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The Supreme Court has agreed to examine the income tax department’s appeal against a Bombay HC’s judgment that quashed the tax notices issued to Vodafone Idea for there being a huge difference in quantum of income which had escaped assessment for AY 2016-17.
Read more at: The Economic Times
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The Chandigarh Chartered Accountants Taxation Association (CCATAX) has sent a representation to the Central Board of Direct Taxes (CBDT) asking for an extension on the income tax return (ITR) and tax audit deadline for AY 2025-26.
The revenue department in the Finance Ministry is seeking to fast-track the comprehensive review of the Income-Tax Act 1961, as it aims to complete it by January, ahead of the Union Budget in the following month, officials privy to the discussion said.
The deadline to submit the income tax audit report has been extended to October 7 from September 30. Income tax audit report is required to be submitted online on the e-filing ITR portal. Inability to do so can result in a penalty of ₹1.5 lakh or 0.5% of total sales, whichever is lower.