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Chapter 12 - Return of Income

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15 views7 pages

Chapter 12 - Return of Income

Uploaded by

sujalbnms2004
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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RETURN OF INCOME

(SECTION 139)
WHO HAS TO SUBMIT
➤ Compulsory Basis
➤ u/s 139(1)(a) - For every company and rm
➤ U/s 139(1)(b) - any other person whose income exceeds the BEL
➤ Voluntary Basis
➤ Any person not falling under the taxable limit

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TYPES OF RETURN FORMS

ITR No Applicable for


Individual whose TI does not exceed 50 lacs and has income from salary, income from HP(not more than 1 and not
1 being B/F loss from PY) and Income from OS( not being loss and not having casual Income)

2 Individual/ HUF and does not include income from business and profession
3 Ind/HUF and having income from business and profession
4 Ind/HUF/Firm(other than LLP) have presumptive business income u/s 44AD, 44ADA and 44AE
5 Firm/AOPs/BOI/ Any other person not being Individual/HUF/Company
6 Companies other than claiming exemption u/s 11
Any person including company required to furnish return u/a 139(4A)- charitable org’n/(4B) -
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political parties/(4C) - trust/(4D)- HIs

ITR-V where data of the return of income in forms ITR-1, ITR-2, ITR-3, ITR-4 & ITR-5 transmitted
electronically without digital signature
DUE DATE OF FILING OF RETURN
➤ Company - 31st October of AY
➤ Person other than company not having international or speci ed domestic
transactions
➤ Assessee accounts are required to be audited - 31st October of AY
➤ Working partner whose accounts are to be audited - 31st October of AY
➤ Any other case - 31st July of AY
➤ Note: if o ce is closed due to holiday, the can be submitted next day
afterwards on which o ce is open
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CONSEQUENCES OF LATE SUBMISSION
➤ Penal interest u/s 234A
➤ Fee liable for late ling u/s 234F amounting to 5000 and 1000 in case TI<5Lakhs
➤ Few deductions from 80IA to 80 RRB are not allowed and exemption under 10A and
10B
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TYPES OF RETURN
➤ Original Return u/s 139(1) - led on or before due date
➤ Return of Loss u/s 139(3) - to be submitted on time for following losses: Business loss, Capital Loss,
Loss from speculative activities and O&M of race horses
➤ Belated Return u/s 139(4) - can be led anytime before 31st December of relevant AY or completion
of assessment, whichever is earlier
➤ Revised return u/s 139(5) - If any person ling return u/s 139(1)/139(4) discovers any omission,
then he/she may furnish revised return on or before 31st December of relevant AY or completion of
assessment, whichever is earlier.
➤ Updated return u/s 139(8A) can be led within 24 months from the end of relevant AY in two cases -
either return of loss is changing to return of income or quantum of carried forward loss is to be
reduced for any subsequent year
➤ Defective or Incomplete return - if AO nds that return is not complete then he may give 15 days
from intimation to rectify the defect or ll the information
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SECTION 139AA - AADHAR NUMBER
➤ Category A - Quoting of Aadhar while applying for PAN is mandatory
➤ Category B - Linking of PAN with Aadhar free of cost till 31st march 2022. From apr
2022 till June 2022, it will be 500 fees and PAN will be operative. July 22 till June
23, it will be fees 1000 and PAN will be operative. Then on or after 1st July 2023,
PAN will become inoperative and it cannot be linked

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