Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
Income Tax : Understand what belated ITR filing is in 2025, including deadlines, late fees under Section 234F, and the loss of tax benefits lik...
Income Tax : ITAT Bangalore held that disallowance of agricultural expenses based on estimation is unsustainable without concrete evidence, rul...
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 : The Court held that rejecting condonation solely because the assessment year was not mentioned in the circular is unjustified. It ...
Income Tax : The Tribunal held that the revised ₹25 lakh exemption limit for leave encashment under Section 10(10AA) must be considered and r...
Income Tax : The Tribunal observed that ₹99.10 lakh allegedly added as unexplained credits may represent earlier year balances. The matter wa...
Income Tax : Additions based on survey-time valuation of machinery were deleted as the Assessing Officer had not rejected the books of account....
Income Tax : Deductions under Sections 54B and 54F were denied without examining crucial evidence. The tribunal remanded the matter for fresh a...
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...
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.
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), […]
