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...
ITAT Mumbai held that foreign tax credit duly available even if form no. 67 is filed along with the revised return as the form is filed before the completion of the assessment.
Madras High Court granted the stay in respect of 80% of the demand, as 20% of the disputed tax, interest and penalty already recovered by the department from the bank account of the petitioner.
ITAT Chennai held that even though certificate in Form no. 10CCB was not filed along with return of income, but same was filed before the final order of assessment was made, hence the assessee was entitled to claim deduction u/s. 80IA of the Act.
ITAT Pune held that once a revised return is filed within the time permitted u/s.139(5), it substitutes the original return in all respects. Accordingly, claim of enhanced amount of carry forward of loss vide revised return is allowable.
Shri Altaf Hussain Laskar Vs DCIT (ITAT Guwahati) The case of the assessee is that he has committed certain mistakes in computing the income originally, whereby certain exempt income was included as taxable and certain perquisites were claimed as exempt in the revised return. In other words, earlier assessee has included the value of LIC […]
Income Tax Return revision right under section 139(5) was denied and not at all available to assessee who has filed belated return under section 139(4).
Markand Induprasad Bhatt Vs DCIT (ITAT Ahmedabad) However, we note that the power of rectification u/s 154 of the Act can be exercised only if there is a mistake apparent from the record which is one of the pre-condition meaning thereby the mistake should be apparent, obvious from the record. In other words, in order […]
Missed the income tax return filing deadline? Dont worry, you can still file your return for FY 2021-22 (AY 2022-23) by 31st December 2022.
The assessee can file a revised return in a case where there is an omission or a wrong statement. But a revised return of income, under Section 139(5) cannot be filed, to withdraw the claim and subsequently claiming the carried forward or setoff of any loss.
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 […]
