Income Tax : Missed the ITR filing deadline? Learn the penalties, interest charges, and restrictions. Understand the consequences and how to fi...
Income Tax : Discover why taxpayers are urging for an extension of July 31 ITR filing deadline in 2024. Learn about ITR forms, filing steps, co...
Income Tax : Discover who must file an ITR even with income below the exemption limit. Understand key scenarios and benefits to stay compliant ...
Income Tax : Discover hassle-free tips for filing your Income Tax Return (ITR) before the July 31, 2024 deadline. Learn about necessary documen...
Income Tax : Discover the benefits of filing Income Tax Returns (ITR), including compliance with tax laws, improving credit score, visa applica...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Corporate Law : A record 7.28 crore ITRs filed for AY 2024-25, with 5.27 crore in the New Tax Regime. Over 69.92 lakh ITRs were filed on 31st July...
Income Tax : New amendments to the Black Money Act from October 2024 raise the exemption threshold for penalties on foreign assets to ₹20 lak...
Income Tax : ICAI addresses issues with Form 26AS/TIS/AIS and ITR filing glitches, urging CBDT for timely resolution to aid taxpayers in meetin...
Income Tax : Discover comprehensive FAQs on filing ITR-4 (Sugam) for AY 2024-25. Learn eligibility criteria, tax regime options, documents need...
Income Tax : Supreme Court held that Section 206C of the Income Tax Act is not applicable in respect of Mysore Sales and that the liquor vendor...
Income Tax : ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the lo...
Income Tax : Delhi High Court dismisses Income Tax Department's appeal in PCIT Vs Satya Prakash Gupta case, finding no evidence of commission r...
Income Tax : Explore the Delhi High Court's judgment on ITSC's conclusive nature for AY, assessing reassessment under Section 148 of the Income...
Corporate Law : The Punjab & Haryana High Court orders a father to pay maintenance for his minor son despite his claim of unemployment, considerin...
Income Tax : Discover how TDS charge officers verify high-risk refund cases using Insight Instruction No. 76. Learn about the SOP, steps, and f...
Income Tax : Understand the time limit for income tax return verification after uploading. Learn the implications of late verification and the ...
Income Tax : Explore amendments in ITR form V & Acknowledgement for A.Y 2024-25 as per Income Tax Act, 1961 & Rules, 1962. Understand filing pr...
Income Tax : Learn how to initiate proceedings under section 147 of the IT Act in e-Verification cases. Detailed instructions for Assessing Off...
Income Tax : CBDT notifies ITR-7 [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 13...
As per Notification No. 41/2015 Dated 15.04.2015 and ITR attached with the same alongwith the Instructions a resident assessee has to disclose ‘Details of Foreign Assets and Income from any source outside India’ as follows :- A. Details of Foreign Bank Accounts held (including any beneficial interest) at any time during the previous year 1. […]
CA Sandeep Kanoi CBDT has vide Notification No. 41/2015 requires Assessee to Disclose in Schedule FT of ITR Details of foreign travel and expenses incurred during the year by the Assessee. This schedule is required to be filled if the assessee has undertaken any foreign travel during the previous year. The countries visited and the […]
As per CBDT Notification No. 41/2015 Dated 15.04.2015 Individual or Hindu undivided family has to file Income Tax Return in the following Manner if any Income Tax refund is claimed in the return of income for A.Y. 2015-16 or subsequent Years :-
CBDT has vide Notification No. 41/2015, Dated-15th day of April, 2015 Notified ITR-1 ITR-2 ITR-4S ITR-V for A.Y. 2015-16 with several Changes. In such ITRs CBDT has for the first time required an assessee to Compulsorily provide details of all Bank account held in India (including in joint names) at any time during financial year 2014-15 including details of those which were closed during the year.
1. Who can use Form ITR-1 SAHAJ for Assessment Year 2015-16 i.e. Financial year 2014-15? This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes: (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from precious years); […]
In this article we have discussed who can use Form ITR-4S Sugam, Who cannot use this fornm, for whom it is not mandatory and Manner of filing this Return Form for Assessment Year 2015-16 i.e. Financial year 2014-15. 1. Who can use Form ITR-4S Sugam for Assessment Year 2015-16 i.e. Financial year 2014-15? This Return Form is to […]
CBDT has vide Notification No. 41/2015 Dated 15.04.2015. notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15. The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return. A brief summary of Changes is as follows :-
1. Who can use Form ITR-2 for Assessment Year 2015-16 i.e. Financial year 2014-15? This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:- (a) Income from Salary / Pension; or (b) Income from House Property; or (c) Income from Capital […]
Notification No. 41/2015 – Income Tax CBDT has notified ITR 1, ITR 2 & ITR 4S for AY 2015-16 and amended Rule 12 vide Notification No. 41/2015, Dated-15th day of April, 2015. For AY 2015-16, ITR 1, ITR 2 & ITR 4S where returned income is greater than 5 Lakhs or where Refund is claimed (except where the person is 80 years or more and filing ITR 1 or 2) and ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 are mandatorily required
Many a times it has been seen that assesses, to whom Deductions under the Act are available, avail of such deductions without actually making the respective investments or complying with the preconditions. Such acts are committed because in most cases these claims are not verified by the Income Tax authorities.
