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...
Belated Return and Revised Return for the Assessment Year 2020-21 may be filed on or before 31st May, 2021 In view of the adverse circumstances arising due to the severe Covid-19 pandemic, the CBDT, in exercise of its powers under Section 119 of the Income Tax Act, 1961 (‘the IT Act’), has issued a Circular […]
Learn about the golden opportunity to file ITR for A.Y-2020-21 with Section 139 (4). Don’t miss the chance to submit your belated return and meet your tax obligations.
CBDT hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) having her / his headquarters at Delhi, to act as the ‘Prescribed Income-tax Authority’ for the purpose of sub-section (2) of section 143 of the Act, in respect of returns furnished under section 139
Belated return (Return under section 139(4)) simply means filing of income tax return after due date or extended due date. Belated return can also be called as late return or delayed return. You must be aware that under the Income-tax Act, 1961, there is section 139 which casts responsibility on persons to file income tax […]
Harminder Kaur Vs ITO (ITAT Delhi) In the instant case, the assessee has claimed deduction under section 54 of the Act against booking of flat before the due date of filing of return under section 139(4) of the Act. The Assessing Officer and the Learned CIT(A) has denied the deduction on two grounds. Firstly, the […]
Budget 2021 proposes Extending of due date for filing return of income in some cases, reducing time to file belated return and to revise original return and also to remove difficulty in cases of defective returns Section 139 of the Act contains provisions in respect of the filing of return of income for different persons […]
In practice in spite of reminders, many of our clients do not file Return of Income within the time specified u/s 139 (1) or before the end of relevant assessment year. Provisions of section 139(4) allow to file Return of Income, before the expiry of the relevant assessment year. Considering the provisions of section 139(1)/139(4), […]
This time CBDT has extended the Last date to File Income-tax Return for the F.Y -2018-19 from 31.03.2020 to 30.06.2020. After the lockdown, now the Government of India is granting permission to start business activities in a phased manner so that the Economy can move forward but now MSME Sector is starting facing cash flow issues to revive their activities.
Dont miss the deadline! File your belated income tax return by 31st March, 2020 to avoid penalties. Learn more about the amended Section 139(4) and the reduced time limit.
Dear readers, March the Closing Month for F.Y. 2019-20, which is very Important for Assessee from Income Tax Point of view. Income Tax Payer has to take many steps to save taxes like Investments under Section 80C/ Section 80D/ Section 80G, deposition of HRA and Investment documents with their employer so that minimum TDS is […]
