Section 139(5)

We can still file Income Tax Return for FY 2021-22 (AY 2022-23)

Income Tax - If you fail to file your return of Income within due date 31st July 2022, and question in your mind that can you file it or not? The answer to this question is YES. Under section 139(4) a belated return can be filed. The due date for filing income tax return for corporate assesses and […]...

File Revised Income Tax Return For AY 2021-22

Income Tax - 1. Filing Income Tax Returns at the last minute can lead to unwanted errors being made. If you are the one, who missed something or made a wrong statement in it and discovered the mistake after filing the income tax return, not to worry. 1.1 Income-tax Act, 1961 allows you to rectify the mistakes by […]...

Amended Due date of Filing of Belated return or Revised return

Income Tax - 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 f...

CBDT Extends Time Limits for Various Direct Tax Compliances – AY 2021-22

Income Tax - 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...

Extension of Time Limits of Various Income Tax Compliances

Income Tax - 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 [...

Request for Extension of date of Revised Return of Income Tax

Income Tax - The banks have almost reported wrong information to the department. The interest reported is twice/thrice than interest shown by the assessee in the income tax return. The banks have reported interest on the basis of consolidation as per form 26Q. Then they have reported on the basis of Form 26AS and thirdly on the basis of individual FDR...

Retain existing time limit for filing of revised tax return: ICAI

Income Tax - Section 139(5) - Reduction in time limit for filing revised return - Retention of existing time limit for filing of revised tax return at least in cases of claim of foreign tax credit...

Defect Rectified Under Section 139(9) Validates Original Return from its filing date

Dalmia Laminators Ltd. Vs ACIT (ITAT Kolkata) - ITAT Kolkata held that when original return filed was defective and such defect is removed u/s. 139(9) of the Income Tax Act, the return filed u/s. 139(1) becomes a valid return from the date when it was originally filed. Accordingly, set off business income with carry forwarded business loss allowe...

Foreign tax credit eligible as form no. 67 filed before processing return

Yogesh Dnyandeo Kinage Vs ADIT (ITAT Mumbai) - ITAT Mumbai held that as Form No. 67 has been filed by the Appellant before the processing the return of income under Section 143(1) of the Income Tax Act, foreign tax credit is duly eligible....

Assessee’s Valid Claims Shouldn’t Suffer Due to Ignorance/Mistake: ITAT Chennai

Vivekananda Seva Trust Vs ACIT Exemptions (ITAT Chennai) - Read the full text of the ITAT Chennai order directing the re-computation of the income of Vivekananda Seva Trust due to inadvertent errors in filing the Income Tax Return forms....

Interest on Compulsory Convertible Debentures deductible u/s 36(1)(iii)

Religare Finvest Ltd. Vs DCIT (ITAT Delhi) - ITAT Delhi held that Compulsory Convertible Debentures are in the nature of borrowed fund and continued to be debt till conversion thereof into shares and consequently interest on Compulsory Convertible Debentures is allowable as revenue deduction u/s 36(1)(iii) of the Income Tax Act....

Claim of capital loss by furnishing of revised return is unsustainable

RRPR Holding Private Limited Vs DCIT (ITAT Delhi) - ITAT Delhi held that revised return cannot be filed to cover up deliberate omission etc. in the original return. Thus, claim of the Assessee towards incurring impugned capital loss and carryforward thereof vide the revised return is unsustainable....

Income Tax Return, Tax Audit due date & Other dates extended

Circular No. 9 of 2021 - Income Tax - (20/05/2021) - 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-...

Section 139(5)’s Popular Posts

Recent Posts in "Section 139(5)"

Defect Rectified Under Section 139(9) Validates Original Return from its filing date

Dalmia Laminators Ltd. Vs ACIT (ITAT Kolkata)

ITAT Kolkata held that when original return filed was defective and such defect is removed u/s. 139(9) of the Income Tax Act, the return filed u/s. 139(1) becomes a valid return from the date when it was originally filed. Accordingly, set off business income with carry forwarded business loss allowed....

Foreign tax credit eligible as form no. 67 filed before processing return

Yogesh Dnyandeo Kinage Vs ADIT (ITAT Mumbai)

ITAT Mumbai held that as Form No. 67 has been filed by the Appellant before the processing the return of income under Section 143(1) of the Income Tax Act, foreign tax credit is duly eligible....

Assessee’s Valid Claims Shouldn’t Suffer Due to Ignorance/Mistake: ITAT Chennai

Vivekananda Seva Trust Vs ACIT Exemptions (ITAT Chennai)

Read the full text of the ITAT Chennai order directing the re-computation of the income of Vivekananda Seva Trust due to inadvertent errors in filing the Income Tax Return forms....

Interest on Compulsory Convertible Debentures deductible u/s 36(1)(iii)

Religare Finvest Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held that Compulsory Convertible Debentures are in the nature of borrowed fund and continued to be debt till conversion thereof into shares and consequently interest on Compulsory Convertible Debentures is allowable as revenue deduction u/s 36(1)(iii) of the Income Tax Act....

Claim of capital loss by furnishing of revised return is unsustainable

RRPR Holding Private Limited Vs DCIT (ITAT Delhi)

ITAT Delhi held that revised return cannot be filed to cover up deliberate omission etc. in the original return. Thus, claim of the Assessee towards incurring impugned capital loss and carryforward thereof vide the revised return is unsustainable....

Deduction u/s 80G duly allowable even if expense is incurred for CSR

Synergia Lifesciences Pvt. Ltd Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that the claim for deduction under section 80G of the Income Tax Act in respect of Corporate Social Responsibility (CSR) expenses cannot be denied....

Omission of claiming long term capital loss in original return not bona fide so claim via revised return allowable

DCIT Vs Bilcare Limited (ITAT Pune)

ITAT Pune held that omission of claiming long term capital loss at the time of filing of original return was not bona fide. Accordingly, rejection of claim of the same in revised return unsustainable in the eyes of law....

Transfer of Renewable Energy Certificate is capital and not taxable as business income

Satia Industries Ltd Vs National Faceless Assessment Centre (ITAT Amritsar)

ITAT Amritsar held that transfer of REC (Renewable Energy Certificate) is capital in nature and not liable to tax under business income as the income is offshoot from environmental concern not from offshoot of business concern....

Delay in filing return and Form No. 67 is not fatal to claim Foreign Tax Credit

Kazuya Watanabe Vs Assistant Director of Income Tax (ITAT Bangalore)

ITAT Bangalore held that delay in filing the return and Form No.67, beyond period under section 139(1) of the Act, is not fatal to the claim of FTC. Foreign Tax Credit duly available in respect of income taxable in India and received outside India for the amount of taxes paid outside India....

Appeal order not maintainable for violation of section 249(4) due to non-payment of admitted tax

DCIT Vs Sukhbir Agro Energy Ltd (ITAT Amritsar)

ITAT Amritsar held that the appeal order caused not maintainable for violation of section 249(4) of the Income Tax Act for non-payment of admitted tax. Accordingly, the appeal order u/s 250 is caused nullity which will be not maintainable before the Tribunal....

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