2 ITR

ITR

Updated Return (ITR-U) – Section 139(8A)

CA, CS, CMA - Person 2(31) 1. Persons eligible for filing Updated Return u/s 139(8A) a. The Updated return can be filed only if the taxpayer has not filed the return of income earlier or there are errors/omissions in original filed return. b. The Updated return can be filed only if the taxpayer must disclose any additional income which was missed [&h...

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ITR-U Return: Last Resort for those Who Missed ITR Due Date

CA, CS, CMA - Filing ITR-U Return in India: Benefits, Process and Additional Income Tax Payable – Last Resort For Those Who Missed the ITR Due Date INTRODUCTION In India, the government has introduced the concept of updated returns in the Union Budget 2022 to benefit taxpayers who have failed to file their Income Tax Returns (ITRs) by the [&helli...

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How is a Loan Against Property processed?

CA, CS, CMA - Today, there are options aplenty for getting funds for any kind of financial emergency. One of the ways to obtain hefty funds is through a loan against property. This type of loan gives you immediate access to funds, while requiring you to pledge your residential or commercial property as collateral....

Read More

You can file your income tax return under ITR U

CA, CS, CMA - Taxpayers who have not yet filed their income tax returns for 2022 and 2023 can still file their income tax returns under ITR U. In addition to this, the income tax returns of the taxpayers for the assessment year 2020-2021 and 2021-2022 can also be filed through ITR-U....

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Will Common ITR Form aid in simplification of tax return filing process?

CA, CS, CMA - Draft Common ITR Form By CBDT Will It Help In Simplifying The Return Filing Process? Every year, millions of people around the world have to file their income tax returns. Putting together an income tax return requires a lot of information and calculations. In order to simplify the process, the CBDT has released a draft […]...

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CBDT releases draft Common Income Tax Return Form for public consultation

CA, CS, CMA - At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is [&h...

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Instructions for filling out Form ITR-7 for A.Y. 2022-23

CA, CS, CMA - These instructions are guidelines for filling the particulars in Income-tax Return Form-7 for the Assessment Year 2022-23 relating to the Financial Year 2021-22....

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Instructions For Filling Out Form ITR-6 for A.Y. 2022-23

CA, CS, CMA - These instructions are guidelines for filling the particulars in Income-tax Return Form-6 for the Assessment Year 2022-23 relating to the Financial Year 2021-22....

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Instructions for filling ITR-5 For A.Y. 2021-22 | F.Y. 2022-23

CA, CS, CMA - These instructions are guidelines for filling the particulars in Income-tax Return Form-5 for the Assessment Year 2022-23 relating to the Financial Year 2021-22....

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Instructions for filling out ITR-3 for assessment year 2022-23

CA, CS, CMA - These instructions are guidelines for filling the particulars in Income-tax Return Form-3 for the Assessment Year 2022-23 relating to the Financial Year 2021-22....

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ITR forms are highly complicated & lacks interlinking & auto-correction

Salem Erode Investments Ltd Vs ACIT (ITAT Kolkata) - ITR form furnished before us is highly complicated and since the different column of the ITR was not interlinked, therefore, there was no auto-correction and hence there was mismatch of figures in the relevant/corresponding columns of ITR....

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Remedy for Claiming Condonation of delay in ITR Filing Lies with CBDT

Sudipta Basu Vs ITO (Delhi High Court) - Sudipta Basu Vs ITO (Delhi High Court) Delhi High Court is of the view that Section 119(2)(b) of the Act read with CBDT Circular No. 9/2015 provides a remedy to the Assessees to seek condonation of delay, in cases where Assessee could not file their income tax returns within time due to genuine hard...

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GST paid before ITR Filing due date but after ITR filing allowable- Section 43B

Padagouda Hanamanthgouda Patil Vs ACIT (ITAT Bangalore) - Padagouda Hanamanthgouda Patil Vs ACIT (ITAT Bangalore) ITAT noticed that assessee has filed his return of income on 15.10.2018. However, it is the submission of the assessee that the GST amount cited above was paid on 16.10.2018. Hence by the time, the return of income was filed, the assessee has n...

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Addition cannot be made merely for mistake in ITR filing

Chinna Ponnu Ammal Trust Vs DCIT (ITAT Chennai) - Chinna Ponnu Ammal Trust Vs DCIT (ITAT Chennai) After perusal of Form No.10B as placed on record, it could be seen that the assessee has applied an amount of Rs.5,55,57,015/- for the purpose of charitable trust. However, as per Explanation-3 to Sec.11(1), the disallowance of Rs.48,69,504/- u/s 40(a)...

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Due Date Extension Case- Extension denied, HC directs UOI to attend technical glitches on Portal – Penalty interest Issues considerable at Assessment Stage

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court) - Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)  HC refuses to Extend Due date of Filing The Tax Audit Report Mr. Poddar, the learned counsel made a request that the deadline of 15.01.2022 for the purpose of filing the audit report may be extended to 15.02.2022. We ...

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Revised Instruction for withholding of Refund u/s 241A in Scrutiny cases

Instruction No. 07 of 2022-Income Tax - (06/12/2022) - Instruction No. 07 of 2022 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No.: DGIT(Systems)-1/Instruction/241A/2022-23 Dated: 06.12.2022 To All Principal Chief Commissioners of Income Tax/CCsIT All Principal Director Generals of Income ...

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Due Date for Return filing for Audit & Related Cases extended to 07th Nov 2022

Circular No. 20/2022-Income Tax - (26/10/2022) - CBDT extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2022-23, which is 31st October 2022 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, to 07th November, 20...

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CBDT extends time for filing of modified ITR in Form ITR-A

F.No. 370142/41/2022-TPL - (26/09/2022) - CBDT extends timeline for filing of modified ITR in Form ITR-A by a successor company under section 170A of Income Tax Act till March 31, 2023 in in cases where the order of business reorganization of the competent authority was issued between the period 1st April 2022 and 30th  September 2022. F.N...

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ASK Centers throughout India shall remain open on 31st July 2022

F. No. 225/125/2022-ITA.II - (30/07/2022) - ASK Centers throughout India shall remain open on 31st July 2022 during normal office hours to facilitate filing of Income Tax tax returns ...

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CBDT reduces time limit for verification of ITR to 30 days

Notification No. 05 of 2022-Income Tax (DGIT) - (29/07/2022) - Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically...

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Recent Posts in "ITR"

Updated Return (ITR-U) – Section 139(8A)

Person 2(31) 1. Persons eligible for filing Updated Return u/s 139(8A) a. The Updated return can be filed only if the taxpayer has not filed the return of income earlier or there are errors/omissions in original filed return. b. The Updated return can be filed only if the taxpayer must disclose any additional income which was missed [&h...

Read More
Posted Under: Income Tax |

ITR-U Return: Last Resort for those Who Missed ITR Due Date

Filing ITR-U Return in India: Benefits, Process and Additional Income Tax Payable – Last Resort For Those Who Missed the ITR Due Date INTRODUCTION In India, the government has introduced the concept of updated returns in the Union Budget 2022 to benefit taxpayers who have failed to file their Income Tax Returns (ITRs) by the [&helli...

Read More
Posted Under: Income Tax | ,

How is a Loan Against Property processed?

Today, there are options aplenty for getting funds for any kind of financial emergency. One of the ways to obtain hefty funds is through a loan against property. This type of loan gives you immediate access to funds, while requiring you to pledge your residential or commercial property as collateral....

Read More
Posted Under: Income Tax |

You can file your income tax return under ITR U

Taxpayers who have not yet filed their income tax returns for 2022 and 2023 can still file their income tax returns under ITR U. In addition to this, the income tax returns of the taxpayers for the assessment year 2020-2021 and 2021-2022 can also be filed through ITR-U....

Read More
Posted Under: Income Tax |

Will Common ITR Form aid in simplification of tax return filing process?

Draft Common ITR Form By CBDT Will It Help In Simplifying The Return Filing Process? Every year, millions of people around the world have to file their income tax returns. Putting together an income tax return requires a lot of information and calculations. In order to simplify the process, the CBDT has released a draft […]...

Read More
Posted Under: Income Tax |

ITR-U : The great anomaly in an interpretation of section 140B of Income Tax Act, 1961 by CBDT

ITR-U : The great anomaly in an interpretation of section 140B of Income Tax Act, 1961 by CBDT. As per clause (c) to the first proviso to Section 139(8A) of Income Tax Act, 1961, updated return of income cannot be filed in a case where that updated return results in refund or increases the refund […]...

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Posted Under: Income Tax |

Overview of New ITR form ITR-U

Section 139(8A) of the Income Tax Act and rule 12AC of Income tax rules gives the taxpayers a chance to update their returns or to file a new return in case no return was filed earlier, for a period upto two years from the end of the relevant assessment year. The purpose for introduction of form ITR-U is to optimise tax compliance by taxp...

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Posted Under: Income Tax |

ITR forms are highly complicated & lacks interlinking & auto-correction

Salem Erode Investments Ltd Vs ACIT (ITAT Kolkata)

ITR form furnished before us is highly complicated and since the different column of the ITR was not interlinked, therefore, there was no auto-correction and hence there was mismatch of figures in the relevant/corresponding columns of ITR....

Read More

Last Month, Last Chance to File ITR of FY 2021-22

Arjuna (Fictional Character): Krishna, the calendar year 2022 is about to end, and the new year is about to start. How should a taxpayer prepare himself for this year’s December ending? Krishna (Fictional Character): Arjuna, the month of December is very important for all Taxpayers. In few days we are going to say Good-bye to […]...

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Posted Under: Income Tax |

Form ITR-A

FILING OF FORM ITR-A In exercise of the powers conferred by section 170A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income Tax Rules, 1962 vide (Notification No. 110/2022/F.No. 370142/41/2022-TPL) 1. Applicability of Form ITR A- This [...

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Posted Under: Income Tax |

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