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Income Tax - Changes Related To Pass Through Income In Income Tax Returns of Assessment Year (AY) 2020-21 Pass through income-> Any income accruing or arising to, or received by, a person, being a unit holder of an investment fund, out of investments made in the investment fund, shall be chargeable to income-tax in the same manner as […]...
Read MoreIncome Tax - Income tax department has started sending notices (Compliance Query) to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income. The income tax department has been capturing information on financial transactions /activities relating to you through Non-filers Monitoring...
Read MoreIncome Tax - Major Change in Schedule CG (Capital Gain) for returns of Assessment Year (AY) 2020-2021 Long term Capital Gain on Listed Securities on which STT has been paid was exempt under section 10 (38) of Income Tax Act (Up to Assessment Year 2018-2019) W.E.F. Assessment Year 2019-2020, Long term Capital Gain on Listed Securities on which [&hellip...
Read MoreIncome Tax - The deadline for filing income tax return for corporate and other assessees who are to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed under the Act. However, due to the pandemic, […]...
Read MoreIncome Tax - The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed u/s 139(1). For a layman sometimes it may c...
Read MoreIncome Tax - ITR 1, ITR 2, ITR 3 & ITR 4 for AY 2020-21 are available for e-Filing. Other ITRs will be available shortly. Please read the instruction given above before start downloading and using the ITR utility for for AY 2020-21. The utility by default will get downloaded in your system “download” folder in a compressed […]...
Read MoreIncome 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]....
Read MoreIncome Tax - In its notification on July 13, the Income Tax Department has allowed one-time relaxation to the taxpayers for such one- time relaxation for the taxpayers under the verification of tax-returns that are pending due to non-filling of the Form ITR-V. The relaxations have been given those pending due to the non-filling of the form of ITR-V...
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 - 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 MoreShreyasen, & 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...
Read MorePrasanth Sugathan Vs. Union Of India (High Court Of Kerala At Ernakulam) - Writ Petition (civil) praying inter alia that in the circumstances stated in the affidavit filed along with the WP(C) the High Court be pleased to issue an interim order, directing the respondents to allow the petitioner to file IT returns through e-filing or through Manual Filing without insisting ...
Read MoreMr. Badal Satapathy Vs. The CPIO (Central Information Commission) - It is essential to protect the Confidential Financial Data filed by millions of Tax Payers from falling into wrong hands in the larger public interest. ...
Read MoreThe chambers of Tax Consultant & Others Vs UOI (Bombay High Court) - It was argued that the above decisions were accepted by CBDT and the due date was extended in the respective territories of the High Court’s jurisdiction. Hon’ble HC after considering the above two judgments held that held that it is very unfair that benefit regarding an all India statute is res...
Read MoreAll Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court) - By this petition under article 226 of Constitution of India petitioners sought relief by way of writ and prayed before court that due date of filing ITR should be extended upto 30.11.2015. Following relief were sought in this instant writ petition...
Read MoreRelease 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...
Read MoreCircular No. 13/2020 - (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...
Read MoreF. No.225/98/2020/ITA-II - (10/07/2020) - CBDT Extends Time Limit for processing of Income Tax Return with Income Tax Refund Claims u/s 143(1) for AY 2017-18 in Non scrutiny cases till 31.10.2020....
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 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...
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Release ID: 1639664 - (18/07/2020) -
