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 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 […]
