CBDT warns of penal action if I-T returns are 'drastically' changed
8 years, 3 months ago

CBDT warns of penal action if I-T returns are 'drastically' changed

India TV News  

The Central Board of Direct Taxes today cautioned tax payers against misusing the provisions of revised tax returns for past years to pass off their undisclosed income. The CBDT pointed out after the government’s November 8 decision to demonetise higher denomination currency, some taxpayers may misuse this provision to revise the return filed by them for the earlier assessment year for manipulating income with an intention to show the current year's undisclosed earnings in the earlier filing. "The provision to file a revised return has been stipulated for revising any omission or wrong statement made in the original return of income and not for resorting to make changes in the income initially declared so as to drastically alter the form, substance and quantum of the earlier disclosed income," CBDT said in a statement. The CBDT, the policy making body of the Income Tax department, further said if the department notices any manipulation in income in previous year's ITR, it will conduct scrutiny. "Any instance coming to the notice of the I-T department which reflects manipulation in the amount of income, cash-in-hand, profits etc and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty and prosecution in appropriate cases as per provision of law," it said.

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History of this topic

Retracted Statement Can't Be Termed As Incriminating Material, No Addition Can Be Made In Respect Of Completed Assessment: Gauhati High Court
2 weeks ago

Retracted Statement Can't Be Termed As Incriminating Material, No Addition Can Be Made In Respect Of Completed Assessment: Gauhati High Court

Live Law  

The Gauhati High Court stated that retracted statement cannot be termed as incriminating material and no addition can be made in respect of completed assessment. Being aggrieved with the Assessment Order, the assessee preferred an appeal before the Commissioner of Income Tax, Guwahati under Section 250 of the Income Tax Act. The department/appellant submitted that the Assessing Officer has invoked …

Income Tax Deadline: Taxpayers can file an updated return before March 31 for THIS year, check details
1 month ago

Income Tax Deadline: Taxpayers can file an updated return before March 31 for THIS year, check details

Live Mint  

Those taxpayers who want to updated their income tax return of previous two years can file an updated return before March 31. Although you can file the updated return anytime but it must be done within two years of the end of the relevant assessment year. This means those who want to update their return of assessment year 2022-23 or …

Employees cautioned against claiming deductions without proper document
1 month, 3 weeks ago

Employees cautioned against claiming deductions without proper document

The Hindu  

Important tax provisions and the Budget 2025-26 proposals related to the salaried employees were explained at an outreach programme organised by the Income Tax Department at the Bharat Heavy Electricals Limited complex on Thursday. If the updated return was filed within 12 months from the end of the relevant assessment year, an additional income tax of 25% with interest shall …

Give suggestions on new income tax bill: CBDT chief to industry
1 month, 4 weeks ago

Give suggestions on new income tax bill: CBDT chief to industry

Live Mint  

New Delhi, Feb 3 Central Board of Direct Taxes Chief Ravi Agrawal on Monday asked industry players to give their suggestions on the new income tax bill, which will be tabled in Parliament this week. The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have …

Updated tax returns: Budget 2025 offers a wider window to report omitted income
Trending News
1 month, 4 weeks ago

Updated tax returns: Budget 2025 offers a wider window to report omitted income

Live Mint  

In the Union Budget for 2022-23, India's finance ministry introduced the concept of updated tax returns to promote voluntary tax compliance. Taxpayers are required to file their income tax returns within four to six months from the end of the financial year. In essence, an updated return allows taxpayers to voluntarily declare omitted income even after the deadlines for belated …

Income Tax Deadline! Last one week to file revised, belated return
2 months, 3 weeks ago

Income Tax Deadline! Last one week to file revised, belated return

Live Mint  

Taxpayers must note that the deadline for filing a belated income tax return or submitting a revised return for the assessment year 2024-25 is fast approaching. Revised ITR If you have made an error in your initial income tax return filing, you can file a revised return under section 139 of the Income Tax Act. These are some of the …

Delhi Police asks personnel to file correct IT returns
2 months, 4 weeks ago

Delhi Police asks personnel to file correct IT returns

Hindustan Times  

New Delhi: The Delhi Police has asked their personnel not to file wrongful income tax returns by showing bogus deductions, an alleged corrupt practice highlighted by the IT department of Delhi that caught many personnel who had submitted forged deduction documents, officers said on Saturday. The GA department has also asked the DCPs to ask the personnel in question to …

Income Tax Department admits error of sending wrong ITR notices. Check details
3 months, 2 weeks ago

Income Tax Department admits error of sending wrong ITR notices. Check details

India Today  

In an unexpected move, the Income Tax Department has acknowledged its error in sending defective ITR notices to taxpayers who had correctly filed their returns. On November 29, 2024, the tax department issued notices citing defective ITRs under Section 44AD, claiming discrepancies in turnover limits and missing financial documents. However, on December 5, 2024, the department clarified the mistake, stating, …

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT
7 months, 2 weeks ago

Mistake In Calculation Of Tax As Per Sec 115BBE Can Be Rectified U/s 154 And Not U/s 263: Ahmedabad ITAT Quashes Revision Made By PCIT

Live Law  

Finding that all the additions made by the Assessing Officer u/s 68 r/w/s 115BBE are in consonance with the Income Tax Statute, the Ahmedabad ITAT quashed the revisional exercise of power by the PCIT u/s 263. The power under section 263 of the Income tax Act can be exercised where the order of the Assessing Officer is erroneous and prejudicial …

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date
8 months ago

Income Tax dept warns ITR filers of stern action in case of bogus TDS claim | Check last date

India TV News  

The Income Tax Department on Sunday asked income tax return filers to refrain from making bogus claims for expenses, under-reporting their earnings or exaggerating deductions calling it a punishable offence that causes a delay in issuance of refunds. For individuals with net taxable income of more than Rs 5 lakh for the financial year 2023-24, filing a belated return may …

Filing Your Income Tax Return: Here Are Important Dates And Potential Penalties
8 months, 4 weeks ago

Filing Your Income Tax Return: Here Are Important Dates And Potential Penalties

ABP News  

July is a critical month for individual taxpayers as the deadline to file income tax returns for the financial year 2023-24, corresponding to the assessment year 2024-25, is July 31, 2024. Key Differences: Financial Year vs. Assessment Year The financial year spans from April 1 to March 31, during which income is earned. Understanding the Income Tax Return An ITR …

Submitted wrong ITR form? Know how many times you can revise return
9 months, 4 weeks ago

Submitted wrong ITR form? Know how many times you can revise return

Live Mint  

Correcting any mistakes or omissions in your initial Income Tax Return is the aim of filing a revised ITR. An essential provision of the Income Tax Act of 1961 is Section 139, which permits you to file a revised ITR in case you discover mistakes or omissions in your initial return. Lowers the possibility of scrutiny: The possibility that the …

CBDT Notifies ITR-6 For AY 2024-25
1 year, 2 months ago

CBDT Notifies ITR-6 For AY 2024-25

Live Law  

The Central Board of Direct Taxes notified the Income Tax Return Form ITR-6 for the Assessment Year 2024-25 with effect from April 01, 2024.The has notified the Income-tax Rules, 2024 to further amend Income-tax Rules, 1962.The companies which are registered under the Companies Act 2013 or the previous Companies Act 1956 should file ITR 6 Form. The Central Board of …

ITAT Quashes Income Tax Addition In Respect Of Immovable Property Warranting Revision By The PCIT
1 year, 7 months ago

ITAT Quashes Income Tax Addition In Respect Of Immovable Property Warranting Revision By The PCIT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has quashed the income tax addition in respect of immovable property, warranting revision by the PCIT.The bench of Anubhav Sharma and M. Balaganesh has observed that AO, after making adequate inquiries, proceeded to make an addition for alleged money receipts on a protective basis in the hands of. The Delhi Bench …

Heavy penalty for false refund claims: I-T dept
1 year, 8 months ago

Heavy penalty for false refund claims: I-T dept

Deccan Chronicle  

HYDERABAD: The income-tax department has appealed to taxpayers to rectify false claims of refund, if any, by filing revised returns for the current assessment year and updated returns for the previous assessment year. Explaining the revised and updated returns, Chief Commissioner Shishir Agarwal said taxpayers who had already filed their returns by making false claims of the refund could submit …

Income Tax Department Warns Taxpayers of Penalties for False Refund Claims
1 year, 8 months ago

Income Tax Department Warns Taxpayers of Penalties for False Refund Claims

Deccan Chronicle  

Hyderabad: The income-tax department has appealed to taxpayers to rectify false claims of refund, if any, by filing revised returns for the current assessment year and updated returns for the previous assessment year. Explaining the revised and updated returns, Chief Commissioner Shishir Agarwal said tax payers who had already filed their returns by making false claims of refund could submit …

ITR filing for FY 2022-23: How to correct any mistakes made while filing ITR
1 year, 9 months ago

ITR filing for FY 2022-23: How to correct any mistakes made while filing ITR

India Today  

While filing an income tax return, it is common to make small errors. Section 139 of the Income-Tax Act, 1961 enables taxpayers to correct errors in their original tax returns by filing a revised return. It's important to understand that filing a revised ITR means submitting a new return that includes the necessary corrections under Section 139 of the Income …

CBDT Notifies ITR Forms For Assessment Year 2023-24
2 years, 1 month ago

CBDT Notifies ITR Forms For Assessment Year 2023-24

Live Law  

The Central Board of Direct Taxes has notified the ITR forms for the assessment year 2023–24.The Board has notified the Income-tax Rules, 2023, which shall come into force with effect from April 1, 2023.The Board has notified the Indian Income Tax Return Forms, namely ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, and ITR-V, and the Indian Income Tax. The …

Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR
2 years, 3 months ago

Income Tax Return Filing AY 2022-23: December 31 Is Last Date For Filing Revised, Belated ITR

News 18  

Deadline For Revised and Belated ITRs: Now that 2022 is ending and the new year 2023 is going to start in about a week, the window for filing the revised or belated ITR is also going to be closed on December 31. So, if you could not file your income tax return by July 1, 2022, or had filed the …

Income Tax: Forgot to file the I-T Return? Know about revised, belated and updated returns
2 years, 6 months ago

Income Tax: Forgot to file the I-T Return? Know about revised, belated and updated returns

Live Mint  

Income tax, IT department, income tax return, ITR filing- all of these terms can get confusing at at a point. Revised ITR Imagine that you hastily submitted your return before July 31, 2022, only to discover that you neglected to add some income and made a few mistakes.You can file a revised return in this situation to update your income …

CBDT Notifies ITR-A Under Section 170A For Filing Modified Return Pursuant To Business Reorganisation
2 years, 6 months ago

CBDT Notifies ITR-A Under Section 170A For Filing Modified Return Pursuant To Business Reorganisation

Live Law  

The Central Board of Direct Taxes has notified Form ITR-A for filing the modified income tax return under Section 170A of Income Tax Act, 1961 pursuant to business reorganisation. As per the newly inserted Rule 12 AD, the modified return of income to be furnished by a successor entity to a business reorganisation, as referred to in Section 170A, shall …

Revised income tax return: Eligibility, deadline, other details you should know
2 years, 7 months ago

Revised income tax return: Eligibility, deadline, other details you should know

Live Mint  

ITR filing: Due date for unaudited income tax return filing is gone but those taxpayers who want to edit their return as they have filled some incorrect information in their ITR like use of wrong ITR form, wrong bank account number, etc., they still have an option to do that. As per the revised income tax rules, a taxpayer can …

How to file Revised Income Tax Return: Step-by-step guide
3 years, 10 months ago

How to file Revised Income Tax Return: Step-by-step guide

India Today  

We often end up making small mistakes while filing an income tax return. Section 139 of the Income-Tax Act, 1961 allows taxpayers to rectify their mistakes in their original tax returns by filing a revised return. It may be noted that filing a revised ITR technically means filing a new ITR with the corrections under Section 139 of the Income …

Deadline For Income Tax Returns: Uttarakhand High Court Directs CBDT To Consider Representations
4 years, 2 months ago

Deadline For Income Tax Returns: Uttarakhand High Court Directs CBDT To Consider Representations

Live Law  

The Uttarakhand High Court on Friday directed the Central Board of Direct Taxes to consider representations seeking extension of due date of filing the Tax Audit Report and Income Tax Return for the assessment year 2021-21. A Division Bench of Chief Justice Raghvendra Singh Chauhan and Justice Manoj Kumar Tiwari observed that due to nationwide COVID19 pandemic, a large number …

Deadline For Income Tax Returns : Gujarat High Court Asks CBDT To Decide On Extension By Jan 12
4 years, 2 months ago

Deadline For Income Tax Returns : Gujarat High Court Asks CBDT To Decide On Extension By Jan 12

Live Law  

A division bench of the Gujarat High Court comprising of Justice J.B. Pardiwala and Justice Ilesh J. Vora on Friday directed Central Board of Direct Taxation to take a decision by January 12 on the extension of filing of Income Tax Returns and Tax Audit Reports for the annual year 2020-21. BACKGROUND OF THE CASE The petitioner, The All Gujarat …

Tax return forms to be revised after extension of deadlines
4 years, 11 months ago

Tax return forms to be revised after extension of deadlines

Live Mint  

The Central Board of Direct Taxes said on Sunday it will revise the tax return forms to be filed in 2020-21 so that tax payers are able to make investments and donations till end of June, the benefit of which could be claimed on the taxable income of FY20. CBDT said in a statement that the government has extended the …

Check your ITR and revise it if you’ve made a mistake
5 years, 6 months ago

Check your ITR and revise it if you’ve made a mistake

Live Mint  

The due date to file the income tax return for assessment year 2019-20 got over on 31 August. But the good news is that you get an opportunity to go through the returns you have already filed and also make corrections if you discover any mistakes or omissions by filing a revised return. The window to file a revised ITR …

Deadline of filing ITRs not extended; do it by August 31: I-T department
5 years, 7 months ago

Deadline of filing ITRs not extended; do it by August 31: I-T department

India TV News  

The I-T department on Friday dismissed social media reports which claimed that the government has extended the due date for filing of income tax returns by a month and advised taxpayers to complete the process by the set deadline of August 31. Taxpayers are advised to file Returns within extended due dt of 31.08.2019," the Income-Tax department said on its …

No change in income tax return forms, only utility software updated to facilitate taxpayers, clarifies CBDT
5 years, 8 months ago

No change in income tax return forms, only utility software updated to facilitate taxpayers, clarifies CBDT

Firstpost  

The policy-making body of the Income Tax Department issued a statement saying the updating process of these forms’ utility software does not hamper the filing of returns New Delhi: No change has been made in income-tax return forms, only the utility software has been updated, the CBDT said today, quashing reports circulating on social media about “large-scale changes” in the …

No changes made in ITR forms, only utility software updated, clarifies CBDT
5 years, 8 months ago

No changes made in ITR forms, only utility software updated, clarifies CBDT

Live Mint  

New Delhi: The Central Board of Direct Taxes on Tuesday said that no changes have been made in any of the Income Tax Return forms. "No changes have been made in any of the ITR forms including ITR-2 and ITR-3 since the notification made on April 1, 2019, i.e., on the first day of the assessment year 2019-20," read a …

No change in tax forms, says I-T dept; 1.38 cr returns filed already
5 years, 8 months ago

No change in tax forms, says I-T dept; 1.38 cr returns filed already

Hindustan Times  

The Central Board of Direct Taxes on Tuesday clarified that no changes have been made in any of the income-tax return forms since April 1, 2019, the first day of the assessment year 2019-20. Even though the utility is being updated regularly to provide ease to taxpayers, the returns filed by using the previous version of utility will continue to …

CBDT releases new I-T compounding guidelines; no relief in criminal black money cases
5 years, 9 months ago

CBDT releases new I-T compounding guidelines; no relief in criminal black money cases

India TV News  

Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person's chances of getting relief in an income tax evasion offence beginning Monday, the latest directive issued by the CBDT said. The new directives make it clear that compounding of offences is "not a matter of right" …

Income Tax Return filing: Why the last fortnight of July would strain the ITR server like never before
6 years, 8 months ago

Income Tax Return filing: Why the last fortnight of July would strain the ITR server like never before

Firstpost  

Till the assessment year 2017-18, one could have been relaxed and laidback about filing Income Tax returns provided there was no tax outstanding and there was no loss either to be carried forward because except in these two situations there was no harm done to him if he took time even up to 31 March, i.e. In the event of …

Income tax returns: Just keep it real
6 years, 11 months ago

Income tax returns: Just keep it real

Live Mint  

Have you declared lower income to save tax while filing your income tax returns in the past? At the beginning of the tax filing season, the income tax department has issued a cautionary note to all salaried individuals who are eligible for ITR filing. The move comes immediately after the tax department issued revised ITR form where you now have …

I-T warns salaried class against filing wrong ITRs, says violators' employers will be informed
6 years, 11 months ago

I-T warns salaried class against filing wrong ITRs, says violators' employers will be informed

Firstpost  

The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or “inflating” deductions while filing their returns, stating violators will be prosecuted New Delhi: The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or “inflating” deductions while filing their returns, stating violators will …

Income Tax Dept warns against misuse of return revision provision
8 years, 3 months ago

Income Tax Dept warns against misuse of return revision provision

The Hindu  

The Income Tax Department on Wednesday warned taxpayers that any attempt by them to alter their tax returns to reflect a much higher amount would invite the scrutiny of the Department and the possibility of prosecution. "It is brought to the notice of tax payers that any instance coming to the notice of the Income Tax Department which reflects manipulation …

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