Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
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 : 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 Court held that once a revised return is filed, the original return stands obliterated. Ignoring the revised return was treate...
Income Tax : The Tribunal upheld denial of loss set-off as the statutory eight-year limit for carrying forward capital losses had expired. It r...
Income Tax : The ITAT Bangalore held that where incriminating documents relating to an assessee are found during a search conducted on another ...
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 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.
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.
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.
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.
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.
