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shaikshabeer

Category : Section ..,
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April 13, 2018 8:41 pm
  • Section 119(2)(b) Delayed filing
what it means "are you filing u/s 119(2)(b)/92cd" in itr new option introduced?
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Amlan Dutta
Yes one can see that the facility to upload return u/s 119(2)(b) enabled for time barred delayed claim of exemption deduction or relief and (ii) modified return of income under APA u/s 92CD

Basically , these are section that offer relief to taxpayer in terms of filing but with permission

Section 119...
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Yes one can see that the facility to upload return u/s 119(2)(b) enabled for time barred delayed claim of exemption deduction or relief and (ii) modified return of income under APA u/s 92CD <br /><br />Basically , these are section that offer relief to taxpayer in terms of filing but with permission <br /><br />Section 119 of the Income Tax Act, 1961 is about to Instructions to subordinate authorities providing measures for the purpose of efficient management of the Revenue and give relief from undue hardship to the assessee.<br /><br />Section 119(2)(b) provides that CBDT for avoiding genuine hardship authorize income tax authority to admit an belated application or claim for any deduction, exemption, refund or any other relief even after the expiry of the period specified under the Act for making such claim or application.<br /><br />However, note no Condonation for claim of refund or loss shall be entertained beyond six years from the end of the assessment year for which application or claim is made. The limit of six years is uniform for all authorities considering the application or claim.<br /><br />Eg:- Suppose , belated period of filing is over and someone could not submit return due to genuine hardship and has excess TDS interest credit ( from banks) for which he seeks refund , he can use this section to his benefit <br /><br /><br />Section 92CD provides that irrespective of section 139, where any person has entered into an advance pricing agreement and before entering such agreement,has already furnished return of income for the year to which such agreement applies, the person shall furnish a modified return within three months.<br /><br />Eg:- Suppose , i have filed a return under section 139(1) ( due return ) , but however enter in advance pricing agreement subsequently , then i can submit a modified return due to the provision of the section 92 CD
  • April 19, 2018
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shreedhar

Category : Income t..,
Solved
April 12, 2018 3:53 pm
  • Income tax
Hi, Is there a provision to record home maintenance/repair expense while filing Tax return form ITR 1 ? Thanks
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Amlan Dutta
No, there is no such provision nor do you get any tax benefit for any such home maintenance or repairs ..... however under standard deduction for let out house, one of the deduction benefits is 30% of the net annual value ( you need no documents etc)

There is no such benefit for self occupied house h...
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  • April 12, 2018
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YOGENDER KUMAR

Category : Income t..,
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April 12, 2018 1:19 pm
  • Income tax
Plz share a tutorial video for e- filing of quarterly return by a deductor
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Amlan Dutta
Please refer to tutorial from my friend Sumit Lodha on this subject!
  • April 12, 2018
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jitendra

Category : Income t..,
Solved
April 12, 2018 11:08 am
  • Income tax
Good day,

I have one query regarding share trading delivery based and intraday i have losses in share trading.I have met loss of 2 lakhs in share trading with turnover more than one crore and I don't want to carry forward my losses, even my income from fixed deposits and other sources are not more ...
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Amlan Dutta
Firstly we are talking of audit for business portion only ...next , audit is governed by section 44AB which clearly states that if business income is being shown less than presumptive levels i.e 8 % of gross turnover and if taxable income is more than threshold levels then audit is needed

However in...
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  • April 12, 2018
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