Published on July 29, 2023
Good news for taxpayers! The government has introduced new measures to simplify the income tax return filing process. With the new changes in effect, taxpayers can now experience a smoother and more efficient filing experience.
Under the new system, the processing time for income tax returns has been significantly reduced. Taxpayers can expect quicker assessments and, if eligible, receive their tax refunds much faster than before.
The updated online tax filing portal offers a user-friendly interface, making it easier for taxpayers to navigate through the various sections. The step-by-step guidance ensures that filers can complete their returns accurately without any confusion.
In a bid to enhance accessibility, the government has launched a dedicated mobile app for income tax return filing. The app, available for both Android and iOS users, allows taxpayers to file their returns conveniently on their smartphones.
To accommodate taxpayers and reduce last-minute rushes, the deadline for filing income tax returns has been extended by two weeks. Taxpayers now have more time to gather their financial documents and complete the filing process.
For individuals who require assistance or have queries related to the filing process, the income tax department has set up a dedicated helpline. Trained professionals are available to address concerns and provide support to taxpayers.
It is essential for all eligible taxpayers to take advantage of these new measures and file their income tax returns on time. Failing to comply with the tax laws may result in penalties and unnecessary legal troubles.
Make sure to take advantage of these new changes and file your income tax return at the earliest to enjoy a hassle-free experience. Stay updated with the latest information and announcements from the income tax department to ensure a smooth tax filing process.
Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. Taxpayers are advised to consult with tax professionals for personalized guidance.
Are you looking for information on income tax return filing for the financial year 2022-23? You've come to the right place! Our blog is dedicated to providing you with all the information you need to file your income tax return correctly and efficiently.
Our team of experts has years of experience in tax preparation and filing, and we are committed to helping you navigate the complex world of taxes with ease. Whether you are a first-time filer or an experienced taxpayer, our blog has everything you need to know to ensure that you are in compliance with all the latest tax laws and regulations.
For Domestic Manufacturing Companies :-
For Domestic Companies :-
For Other Domestic Companies :-
S G Consultancy
Due Date Extended By CBDT
|
Particular |
Earlier Date |
Extended due date |
|
Belated / revise ITR for AY 2020-21 |
31st March 2021 |
31st May 2021 |
|
Payment & filing of challan – cum – statement for TDS u/s 194IA, 194IB &
194M |
30th April 2021 |
31st May 2021 |
|
Appeal to CIT (Appeals) Objections
to DRP |
If last date to file was :- 1st April or afterwards |
31st May or the Actual last date, whichever
is later |
|
Income tax return in
response to notice u/s 148 |
If last date to file was :- 1st April or afterwards |
31st May or time Allowed in notice,
whichever is later |
|
Form 61 |
30th April 2021 |
31st May 2021. |
Who is required to file an income tax return ?
Govt extends timelines for tax compliance, ITR for FY 2019-20 can be filed till 31st May 2021.
Filing of belated return under sub-section (4) & revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, Which was required to be filed on or before 31st March 2021, maybe filed on or before 31st May 2021.
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 i.e. return filing for the first time for any assessment year or revised return, person may make some mistakes or error i.e. Human error, that is why Income tax law recognizes this problem or human error and allowed a person to c13orrect his mistake by filing revised return.
Right to file revised return is statutory right which has been given by section 139(5) therefore there is no need to take any permission from Assessing officer or no need to make any application to AO for filing revised return.
There is no cap on maximum number of filing revised return so revised return can be filed for multiple times without any cap on maximum number of revised return.
While filing revised return, person (whatever is applicable ITR form (form ITR 1 to ITR 7 as the case may be) has to give original return acknowledgement number (whether filed upto due date or filed belatedly i.e. after due date (you can also refer our article on belated return)) with the date of filing original return. As you must be aware that amendment (vide Finance Act, 2016) has been carried out in section 139(5) to grant revision right to person who has filed belated return so now belated return can also be revised .
Return can be revised even after processing of return i.e. after receipt of intimation, under section 143(1) of the Income-tax Act, 1961.
Loss return filed under section 139(3) can also be revised.
There is time-limit upto which revised return can be filed and such time limit is provided in section 139(5). Revised return can be filed at any time before expiry of the relevant assessment year (e.g. assume you have filed your original return on 5th July 2020 for AY 2020-21 now you could have filed revised return for AY 2020-21 upto 31st March 2021 and in this example it has been assumed that till 31st March 2021 assessment has not been completed) or before completion of the assessment whichever is earlier.
Finance Act, 2021 has once again reduced time limit for filing revised return because of massive technological upgrade in the Department where the processes under the Act are moving towards becoming faceless and jurisdiction-less, the time taken to conduct and complete such processes has greatly reduced. Therefore from assessment year 2021-2022 revised return can be filed at any time before 3 months prior to end of the relevant assessment year or before completion of the assessment whichever is earlier.
The Income Tax Appellate Tribunal (ITAT), Delhi Bench upheld the disallowance of loss of Short Term Capital Gain (STCG) and reiterated that the assessee must declare sale of property either in the original return or in the revised return and pay taxes.
The Rajasthan High Court refused to grant bail to the person accused of wrongly availing ITC without the transportation of goods.
The petitioner, Sumit Dutta, was an employee in M/s Veto Merchandise and resigned in February 2020. It is also contended that petitioner has also furnished details to establish that there was actual movement of the goods. It is further contended that co-accused Bhasker Jangir has been given the benefit of bail by this Court. It is contended that offence is punishable by five years imprisonment and is triable by Magistrate.
The Public Prosecutor has opposed the bail application. It is contended that at the relevant time petitioner was a partner in M/s Veto Merchandise and a sum of Rs.47 crore was claimed as Input Tax Credit without any transportation of goods. It is also contended that on the basis of fake bills and invoices input tax credit was passed on to firms which were existing in papers. It is contended that the sum involved is to the tune of Rs.47 crore.
The single judge bench of Justice Pankaj Bhandari while upholding the contention of the public prosecutor rejected the bail application.
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