Time limit for filing ITR-V forms for A.Ys. 2010-11, 2011-12 and 2012-13 extended

0 comments Wednesday, January 9, 2013

Notification No. 1/2013 [F. No. DIT(S)-III/ITR-V Extension/ 2012-13] UNDER CPR SCHEME 2011, Dated 7-1-2013

In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the 'Centralized Processing of Returns Scheme, 2011', issued vide CBDT Notification No. SO 16(E), dated 4-1-2012, the Director General of Income Tax (System) hereby extends the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically (without digital signature Certificate) for A.Y. 2010-11 [Filed during F.Y. 2011-12] and for ITRs of A.Y. 2011-12 [filed on or after 1-4-2011] till 28th February, 2013. In respect of returns filed for A.Y. 2012-13 for which ITR-V forms are yet to be received at CPC and time of 120 days has also elapsed, time limit for filing of ITR-V is extended upto 31st March, 2013 or 120 days from the date of uploading of the electronic return data, whichever is later.

This direction is issued to mitigate the hardship and grievance of the tax payers who have been prevented by reasonable causes to file the ITR-V in time.

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Section 54F benefit available even on Value exceeding actual consideration due to deemed fiction U/s. 50C


Mumbai ITAT has held in Raj Babbar vs Income Tax Officer that deeming provisions of section 50C does not restrict exemption u/s 54F and exemption u/s 54F can extend so as to cover the deemed Full value of consideration of capital asset as determined u/s 50C.

Facts: • The assessee is a Member of Parliament (MP) and a film actor. During the year relevant to the AY 2008-09, he sold a plot of land for Rs. 8 lakhs and worked out long term capital gains (LTCG) of Rs. 5,84,837. In this case the cost of acquisition after indexation worked out to Rs. 2,15,163.
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