Government Extends the due Date for E-Filing of Returns of Income Tax to 31st October 2015
Government Extends the due Date for E-Filing of Returns
of Income Tax and Audit Reports U/S 44AB of Income Tax Act from 30th September,
2015 to 31st October 2015
The issue of extension
of last date for e-filing returns of income and audit reports u/s 44AB due by
30th September, 2015 has been the subject matter of litigation
in various High Courts across the country. While some High Courts have
ruled in favour of the extension of due date, some others have ruled
otherwise. In order to avoid discrimination between taxpayers residing in
different jurisdictions and to be fair to all, and also in view of paucity of
time to approach the Hon’ble Supreme Court by way of Special Leave Petition
(SLP), the Government has decided that across the country, all the returns of
income and audit reports u/s 44AB which were due for e-filing by 30th September,
2015, may now be filed by 31st October, 2015.
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638 Declarations received declaring undisclosed
Foreign Assets amounting to Rs 3770 Crore under The Black Money (Undisclosed
Foreign Income and Assets) and Imposition of Tax Act, 2015;
Officer Designated to receive the declarations worked till midnight yesterday, 30th September 2015 and E-Filing Portal was also open till midnight to receive the declarations;Tax at the rate of 30 percent and Penalty at the rate of 30 percent is to be paid by 31st December 2015
Officer Designated to receive the declarations worked till midnight yesterday, 30th September 2015 and E-Filing Portal was also open till midnight to receive the declarations;Tax at the rate of 30 percent and Penalty at the rate of 30 percent is to be paid by 31st December 2015
638 number of declarations have been received under
the compliance window declaring undisclosed foreign assets amounting to Rs 3770
crore under the Black Money (Undisclosed Foreign Income and Assets) and
Imposition of Tax Act, 2015 (the Act). These figures are subject to final
reconciliation.
The officer designated to receive the declarations worked till midnight on 30th September 2015. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter.
Tax at the rate of 30 percent and penalty at the rate of 30 percent is to be paid by 31st December 2015.
The compliance window opened on 1st July, 2015 and closed on 30th September, 2015.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad. The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income-tax so far.
The officer designated to receive the declarations worked till midnight on 30th September 2015. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter.
Tax at the rate of 30 percent and penalty at the rate of 30 percent is to be paid by 31st December 2015.
The compliance window opened on 1st July, 2015 and closed on 30th September, 2015.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act) has been enacted to deal with the menace of black money stashed abroad. The Act also provided for a compliance window for a limited period to persons who have undisclosed foreign assets which they had not disclosed for the purposes of Income-tax so far.
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List Price:
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Rs. 795
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BharatLaws Member Price:
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Rs. 715 (
10% Discount )
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Publisher:
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Bharat Law House Pvt. Ltd.
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Edition:
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2015 edn.
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Year:
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2015
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ISBN:
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978-93-5139-299-6
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Pages:
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550
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Availability:
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In Stock.
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About BLACK MONEY (Undisclosed Foreign Income and Assets) and
Imposition of Tax ACT, 2015 with Rules & Forms
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Chapter
1 Introduction and Charge of Tax
Chapter
2 Scope of total undisclosed foreign
income and asset and its computation
Chapter
3 Tax Authorities
Chapter
4 Assessment
Chapter
5 Appeals and Revision
Chapter
6 Recovery of Tax
Chapter
7 Interest payable by assessee
Chapter
8 Penalties
Chapter
9 Offences and Prosecutions
Chapter
10 Tax Compliance for Undisclosed Foreign Income
and Assets (One time compliance window) Chapter VI of this Act containing
sections 59 to 72
Chapter
11 General Provisions
Appendix
1 Black Money (Undisclosed Foreign Income and Assets)
and Imposition of Tax Act, 2015
Appendix
2 Black Money (Undisclosed Foreign Income and Assets)
and Imposition of Tax Rules, 2015
Appendix
3 Relevant Forms
Appendix
4 The Black Money (Undisclosed Foreign Income and
Assets) and Imposition of Tax Act (Removal of Difficulties) Order, 2015
Appendix
5 Time for filing declaration and payment of tax
Appendix
6 Explanatory notes on provisions relating to tax
compliance for undisclosed foreign income and assets as provided in Chapter
VI of the Black Money (Undisclosed Foreign Income and Assets) and Imposition
of Tax Act, 2015
Appendix
7 Clarifications on Tax Compliance for Undisclosed Foreign Income and
Assets
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