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 […]...
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 […]...
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...
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...
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 [...
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...
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...
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...
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....
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....
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....
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....
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-...
Dalmia Laminators Ltd. Vs ACIT (ITAT Kolkata) -
Yogesh Dnyandeo Kinage Vs ADIT (ITAT Mumbai) -
Vivekananda Seva Trust Vs ACIT Exemptions (ITAT Chennai) -
Religare Finvest Ltd. Vs DCIT (ITAT Delhi) -
RRPR Holding Private Limited Vs DCIT (ITAT Delhi) -
Synergia Lifesciences Pvt. Ltd Vs DCIT (ITAT Mumbai) -
DCIT Vs Bilcare Limited (ITAT Pune) -
Satia Industries Ltd Vs National Faceless Assessment Centre (ITAT Amritsar) -
Kazuya Watanabe Vs Assistant Director of Income Tax (ITAT Bangalore) -
DCIT Vs Sukhbir Agro Energy Ltd (ITAT Amritsar) -