The Rajasthan High Court In a writ petition filed by a senior citizen seeking condonation of delay in filing Income Tax Returns ( ITR ), condoned the delay stating the real hurdle performed via the taxpayer who is a senior citizen. The taxpayer, Padam Raj Bhandari, is an insurance surveyor and senior citizen who filed an application on May 12, 2016, asking for the condonation of delay under section 119(2)(b) of the Income Tax Act, 1961 to claim an income tax refund for the AY 2009-10 to 2014-15. The applicant…
Tag: filing
No Penalty for Bank’s Filing GST Returns Due to Technical Issue
The applicant bank cannot file its return in its GST portal as a technical issue and cannot be loaded, with demand, penalty, and interest, the Telangana High Court ruled. The bench of Justice Sujoy Paul and Justice Namavarapu Rajeshwar Rao noted that it was the responsibility of the department to maintain its portal function. If the portal was not functional, the petitioner was forced to file a return in the portal of Telangana. The department cannot take advantage of its own wrong. The headquarters of the bank of the applicant…
FM Sends Proposal for Amendment S.271H w.r.t Penalty for Late TDS/ TCS Filing
At the time of the Budget presentation at 11 AM on 23rd July 2024, Union Finance Minister Nirmala Sitharaman asked to revise the S.271H of the Income Tax Act pertinent to the penalty for failure to provide the statements. Clause 81 of the bill asked to revise Sec.271H of the Act, sub-section (1) of the section furnishes for penalty in the matter of failure to deliver or cause to be delivered statements referred to S.200(3) or proviso to S.206C (3) or furnishing of inaccurate information in the statement. Read Also:…
Orissa HC Allows Businesses to Rectify GSTR-1 Filing Error (B2C to B2B)
The Orissa High Court in a judgment allowed to improve the error that emerged in GST Returns -1 from B2C to B2B. it was discovered by the court that the applicant remarked the error after the opposite part ruled the legitimate running bill amount of the applicant via notifying the same for the aforesaid error dated 1st August 2022. The applicant M/s. Chintamaniswar Constructions asked the court to provide direction to the opposite Parties the GST department to allow the applicant to correct the GST Return filed for the period…
ITR 2024-25: How to download capital gains statement for Income Tax Return filing | How To News
The profits or loss made from selling capital assets are schematically explained in an Income Tax Return (ITR) capital gains statement. It is important particularly when it comes to providing precise information regarding taxable income and determining the relevant capital gains tax. Details such as the date of purchase, its value at the time of purchase, selling date and amount received as well as the net are normally involved in the statement. Downloading a capital gains statement for Income Tax Return (ITR) filing involves a few steps, which may vary…
GSTN Enables New Feature for Registered Taxpayers to Track Return Filing Status by FY-Wise
New functionality has been incorporated by the GST portal that permits the users to monitor the status of return filing of the enrolled assesses financial year-wise. The same rise has the motive to furnish effective clarity and simplicity of access to historical information for businesses and tax professionals. Key Highlight of New Functionality Track the Status of Your Return Filing Financial Year by Year.: Users are now facilitated to review taxpayers’ GST return filing status from FY 2017-18 to the present date. It eases the procedure to track compliance over…
Allahabad HC Dismisses Petitions Against Extension of GST Filing Deadlines for FY 2017-18
A bunch of petitions have been dismissed by the Allahabad High Court contesting central and state government orders/notifications extending the time duration to file the GST return for the FY 2017-18 and also extending the time limit for its investigation and audit via tax officials. Because of the COVID-19 pandemic, the time limit to file the GST returns was extended in 2020. The bench constituting Justice SD Singh and Justice Donadi Ramesh was hearing a clutch of petitions furnished via a multinational firm M/s Graziano Transmission and several others. As…
CBDT lays down more conditions for mandatory filing of ITR
[ad_1] Through CBDT NN. 37/2022 dated 21.04.2022 notified rule 12AB has prescribed certain conditions for furnishing of ITR by specified persons referred to in clause (iv) of 7th proviso to section 139(1). The conditions prescribed for compulsorily filing of ITR by specified persons are as follows: (i) if the total sales, turnover or gross receipts in the business exceed Rs. 60 lakhs or the total gross receipts in the profession during the previous year (PY) exceeds Rs. 10 lakhs during PY; either (ii) If the aggregate of TDS and TCS…
CBDT notifies ITR-U for filing updated ITR u/s 139(8A)
[ad_1] Through CBDT NN. 48/2022 dated 29.04.2022 notified ITR-U and Rule 12AC for filing updated return u/s 139(8A) relating to AY2020-21 and subsequent AYs. Further, ITR-U has to be chosen by the eligible person as the reason for updating ITR from the following- Return not filed earlier, Income not reported correctly Wrong head of income or chosen tax rate, carry forward loss or unabsorbed depreciation or reduction in tax credit under section 115JB/115JC other Also, if the filing of updated ITR leads to further loss or reduction in unabsorbed depreciation…
Common mistakes in filing GSTR returns which needed to avoid
[ad_1] What is Common errors in filing of GSTR returns which needed to avoid. Prior to the GST regime, there was the VAT system, which enabled for returns to be amended if an error was detected. Despite the fact that the GST Act has been in effect for three years, those who are registered under it continue to make numerous errors while filing their GST reports. To avoid departmental lawsuit, it’s critical to file GST returns as accurately as possible. Since there is no provision under GST law for amending a…