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Up to Assessment Year 2017-18, assessee could file his tax return without any penalty before the end of the assessment year and if assessee failed to file the return of income before the end of the assessment year, penalty under Section 271F could be imposed by the Assessing Officer provided there was no reasonable cause for such delay.
The due date for return filing of the assessee who are individuals (other than partners of firms/ LLP whose accounts are required to be audited), partnership firms/ LLP, Association of persons, Body of Individuals and Trusts, other than those whose accounts are required to be audited under any law, for the Assessment Year 2018-19 (Financial Year 2017-18) is 31 July 2018.
The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2018-19. The new forms incorporate the changes made by the Finance Act, 2017 in the Income-tax Act, 1961. It is apparent that the new ITR Forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions refer table 2
As per the provisions of Income Tax Act, the exemption of income under sections 10 and 11 is governed by certain statutory conditions and procedures. In order to assist you in complying with these conditions and procedures, your attention is drawn to the following with a request to keep them in mind while filing Income tax return in ITR-7.
Representation regarding Instructions dated 8th March, 2018 relating to irregularities in Appellate Orders and Instructions dated 28th March, 2018 regarding processing of returns u/s 143(1) which are pushed to Assessing Officers [AOs] by CPC
In exercise of the powers u/s 119(2)(b) of the Income-tax Act, 1961 (“the Act”), the Central Board of Direct Taxes (CBDT) issued Circular No. 9/2015 (“the Circular”) dated June 9, 2015 under which an assessee can apply to the appropriate authority for the condonation of delay in filing the returns to claim the following reliefs in case of genuine reasons for the delay
Plethora of Obligations under Direct Taxes and GST during July 2018 – A case for extension/re-setting of due date of filing return of income. The tax professionals will be overloaded with obligations/compliances under the Income Tax and GST in the month of July 2018 which are summarized as under:-
KITBA has made a representation to CBDT Chairman for extending the period for filing return for Assessment Year 2017-18 under Section 139(4) of Income Tax Act, 1961 to 31.7.2018.
Every Person if his total income or the total income of any other person in respect of which he is assessable under the Income Tax Act during the previous year exceeded the maximum amount which is not chargeable to income-tax shall on or before the due date, furnish a return of his income or the income of such other person during the previous year.
Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)