Income Tax : India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves...
Income Tax : Explains the statutory penalties, interest, and financial losses triggered by belated ITR filing. Highlights real case examples sh...
Income Tax : Highlights the legal obligations of timely ITR filing, penalties for delays, and the benefits of maintaining a clean financial rec...
Income Tax : Breaks down Section 234F penalties, 1% monthly interest, and the hidden loss of tax benefits that arise when returns are filed aft...
Income Tax : Explore the different types of assessments under the Income Tax Act, 1961, including self-assessment, regular assessment, and best...
Income Tax : All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition...
Income Tax : Chartered Accountants Association, Jalandhar has made a request to FM for Extension of specified date of filing tax audit report a...
Income Tax : Joint representation fo Extension of various dues dates of filing Audit Reports and Income Tax Returns under Income Tax Act, 1961 ...
Income Tax : Request for Extension of the specified date of filing the Tax Audit Report and other forms falling due on or before 15th January 2...
Income Tax : Rajasthan BJP Economic Cell has made a request for extension of due date of furnishing of Report of Audit under provision of the I...
Income Tax : ITAT Jaipur held that exemption under Section 11 cannot be denied merely because Form 10B was filed late when it was already avail...
Income Tax : The ITAT Hyderabad held that delayed filing of Form No. 67 cannot result in denial of foreign tax credit under Section 90. It rule...
Income Tax : The ITAT Mumbai held that Section 69C cannot be invoked where expenditure is duly recorded in the books and its source is fully ex...
Income Tax : Mumbai ITAT held that maintenance charges and other collections received exclusively from members of a co-operative society are ex...
Income Tax : The Tribunal ruled that delayed filing or incorrect disclosure in Form 67 does not automatically disentitle an assessee from claim...
ITAT Kolkata held that the surcharge is leviable only when the amount of income tax is computed where the total income exceeds Rs.50 lakhs. Here, surcharge is not leviable since income is less than Rs. 50 Lakhs. Accordingly, appeal allowed.
Since there was no genuine hardships in filing their ITR within prescribed time limit, the application was not maintainable since the ITR was already filed by assessee and the same was taken on record, and thus the issue of condoning delay in filing the ITR would not arise.
Defective ITR not rectified within time is treated as invalid. Filing a new belated return or seeking condonation can avoid penalties under Section 234F.
Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal consequences. Learn how to mitigate tax non-compliance and optimize financial management.
ITAT Delhi held that in order to claim exemption under Section 13A of the Income Tax Act by the political party it is necessary to furnish return of income by the ‘due date’ as per Section 139 of the Income Tax Act.
Discover importance of filing a late income tax return, consequences of missing deadline, and a step-by-step guide for online filing before December 31 cutoff. Avoid penalties and stay financially disciplined.
Learn about consequences of not verifying your Income Tax Return within 30 days. Avoid penalties, delayed refunds, and loss of benefits. Find out how to e-verify your return easily.
ITAT Mumbai allows the claim of deduction u/s. 80JJAA for the assessment year 2020-21, as the taxpayer had filed the original return of income on time. The claim was initially denied due to an error in categorizing the revised return as an original return.
Late fee is charged on delay in filing of Original return and not revised return because revised return take the shoes of original return. But due to transformational changes in building new income tax website this section is overused i.e. it is levied while processing of revised return also in many cases.
Demystifying section 234F of Income Tax Act 1961: Learn about late fees for non-filing or late filing of income tax returns.
