Home Highlights October 2016 Year 2016 This

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

2. 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 -...

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. Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of...

5. Due date for filing of Income Tax Returns - benefit of carry forward of loss - RBI permission letter mandating the assessee to get his accounts audited - Extension of...

6. 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...

7. 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...

8. 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...

9. Time limit for furnishing the return in FORM GSTR-3B for the newly migrated taxpayers extended.

10. Extension of last date for filing GST returns by taxpayers in Kerala, Mahe and Kodagu extended

11. Penalty levied u/s 271B - tax audit report - In our view, strained relationship with the earlier CA would constitute reasonable cause. The tax authorities have pointed...

12. Date for filing of Income Tax Returns extended from 31.7.2019 to 31.8.2019

13. Levy of penalty u/s.271B - belated submission of tax audit report - Admittedly, tax audit report was filed alongwith return filed in response to show cause notice issued...

14. Refund of CGST & SGST wrongly paid - Interpretation of the term “subsequently held” - the term “subsequently held” in section 77 of CGST Act, 2017 or under section 19 of...

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...