Income-tax Act provides various due dates and limitation periods for various compliances. The document will help you to know beforehand the upcoming compliances, so that you can make hassle free compliances with all provisions.
3. With effect from assessment year 2016-17, university, educational institutes or hospitals as referred to in section 10(23C)(iiiab) and (iiiac) shall also file return of income if its total income before exemption under Section 10 exceeds the maximum amount which is not chargeable to tax.
5. High Court can admit an appeal after the expiry of the said period of one hundred and twenty days if it is satisfied that there was sufficient cause for not filing the appeal within the said period.
6. With effect from assessment year 2015-16 a new section 285BA has been substituted which provides for the furnishing of statement of financial transaction or reportable account within such time and in the form and manner, as may be prescribed.
The time prescribed for rectifying a defect in the return filed as required by the prescribed income-tax authority is 30 days from such intimation or such extended time as may be allowed.
Where a person who is required to furnish a statement under the new section has not furnished it, the prescribed income-tax authority may serve upon the person a notice requiring him to furnish the statement within 30 days from the date of service of the notice. Any inaccuracy in the statement so furnished has to be informed to the income-tax authority within 10 days and the correct information furnished in the prescribed manner.