Home Highlights October 2015 Year 2015 This

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1. Returns of income due to be E-filed by 30th September, 2015 may be filed by 31st October, 2015 in cases of Income-tax assessees of the State of Gujarat.

2. CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

3. Penalty u/s 271B - Assessee may have a view that prior to the date he was not required to file the audit report along with the return of income but obtain tax audit...

4. Deduction claimed u/s 11(1)(a) - audit report was filed belatedly - in the assessment year under consideration, viz., AY 2015-16, the requirement under the Act was to...

5. Returns of income due to be E-filed by 30th September, 2015 may be filed by 31st October, 2015 in cases of Income-tax assessees of the State(s) of Punjab and Haryana and...

6. Levy of penalty u/s. 271B - default in furnishing of Tax Audit Report - In section 271B of the Act, the only requirement is to get the accounts of assessee audited or...

7. Levy of penalty u/s. 271B - Audit Report as required u/s. 44AB of the Act, was not filed on or before due date - The assessee, although, filed Tax Audit Report beyond...

8. Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018

9. The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

10. Levy penalty u/s. 271B - not filing tax audit report within the due date specified under the Act - When audit report was obtained within due date, merely for delay in...

11. Deduction u/s. 80(P)(2)(a)(i) - Due date for filing the return of income u/s 139(1) - The assessee cannot be denied deduction under Section 80P(2)(a)(i) of the Act if...

12. Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

13. Levy of penalty u/s 271B - assessee did not file tax audit report u/s.44AB before the due date of filing of return of income 139(1) - since the audit report was obtained...

14. Deduction u/s 80P - Failure to file Tax Audit Report - assessee did not submit the audit report as per section 63 of the Karnataka State Co-operative Society Act, 1959 -...

15. Penalty u/s 271B - Delay in filing the tax audit report - delay occurred due to the Accountant leaving the job abruptly and it took time for the new Accountant to...