Section 139(5)

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...

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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 [...

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आयकर से सम्बंधित बढाई गई मुख्य तिथिया

Income Tax - सरकार द्वारा कोरोना महामारी को देखते हुए आयकर से सम्बंधित विभिन्न तिथियों को बढ़ा दिया है जिससे करदाताओ को राहत मिलेगी आयकर से सम...

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Extended Income Tax Due Date Chart

Income Tax - 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...

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Revised /Belated (Income Tax) Return – FY 2019-20

Income Tax - 1. The Central Board of Direct Taxes (CBDT). Vide circular no. 08/2021 dated 30 April 2021 has extended the time limit of filing belated Income Tax Return for the financial year 2019-20 (assessment year 2020-21) to 31 May 2021. 1.1 Normally, Income Tax Returns for a financial year have to be filed by 31 July […]...

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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...

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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...

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No Section 148 reopening when Time limit for picking the return for scrutiny is pending u/s 143 (2)

ITO Vs Momentum Technologies Pvt Ltd (ITAT Delhi) - ITO Vs Momentum Technologies Pvt Ltd (ITAT Delhi) Reopening invalid When Time Limit for Scrutiny Pending from date of Revised Return Filed under Section 139(5) The first contention raised by assessee invoking rule 27 of the income tax appellate tribunal rules 1963, the contention raised that when th...

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Set off of Brought Forward Losses of Merged Division in Revised Return allowed by ITAT

ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) - ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law?  In present case, the assessee Company had filed the original return...

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Loss claimed in Revised Return allowable despite Non-disclosure in Original Return

Sarvajit Bhatia Vs ITO (ITAT Delhi) - Where return was revised under section 139(5), therefore, the original return filed under section 139(1) would not survive and hence, the claim of loss not made in original return but claimed in revised return had to be allowed....

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SC on Revise return by Amalgamated Company

Dalmia Power Limited Vs ACIT (Supreme Court of India) - Dalmia Power Limited Vs ACIT (Supreme Court of India) When the companies merged and amalgamated into another, the amalgamating companies lost their separate identity and character, and ceased to exist upon the approval of the Schemes of Amalgamation. Every scheme of arrangement and amalgamation must...

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Sec. 139(5) not applies to revised return filed as per NCLT scheme

M/s. Dalmia Power Limited Vs ACIT (Madras High Court) - M/s. Dalmia Power Limited Vs ACIT (Madras High Court) a) The scheme of arrangement and amalgamation approved by the National Company Law Tribunal under Section 391 of the Companies Act gives statutory force to enable the respective petitioners to file the revised returns of income beyond the prescri...

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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-...

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Recent Posts in "Section 139(5)"

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

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...

Read More
Posted Under: Income Tax |

Extension of Time Limits of Various Income Tax Compliances

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 [...

Read More
Posted Under: Income Tax |

आयकर से सम्बंधित बढाई गई मुख्य तिथिया

सरकार द्वारा कोरोना महामारी को देखते हुए आयकर से सम्बंधित विभिन्न तिथियों को बढ़ा दिया है जिससे करदाताओ को राहत मिलेगी आयकर से सम...

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Posted Under: Income Tax |

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 2020-21, which is 30th September 2021, is ext...

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Extended Income Tax Due Date Chart

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...

Read More
Posted Under: Income Tax |

Revised /Belated (Income Tax) Return – FY 2019-20

1. The Central Board of Direct Taxes (CBDT). Vide circular no. 08/2021 dated 30 April 2021 has extended the time limit of filing belated Income Tax Return for the financial year 2019-20 (assessment year 2020-21) to 31 May 2021. 1.1 Normally, Income Tax Returns for a financial year have to be filed by 31 July […]...

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Posted Under: Income Tax |

File Belated & Revised Return for AY 2020-21 till 31st 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 […]...

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Posted Under: Income Tax |

Why Revised Return Concept Under Income Tax Law

Under Income tax law revised return is dealt in section 139(5). Now first question which must come to your mind that why there is concept of revised return. Revised return in simple words can be termed as return which is filed to correct error or mistake i.e. correct return. While filing ITR whether original return […]...

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Posted Under: Income Tax |

Request for Extension of date of Revised Return of 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...

Read More
Posted Under: Income Tax | ,

No Section 148 reopening when Time limit for picking the return for scrutiny is pending u/s 143 (2)

ITO Vs Momentum Technologies Pvt Ltd (ITAT Delhi)

ITO Vs Momentum Technologies Pvt Ltd (ITAT Delhi) Reopening invalid When Time Limit for Scrutiny Pending from date of Revised Return Filed under Section 139(5) The first contention raised by assessee invoking rule 27 of the income tax appellate tribunal rules 1963, the contention raised that when the return of income is pending before the...

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