Direct Tax Law
CMA Ramasubrahmanian T N
Director & Senior Advisor
Finfirst Intelligence & Research (P) Ltd
Direct Tax Law
Direct Tax Law
Direct Tax Law
Direct Tax Law
Direct Tax Law
Direct Tax Law
Direct Tax Law
Direct Tax Law
Direct Tax Law
Direct Tax Law
Direct Tax Law
Return of Income
1. Introduction
2. Forms – Return of income
3. Mode of furnishing Income-tax Return
4. Time limit for filing return of income [Explanation 2 to Sec. 139(1)]
5. Fee for default in furnishing return of income [Sec. 234F]
6. When a return of loss should be filed [Sec. 139(3)]
7. Belated Return [Sec. 139(4)]
8. Return of income of Charitable Trust [Sec. 139(4A)]
9. Return of income of Political Party [Sec. 139(4B)]
10. Return of income of scientific research association, etc. [Sec. 139(4C)]
11. Return of income by a University/ College etc. [Sec. 139(4D)]
12. Return of income of a Business Trust [Sec. 139(4E)]
13. Return of income of Investment Fund [Sec. 139(4F)]
14. Revised Return [Sec. 139(5)]
15. Defective Return [Sec. 139(9)]
16. Verification of Return [Sec. 140]
17. Quoting of Aadhaar number [Sec. 139AA]
Introduction - Mandatory Filing
[Sec. 139(1)]
In any of the following situations (as per the Income Tax Act), it is mandatory for you to file an Income Tax R
eturn in India.
1. Your gross total income is Taxable
2. You are a company or a firm irrespective of whether you have income or loss during the financial year
3. You want to claim an income tax refund
4. You want to carry forward a loss under a head of income
5. if you are a Resident individual and have an asset or financial interest in an entity located outside of India
(Not applicable to NRIs or RNORs)
6. If you are a Resident and a signing authority in a foreign account. (Not applicable to NRIs or RNORs)
7. when you are in receipt of income derived from property held under a trust for charitable or religious purp
oses or a political party or a research association, news agency, educational or medical institution, trade uni
on, a not for profit university or educational institution, a hospital, infrastructure debt fund, any authority, bod
y or trust
8. If you are a foreign company taking treaty benefit on a transaction in India
9. A proof of return filing may also be required at the time of applying for a loan or a visa
Introduction - Mandatory Filing
FORMS – RETURN OF INCOME
FORMS – RETURN OF INCOME
Form ITR 1 or ITR 4 cannot be used by a person who
a) is an ordinarily resident and has,—:
i. assets (including financial interest in any entity) located outside India; or
ii. signing authority in any account located outside India; or
iii. income from any source outside India
b) has claimed any relief of tax u/s 90 or 90A or deduction of tax u/s 91 (DTR)
c) has agricultural income, exceeding Rs 5,000;
d) has income taxable u/s 115BBDA(Dividend Income from DC); or
e) has income of the nature referred to in sec. 115BBE.(Unexplained Income)
FORMS – RETURN OF INCOME
(i.e., trusts, political party, institutions, colleges, investment fund, etc.)
ITR V - It is the acknowledgement of filing the return of income.
FORMS – RETURN OF INCOME
ITR V - It is the acknowledgement of filing the return of income.
MODE OF FURNISHING INCOME-TAX RETURN
MODE OF FURNISHING INCOME-TAX RETURN
MODE OF FURNISHING INCOME-TAX RETURN
MODE OF FURNISHING INCOME-TAX RETURN
MODE OF FURNISHING INCOME-TAX RETURN
TIME LIMIT FOR FILING RETURN OF INCOME [EXPLANATION 2 TO SEC. 139(1)]
FEE FOR DEFAULT IN FURNISHING RETURN OF INCOME [SEC. 234F]
WHEN A RETURN OF LOSS SHOULD BE FILED [SEC. 139(3)]
BELATED RETURN [SEC. 139(4)]
RETURN OF INCOME OF CHARITABLE TRUST [SEC. 139(4A)]
RETURN OF INCOME OF POLITICAL PARTY [SEC. 139(4B)]
The chief executive officer (whether such chief executive officer is known as
Secretary or by any other designation) of any political party is required to fur
nish a return in respect of income of such political party, if the amount of gro
ss total income before allowing exemption u/s 13A exceeds the maximum a
mount not chargeable to tax.
RETURN OF INCOME OF SCIENTIFIC RESEARCH ASSOCIATION, ETC. [SEC. 139(4C)]
RETURN OF INCOME BY A UNIVERSITY/ COLLEGE ETC. [SEC. 139(4D)]
Every University, college or other institutions referred to in sec. 35(1)(ii) or (iii) is re
quired to furnish a return in respect of income or loss irrespective of size of income
or loss.
RETURN OF INCOME OF A BUSINESS TRUST [SEC. 139(4E)]
Every business trust, which is not required to furnish return of income or loss under
any other provisions of this section, shall furnish the return of its income in respect of
its income or loss in every previous year and all the provisions of this Act shall, so far
as may be, apply if it were a return required to be furnished u/s 139(1).
RETURN OF INCOME OF INVESTMENT FUND [SEC. 139(4F)]
Every investment fund referred to in sec. 115UB, which is not required to furnish
return of income or loss under any other provisions of this section, shall furnish the
return of income in respect of its income or loss in every previous year and all the
provisions of this Act shall, so far as may be, apply as if it were a return required to
be furnished u/s 139(1)
REVISED RETURN [SEC. 139(5)]
If an assessee discovers any omission or wrong statement (bonafide in nature) in
the return filed, he can revise his return u/s 139(5).
Time limit: Assessee may file the revised return
● before the end of the relevant assessment year; or
● before completion of regular assessment, - whichever is earlier.
a) Replacement of original return: Once a revised return is filed, it replaces the
earlier return. This signifies that the revised return should be complete in itself
and not merely an accessory to the original return.
b) Revision of revised return: A revised return can again be revised i.e. a second
revised return can be filed u/s 139(5) for correcting any omission or wrong
statement made in the first revised return within specified time.
c) Revision of belated return: A belated return u/s 139(4) can be revised.
d) Revision of loss return: A loss return can be revised
e) Return filed pursuant to notice u/s 142(1) cannot be revised.
DEFECTIVE RETURN [SEC. 139(9)]
When a return is termed defective
Effect:
Time limit for rectification:
Consequence when defect is not rectified:
VERIFICATION OF RETURN [SEC. 140]
QUOTING OF AADHAAR NUMBER [SEC. 139AA]
Every person who is eligible to obtain Aadhaar number shall quote Aadhaar
number:
a. in the application form for allotment of permanent account number;
b. in the return of income:
