Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Income Tax : Supreme Court rulings in Wipro and Shriram Investments mandate strict adherence to return filing deadlines: fresh claims/withdra...
Income Tax : A revised tax return helps you correct mistakes in your ITR filing. Learn who can file, the deadline, and how to file a revised re...
Income Tax : Learn about filing a revised income tax return under Section 139(5) to correct mistakes. Understand the deadlines, scope of revisi...
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 : 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 Agra held that neither Section 87A nor Section 111A expressly prohibits rebate on tax payable on short-term capital gains for...
Income Tax : The Tribunal upheld the disallowance of a ₹10 lakh deduction after the recipient political party informed the tax authorities th...
Income Tax : Mumbai ITAT held that additions under Section 69 cannot survive where transactions are reflected in broker records and the source ...
Income Tax : The Mumbai ITAT reaffirmed that lease rentals from SEZ and IT Parks along with amenities are taxable as business income. The rulin...
Income Tax : A taxpayer could submit a revised return u/s 139(5) only when it discovered a bona fide omission or incorrect statement in the ori...
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...
ITAT Hyderabad held that exemption under section 10(1) of the Income Tax Act towards income derived from sale of foundation seeds as agricultural income allowed. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld.
ITAT Kolkata held that penalty paid to private entities/ third parties towards breach of contract is the usual course of business and doesn’t involve payment of penalty for infraction of any law hence disallowance made under Explanation to Section 37(1) of the Income Tax Act is unwarranted.
ITAT Delhi deletes AO’s ad hoc 50% expense disallowance and excess vessel cost addition for JITF Waterways. Upholds CIT(A)’s reliance on S43(1) Expl. (6) for asset cost.
Bangalore ITAT rejected PR consultant’s revised return, ruling that agency business is excluded from presumptive taxation under s.44AD(6)(iii). Original income confirmed.
ITAT Mumbai rules that the principal component of a finance lease is a capital recovery, not taxable income. Surrendered depreciation requires exclusion of principal to avoid double taxation.
A revised tax return helps you correct mistakes in your ITR filing. Learn who can file, the deadline, and how to file a revised return on the e-Filing portal.
Learn about filing a revised income tax return under Section 139(5) to correct mistakes. Understand the deadlines, scope of revisions, and legal implications.
Gujarat High Court held that in view of the retrospective amendment u/s. 112(1)(c)(iii) of the Income Tax Act the assessee is eligible to pay tax at lower rate @10% instead of 20% on sale of unlisted share even in absence of filing the claim by way of revised return.
ITAT Ahmedabad held that appellate authority has jurisdiction to entertain new claim. Accordingly, additional claim for deduction on account of ESOP is allowed. Accordingly, appeal allowed to that extent.
ITAT Hyderabad held that denial of credit for Foreign Tax Credit merely due to delay in filing of Form 67 not justified as Form 67, although belatedly, was filed before the AO passed order u/s 143(3) of the Act. Accordingly, appeal allowed.
