax | ,

Have you Verified your Income Tax Return !

An Income Tax Return filed but not verified within 120 Days is treated as an invalid return; it would mean that you have not filed the ITR for a particular assessment year. In that case, you would be required to file the ITR again as belated return with penalty for delay in filing because your […]...

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Posted Under: Income Tax |

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