From The Desk of CA SANDHYA JAIN

Hi Friends nd Colleagues , Here is the bad news,  No Extension of Date for Filing of Returns due by 30th September for A. Y. 2015-16 Assessees. in details as we all know that the due date for filling of income tax return for tax Audit Assessee is 30th  September for the A.Y. 2015-16 considering the delay of notification for forms of non tax audit Assesee, several representations had been made to CBDT for extension of  due date of 30th September to a later date. But Finance Ministry has released a press note stating that the last date for filling Tax Audit Returns will not be extended. It says that after consideration of all facts, it has been decided that the last date fo filling of returns due by 30th September will not be extended. Tax payer will be advised to file there return well in time to avoid last minute rush.  Read the complete text of press release. Link http://www.incometaxindia.gov.in/Lists/Press%20Releases/A...

Dear Friends & Professional Colleagues, A good news but bit late................. CBDT  in exercise of its powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the “due date” of E-filing returns of Income from 31 st  August 2015 to 7 th  September 2015. Read More- https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/date_of_extension.pdf

The CBDT has issued Circular No. 9/2015 dated 9th June 2015 which deals with the issue of condonation of delay in filing refund claim and claim of carry forward of losses under section 119(2)(b) of the Income-tax Act. The said Circular contains containing comprehensive guidelines on the conditions for condonation and the procedure to be followed for deciding such matters. The circular states that to claim refund of previous period which is limited to 6 assessment years by making an application to Principal Commissioners of Income Tax/CsIT , the power vested in Pr.CsIT/CsIT if amount of Tax refund is not more than Rs. 10 Lakh for any assessment year and for the cases of tax refund of not more than Rs. 50 Lakh in any assessment year the power vested in the Principal Chief Commissioners of Income Tax/Chief Commissioners of Income tax(PLCCsIt/CCsIT) and if refund amount exceeds Rs.50Lakh in any assessment year the application considered by board. The application should be disposed o...

CBDT prescribes the Procedure for response to arrear demand by taxpayer and verification and correction of demand by AOs. Circular No. 8/2015, Dated- 14.05.2015 The CBDT vide instruction no 4 0f 2014 dated 07 th   April 2014,   inter-alia, prescribed Standard Operating Procedure for Verification and Correction of Demand available or  uploaded by AOs in CPC Demand Portal. Further a facility has been made available to taxpayers on the E-filing website (www. incometaxindiaefiling.gov.in ) to provide online responses to such demands. The actions required to be performed by the taxpayer and the AO are being consolidated in this circular as under. 1.         Action to be performed by Tax Payers 2.        Action on the Part of Department 3.        Handling Different Scenarios during Verification and C Demand:    ...