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As you are aware that returns furnished by the assessees during the FY 2014-15 are pending for processing under section 143(1) and the limitation date for the same is 31-3-2016.
Notification No. 1/2016 Where the EVC (Electronic Verification Code) is generated by giving bank details to the e-filing website https://incometaxindiaefiling.gov.in or Where the EVC (Electronic Verification Code) is generated after Demat account authentication using Demat details registered with CDSL/ NSDL
SUGGESTIONS FOR UNION BUDGET 2016-17 – FOR AMENDING SECTION 140A & 234A OF INCOME TAX ACT FOR REMOVAL OF HURDLES IN EASY EXTENSION OF DUE DATES OF FILING OF INCOME TAX RETURNS AND TAX AUDITS
Notices of defective returns were issued under section 139(9) of the Income-tax Act to Foreign Institutional Investors/Foreign Portfolio Investors (FIIs/FPIs) in cases where Balance Sheet and P&L account were not filled.
Section 139(3) If a person has sustained a loss under the head Profits and gains of business or profession or under the head Capital Gains and claims that such loss should be carried forward under section 72 or section 73 or section 74 or section 74A, then he may furnish a return of loss within the time prescribed under section 139(1) and all provisions of the Income-tax Act shall apply as if it were a return furnished under section 139(1).
In the case of Vishal Garg & Ors. Vs. Union of India & Anr., Punjab & Haryana HC instructed CBDT extend due date of Tax Audit cases to 31st October 2015 from existing 30th September 2015. Its not clear if the due date for non audit cases also been extended
Vide order under section 119 of the Income-tax Act, 1961 (‘Act’) dated 01.10.2015 infile of even number, Central Board of Direct Taxes had extended the ‘due-date’ for E filing Return of Income from 30th September, 2015 to 31st October, 2015 in case of income-tax assessees which are covered under clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act.
Understand the concept of belated return explained with practical examples. Learn about the time limits and regulations for filing a belated return.
CBDT PROVED TO BE VERY UNREASONABLE TOP AUTHORITY EVEN DURING REGIME OF NAMO GOVERNMENT – even after directions from various High Court’s action of CBDT is not only very delayed but also half-hearted, incomplete and wrong- it requires to be rectified and clarified
EXPECTATION FROM NAMO GOVERNMENT: The public of India at large and also investors abroad are given to understand that NAMO government will provide EASE of doing business. However, for Indian citizens working in India ease of doing business and also carrying profession with ease seems to be a far distant dream.
