Income Tax : Understand Section 139 of the Income Tax Act, its implications on return filing due dates, and the changes for FY 2023-24. Learn a...
Income Tax : Understand the concept of Updated Return under the Income-tax Act, its necessity, tax implications, and filing process. Get insigh...
Income Tax : Article explains What is Belated Return, limitations of filing Belated application, consequences when submitting Belated return an...
Income Tax : The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an a...
Income Tax : Major amendment pertaining to Due date of Filing of Belated return or Revised return Rationalisation for Reducing time to file bel...
Income Tax : In Vinayagam Sabarisanthanakrishnan Vs ACIT, Madras HC clarifies that failure to file returns under Sec 139(1) is essential for pr...
Income Tax : Delhi ITAT ruling on Manish Kumar Mittal Vs ITO case clarifies treatment of cash-in-hand from business profits declared under Sec ...
Income Tax : ITAT Pune orders re-examination of GST disallowance for Sharp Aluminium, emphasizing correct assessment based on actual GST paymen...
Income Tax : Explore the ITAT Bangalore verdict on how the statutory deadline for filing returns affects eligibility for deductions under Secti...
Income Tax : Deduction under section 80IB (10) was allowable to assessee as it had a reasonable & bona fide cause for not filing the return of ...
Income Tax : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of s...
Income Tax : CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headqua...
Jagdishbhai R. Patel Vs ACIT (ITAT Ahmedabad) CIT(A) upheld the penalty of Rs.19,50,000/-,levied u/s 271AAB of the Act @ 30% of the undisclosed income of Rs.65 lacs, noting that the assessee had failed to fulfill the following conditions by the specified date as required by the section : a) filing its return declaring the undisclosed […]
Mathew Pradeep Francis Vs ACIT (ITAT Bangalore) In the instant case, we noticed that the assessee has made investment in acquiring new residential house property within the time given in section 54 of the Act and also within the time limit prescribed u/s 139(4) for filing revised return of income. Accordingly, following the binding decision […]
Major amendment pertaining to Due date of Filing of Belated return or Revised return Rationalisation for Reducing time to file belated return and to revise original return and its effect on other provision of Income Tax With the massive technological upgrade in the Department where the processes under the Act are moving towards becoming faceless […]
Direct Taxes Professionals’ Association has made a representation to Hon’ble Finance Minister, Mrs. Nirmala Sitharaman, and requested for extending dates for filing belated and Revised IT Returns for AY 2020-21 and for furnishing Form 10A for fresh Registration under section 12AB and exemption under section 80G of the Income Tax Act, 1961 DIRECT TAXES PROFESSIONALS’ […]
The Central Board of Direct Taxes after considering the severe continuing COVID-19 pandemic situation in the country, vide Circular No. 9 of 2021, dated 20 May 2021, has extended the deadlines of certain compliances for the Assessment Year 2021-22
In the wake of the pandemic Covid-19 and in the interest of taxpayers, the Central Board of Direct Taxes (CBDT) extended time limits for various compliances as under: 1. Statement of Financial Transactions (SFT) & Statement of Reportable Account (SRA):Due Date of SFT and SRA for the FY 2020-2021 has been extended from 31st May 2021 […]
सरकार द्वारा कोरोना महामारी को देखते हुए आयकर से सम्बंधित विभिन्न तिथियों को बढ़ा दिया है जिससे करदाताओ को राहत मिलेगी आयकर से सम्बंधित बढाई गई मुख्य तिथिया निम्न है 1. वित्तीय लेनदेन से सम्बंधित स्टेटमेंट जिसे (एस.एफ.टी) भी कहा जाता है वित्तीय वर्ष 2020-2021 जिसे 31 मई 2021 तक भरना था वह अब 30 […]
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September 2021, is extended to 31st October 2021;
CBDT issued Income Tax circular No. 09/2021 dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases: Extended Income Tax Due Date Chart after Considering circular […]
File your revised/belated Income Tax Return for FY 2019-20 (AY 2020-21) before the extended deadline of 31 May 2021.
