ITR

Changes related to Pass through Income in Income Tax Returns of AY 2020-21

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 […]...

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Understanding Compliance Query of Income Tax Department

Income 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...

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Major Change in Schedule CG (Capital Gain) for returns of AY 2020-2021

Income 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...

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Consequences of filing ITR after the Due Date

Income 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, […]...

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Consequences of Filing Income Tax Return After Due Date

Income 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...

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ITR 1, 2, 3 & 4 for AY 2020-21 are available for e-Filing

Income 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 […]...

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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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Relaxation in the time-limit in the deadline to file ITR

Income 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...

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CBDT clarifies on misinformation pertaining to individual return filers

Income 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...

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Extend due date of filing Income Tax Return & Tax Audit Report

Income 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...

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Allow ITR filing without Aadhaar linkage atleast till 31.03.2019: Delhi HC

Shreyasen, & 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...

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Kerala HC allows IT Returns filing without Quoting of Aadhaar

Prasanth 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 ...

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Investigate leakages of Confidential Data / ITR filed by Tax Payers: CIC

Mr. 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. ...

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Bombay HC criticises CBDT move of extending of ITR due date for only two states & one Union territory

The 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...

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Gujarat HC directs CBDT to extend ITR due date to 31.10.2015: Judgment Analysis

All 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...

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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 - (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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Extension of Time for processing of ITR with Refund claim for AY 2017-18

F. 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....

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

Notification 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...

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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 "ITR"

Changes related to Pass through Income in Income Tax Returns of AY 2020-21

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 More
Posted Under: Income Tax |

Understanding Compliance Query of Income Tax Department

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 More
Posted Under: Income Tax |

Major Change in Schedule CG (Capital Gain) for returns of AY 2020-2021

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 More
Posted Under: Income Tax |

ITR 1, 2, 3 & 4 for AY 2020-21 are available for e-Filing

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 More
Posted Under: Income Tax | ,

Consequences of filing ITR after the Due Date

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 More
Posted Under: Income Tax |

Consequences of Filing Income Tax Return After Due Date

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 More
Posted Under: Income Tax | ,

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

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 More
Posted Under: Income Tax | ,

How to File Company Income Tax Return (ITR) Without Company Law Audit

A situation arose in which a company could not call its board meeting due to NCLT embargo and other reasons. The auditor was appointed, but balance sheet and financial statements could not be signed as requirement of sec 134 of companies act 2013 was not fulfilled. Section 134 requires a board meeting to take place and approve the account...

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Posted Under: Income Tax |

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/deficiency in their returns for the FY 201...

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How to remove Password from ITR V Acknowledgement

On e filing of income tax return, an acknowledgement is generated by the Income Tax Department in a form named as ITR V. This ITR V is issued in pdf format and remains password protected. The password remains Permanent Account Number of the assessee in short case followed by his date of birth / its date of formation....

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Posted Under: Income Tax | ,

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