Sec 139(1):-  As per Sec 139(1) of Income Tax Act  Every Company or Firm and other than Company or Firm if their gross total Income basic exemption limit have file Their income Tax Return before due.

Due Dates:- Due Date is 30th September of assessment year whose  accounts required to get audited including partners of firm whose accounts are required to get audited and due date is 31st July for those who are not required to get accounts audited. 30th November of assessment year who required to furnish report under section 92.

 Types of Income Tax Return form 

ITR -1 SAHAJ

ITR -1 SAHAJ is simple Return for Individual Assesse having: -

Income from Salary or Pension 

Income from one House Property

Income from Other Source excluding Income from Winning from Lottery and Income from Race Horses

 

ITR -2 

ITR – 2 is Return form for Individual or Hindu Undivided Family assesse having: -

Income from Salary or Pension

Income from House Preoperty

Income from Capital Gains

Income from other Source including Income from Winning from Lottery and Income from Race Horses

 

ITR - 3

 ITR -3 is Return for Individual or Hindu Undivided Family asessee who are partners in a firm and not having income from Profits or Gains of Business or Profession.

 

ITR – 4S SUGAM

ITR – 4 SUGAM is Return form for Individual or Hindu Undivided Family assessee having: - 

Income from Salary or Pension 

Income from one House Property

Income from Other Source excluding Income from Winning from Lottery and Income from Race Horses

Income from Presumptive Business

 

ITR - 4 

ITR 4 is for Individual or Hindu Undivided Family Assessee having Income from Proprietary Business or Profession.

 

ITR - 5

ITR – 5 is for assessee other than Individual, Hindu Undivided Family, Company and assessee filing ITR -7

 

ITR – 6

ITR – 6 is Return form Companies other than Companies claiming exemption under section 11.

 

ITR – 7 

ITR – 7 is Return for assessee including companies required to furnish Return under section  139 (4A) or section 139 (4B) or Section 139 (4C) or Section (4D)  or Section 139 (4E).

 

Section 139(3):-  It is mandatory to file income tax return before due dates under section 139(1) of the income tax to carry forward of losses under Head Profits and Gains from Business and profession and losses under Head Capital Gains. However loos under House property and unabsorbed depreciation can be carry forwarded even of return is filed after due dates.

 

Sec 139(4):- Belated Return can be filed before completion of relevant assessment year or before completion of assessment. From 1 April 2018 onwards their is mandatory penalty up to Rs. 10000 depending upon time of filing of Belated Return.

 

Sec 139(5):- Return filed under sec 139(1) and sec 139(4) or return filed in pursuance of a notice under section 142 (1) can revised anytime and any number of times before end of relevant assessment year or before completion of assessment whichever is earlier. Revised Return substitute Original Return from the Date of filing of Income Tax Return.

 

Sec 139 (4A): - As per Sec 139 (4A) of Income Tax Act any Individual who receive any Income which is derived from Property held by Trust for Religious or Charitable Purpose required to file Income Tax Return if there Income Exceed Basic Exemption Limit without giving effect to sec 11 and sec 12.

 

Sec 139 (4b): - As per Sec 139(4b) of Income Tax Act  Political Party is required to file Income tax Return if there Income before claiming Exemption under Sec 13A of Income tax Act excced basic exemption limit.

 

Sec 139(9):- Income Tax Return is treated detective return under section 139(9) of income tax act if Income Tax Return is filed without complete information or documents or without  payment of Self assessment Tax by addressee. Defective return should be rectified within 15 days of Receipt of Notice under section 139(9) otherwise returns become void ab inio i.e. it is treated that no Income Return is filed.  

 

Section 140: -  Verification of Income Returns:-

In case of Individual :- Himself or his guardian or any other person competent to act on behalf of Himself if he is mentally challenged or he is absent from India.

 

In case of HIndu Undivided Family (HUF) :-  Karta of HIndu Undivided Family or any adult member in absence of Karta or karta is mentally challenged.

 

Incase of Company: - Managing Director of the Company or any other Director when Where Managing Director is unable to verify or where no Managing Director in company, Any other person duly authorised in absence of Managing Director or any other Director.

 

Incase of Partnership firm or Limited Liability Partnership firm: -  Managing Partner or any other partner not being Minor or Designated Partner.

 

Incase of Local Authority: - Principal Officer of Local Authority.

 

Incase of Political Party: - Cheif Executive Officer of Political Party.

 

Incase of Association of Persons: - Principal Officer of Association of Persons or any Member of Association of Persons.

 

Incase of any other not covered above: - That Person or any other person on behalf of that person legally compitent to do.

 

Sec 234 A :- If assess failed to file his/her income tax return on time than he/she is liable to pay interest at the rate of 1% per month or part of month from due date of income tax return up to date of filing.

 

Sec 234B:- If assess failed to pay his/her advance tax (failed to pay 90% of tax as advance tax) then assessee is liable to pay interest at the rate of 1%  per month or part of month from 1st April of next financial year up to the date of filing of Return/payment of self assessment tax.

 

Sec 234C:- If assess failed to pay advance tax on time or assess had deferred advance tax liability then assess is liable to interest at rate of 1% per month for period of 3 months for every deferment of Advance Tax Liability.

 

Note: - Above Interest is Calculated on Tax Liability of Assessee.

 

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