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...
सरकार द्वारा कोरोना महामारी को देखते हुए आयकर से सम्बंधित विभिन्न तिथियों को बढ़ा दिया है जिससे करदाताओ को राहत मिलेगी आयकर से सम्बंधित बढाई गई मुख्य तिथिया निम्न है 1. वित्तीय लेनदेन से सम्बंधित स्टेटमेंट जिसे (एस.एफ.टी) भी कहा जाता है वित्तीय वर्ष 2020-2021 जिसे 31 मई 2021 तक भरना था वह अब 30 […]
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 section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September 2021, is extended to 31st October 2021;
CBDT issued Income Tax circular No. 09/2021 dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases: Extended Income Tax Due Date Chart after Considering circular […]
File your revised/belated Income Tax Return for FY 2019-20 (AY 2020-21) before the extended deadline of 31 May 2021.
Belated Return and Revised Return for the Assessment Year 2020-21 may be filed on or before 31st May, 2021 In view of the adverse circumstances arising due to the severe Covid-19 pandemic, the CBDT, in exercise of its powers under Section 119 of the Income Tax Act, 1961 (‘the IT Act’), has issued a Circular […]
Under Income tax law revised return is dealt in section 139(5). Now first question which must come to your mind that why there is concept of revised return. Revised return in simple words can be termed as return which is filed to correct error or mistake i.e. correct return. While filing ITR whether original return […]
The banks have almost reported wrong information to the department. The interest reported is twice/thrice than interest shown by the assessee in the income tax return. The banks have reported interest on the basis of consolidation as per form 26Q. Then they have reported on the basis of Form 26AS and thirdly on the basis of individual FDR basis. Some banks have reported the FDR values also. This has created big problem for professionals as to how to reply the wrong and lengthy information in compliance portal
ITO Vs Momentum Technologies Pvt Ltd (ITAT Delhi) Reopening invalid When Time Limit for Scrutiny Pending from date of Revised Return Filed under Section 139(5) The first contention raised by assessee invoking rule 27 of the income tax appellate tribunal rules 1963, the contention raised that when the return of income is pending before the […]
Budget 2021 proposes Extending of due date for filing return of income in some cases, reducing time to file belated return and to revise original return and also to remove difficulty in cases of defective returns Section 139 of the Act contains provisions in respect of the filing of return of income for different persons […]
The valid question which comes into the mind of every person who is required to file Income Tax Return (‘ITR’) as per Income Tax Act, 1961 (‘the IT Act’), is ‘whether can a person file his ITR again which has been originally filed by that person with some mistakes or omission’. As a human being […]
