{"id":201,"date":"2015-07-10T11:23:54","date_gmt":"2015-07-10T11:23:54","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=201"},"modified":"2021-11-16T11:51:54","modified_gmt":"2021-11-16T06:21:54","slug":"cbdtcircular","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/cbdtcircular\/","title":{"rendered":"HIGHLIGHT ON CIRCULAR OF CBDT"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d7670d3175a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d7670d3175a\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/cbdtcircular\/#CBDT_CIRCULAR\" title=\"CBDT CIRCULAR\">CBDT CIRCULAR<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/cbdtcircular\/#CBDT_extends_due_date_of_filing_return_from_July_31_2015_to_August_31_2015_No225154201511TAII_-Dated_10thJune_2015\" title=\"CBDT extends due date of filing return from July 31, 2015 to August 31, 2015 (No.225\/154\/201511TA.II -Dated 10thJune, 2015):-\">CBDT extends due date of filing return from July 31, 2015 to August 31, 2015 (No.225\/154\/201511TA.II -Dated 10thJune, 2015):-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/cbdtcircular\/#CBDT_allows_filing_of_revised_return_after_expiry_of_time_limit_to_enable_refund_of_Wealth_Tax_arising_due_to_retrospective_exemption_Circular_No_112015_Dated_June_11_2015Order_under_section_102b_of_the_Wealth-tax_Act\" title=\"CBDT allows filing of revised return after expiry of time limit to enable refund of \u00a0Wealth Tax arising due to retrospective \u00a0exemption\u00a0(Circular No. 11\/2015, Dated: June 11, 2015)Order under section 10(2)(b) of the Wealth-tax Act:-\">CBDT allows filing of revised return after expiry of time limit to enable refund of \u00a0Wealth Tax arising due to retrospective \u00a0exemption\u00a0(Circular No. 11\/2015, Dated: June 11, 2015)Order under section 10(2)(b) of the Wealth-tax Act:-<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled20A.png\" rel=\"attachment wp-att-1719\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1719\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled20A-300x209.png\" alt=\"Untitled20A\" width=\"845\" height=\"589\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled20A-300x209.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled20A.png 509w\" sizes=\"(max-width: 845px) 100vw, 845px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CBDT_CIRCULAR\"><\/span><span style=\"color: #000080;\"><strong>CBDT CIRCULAR<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol style=\"text-align: justify;\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"CBDT_extends_due_date_of_filing_return_from_July_31_2015_to_August_31_2015_No225154201511TAII_-Dated_10thJune_2015\"><\/span><span style=\"color: #3366ff;\"><strong>CBDT extends due date of filing return from July 31, 2015 to August 31, 2015 (No.225\/154\/201511TA.II -Dated 10<sup>th<\/sup>June, 2015):-<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the <a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\">Income-tax Act<\/a>, 1961, hereby extends the \u2018due-date\u2019 for filing Returns of Income, in terms of clause (c) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961, for Assessment Year 2015-16 from\u00a031st July, 2015\u00a0to\u00a031st August, 2015\u00a0in respect of income tax assessees concerned.<\/p>\n<ol style=\"text-align: justify;\" start=\"2\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"CBDT_allows_filing_of_revised_return_after_expiry_of_time_limit_to_enable_refund_of_Wealth_Tax_arising_due_to_retrospective_exemption_Circular_No_112015_Dated_June_11_2015Order_under_section_102b_of_the_Wealth-tax_Act\"><\/span><span style=\"color: #3366ff;\"><strong>CBDT allows filing of revised return after expiry of time limit to enable refund of \u00a0Wealth Tax arising due to retrospective \u00a0exemption\u00a0(Circular No. 11\/2015, Dated: June 11, 2015)Order under section 10(2)(b) of the Wealth-tax Act:-<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li>Prior to amendment by Finance Act 2013, sub clause (b) of Explanation 1 to clause (ea) of section 2 of the Wealth-tax Act 1957 (Act) provided that an urban land shall be chargeable to wealth-tax.<\/li>\n<li>This inter alia included land situated in any area which is comprised within the jurisdiction of a municipality or a cantonment board and which has population of not less than ten thousand according to the last preceding census; or land situated in any area within such distance not being more than eight kilometers from the local limits of any municipality or cantonment board as the Central government may, having regard to the extent of, and scope for, urbanization of that area and other relevant considerations specify in this behalf by notification in the official gazette.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Subsequently, by Finance Act 2013 the said sub clause (b) of Explanation 1 to clause (ea) was amended to provide that the term \u201curban land\u201d would not include land classified as agricultural land in the records of the Government and used for agricultural purposes.<\/li>\n<li>Accordingly, such land stands exempt from wealth-tax. This amendment was done with retrospective effect from 1.4.1993.<\/li>\n<li>In view of the amendment brought by the Finance Act 2013 w.r.e.f. 1.4.1993, the wealth-tax paid in respect of such land is required to be refunded.<\/li>\n<li>However, the time-limit for filing revised return or application for rectification for the purpose of claiming refund has expired in several cases.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>With a view to avoid genuine hardship and in exercise of the powers conferred under Section 10(2)(b) of the Wealth-tax Act, the Board has now authorised Principal Commissioners\/ Commissioners of Wealth-tax to admit application for revision under section 25 of the Act from assessees seeking refund arising due to the aforesaid amendment, after the expiry of the period specified under the said section and to deal with it on merits as per law.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The Principal Commissioner\/ Commissioner of Wealth-tax shall dispose of such applications within one year from the end of the financial year in which the application is received.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>While disposing the application, the Principal Commissioner\/Commissioner may for deciding the matter call for a report from the assessing officer and seek relevant information from the assessee.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>In case such order results in refund, the assessee shall be entitled to interest on such refund at the rate specified in the Act in this behalf.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The application for such claim shall be made by the assessee within one year from the date of issue of this order. After expiry of the said period, no such claim shall be admitted.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480.<\/p>\n<p>Read our articles:<\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/new-online-filing-eform-dir-3-ekyc-directors-for-fy-2019-20\/\">New Online filing eForm DIR-3 eKYC Directors<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>CBDT CIRCULAR CBDT extends due date of filing return from July 31, 2015 to August 31, 2015 (No.225\/154\/201511TA.II -Dated 10thJune, 2015):- The Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the \u2018due-date\u2019 for filing Returns of Income, in terms of clause (c) of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9],"tags":[3056,3060,3057,3058,3059],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/201"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=201"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/201\/revisions"}],"predecessor-version":[{"id":18905,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/201\/revisions\/18905"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}