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 : Discover how to file a revised income tax return for A.Y. 2023-24 under Section 139(5). Learn who can file, the process, and key d...
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 : Missed the income tax return filing deadline? Dont worry, you can still file your return for FY 2021-22 (AY 2022-23) by 31st Decem...
Income Tax : The banks have almost reported wrong information to the department. The interest reported is twice/thrice than interest shown by t...
Income Tax : Section 139(5) - Reduction in time limit for filing revised return - Retention of existing time limit for filing of revised tax re...
Income Tax : ITAT Kolkata held that loan transaction between holding and subsidiary company done in the normal course of business and out of bu...
Income Tax : On appeal. It was held that application for refund was rightly rejected, as it was filed beyond the prescribed limitation period o...
Income Tax : Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It ...
Income Tax : ITAT Delhi remanded the issue back to file of AO to re-compute disallowance under rule 8D(2)(ii) of the Income Tax Act by taking t...
Income Tax : ITAT Surat held that rejection of the application for condonation of delay in filing refund claim u/s 119(2)(b) of the Act is not ...
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...
Understand the concept of Updated Return under the Income-tax Act, its necessity, tax implications, and filing process. Get insights for timely compliance.
In the case of Supreme Treon Pvt. Ltd. Vs DCIT, ITAT Mumbai allows deduction under section 80-IC of the Income Tax Act for ITR filed with Form 10CCB.
ITAT Delhi rules receipts from the sale of software licenses to Pepsico India and ITC Limited not royalty under India-Singapore DTAA. Read the full analysis.
Deduction under section 80IB (10) was allowable to assessee as it had a reasonable & bona fide cause for not filing the return of income within the time permitted under Section 139(1). Once in the given facts, assessee had been held entitled to claim the specifically computed deductions, then it should not be burdened with taxes which it was otherwise not liable to pay under law.
Discover how to file a revised income tax return for A.Y. 2023-24 under Section 139(5). Learn who can file, the process, and key details. Ensure accurate tax filings with this comprehensive guide
Delhi High Court held that notice issued under section 143(2) of the Income Tax Act after the expiry of six months from the end of the financial year in which return is furnished is barred by limitation and hence unsustainable in law.
The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an appeal to the Commissioner of Income-tax (Appeals), deposit of tax on distributed profits of domestic companies, filing return of income, filing belated return of income, etc.).
Jharkhand High Court held that TCS is not to be collected in the transaction of purchase of coal which is used in generation of power. Accordingly, illegal sum collected as TCS is ordered to be refunded back with interest.
Learn about the Bombay High Court’s ruling on the retrospective application of an amendment to Section 54F in the case of Hemant Dinkar Kandlur vs CIT
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.
