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Filing of Return

sec. 139(1)
DR. N. K. GUPTA

Meaning
Every assessee is supposed to file the
return if earning taxable income or in case
of business profession & capital gains
suffering loss or claims exemption under
sec. 10A, 10B, etc or claims deduction
from 80 c to 80 u.

Due dates for filing of Return


Where the assessee is
1) a company or
2) a person (other than a company)
whose accounts are required to be
audited under this act or any other
law 30thseptember for A.Y 2009-10
In any other case - 31st July

Return can be filed in 2 ways


Manually
Through internet

Prescribed forms of Return of


Income

e-Filing of Returns
An Overview of the Process
of e-Filing of Returns

What is e-Filing
The process of electronically filing Income tax
returns through the internet is known as e-Filing.
It is mandatory for Companies and Firms
requiring statutory audit u/s 44AB to submit the
Income tax returns electronically for AY 2008-09.
Any Company/Firm requiring statutory audit
u/s 44AB return submitted without a e-Filing
receipt will not be accepted.
e-filing is possible with or without digital
signature.

Types of e-Filing AY 2008-09


There are three ways to file returns electronically
Option 1: Use digital signature in which case no
paper return is required to be submitted
Option 2: File without digital signature in which
case ITR-V form is to filed with the department.
This is a single page receipt cum verification
form.
Option 3: File through an e-return intermediary
who would do e-Filing and also assist the
Assessee file the ITR V Form .

New IT Returns Annexure-less Forms


For Individuals, HUF
Select appropriate Income Tax Return
(ITR) Preparation Software

ITR-1

ITR-2

ITR-3

ITR-4

Individual

Individual

Individual

Individual

& HUF

& HUF

& HUF

Income from Salary/Pension

Income from Other Sources (only


Interest income or Family
Pension)

Income/Loss from Other Sources

Income/Loss from House


Property

Capital Gains/Loss on sale of


investments/property

Partner in a partnership Firm

Income from Proprietary


Business/Profession

New IT Returns Annexure-less Forms


For Association of Persons (AoP), Body of Individuals (BoI), Local Authority, Companies,
Trusts, Fringe Benefit Tax (FBT) Return
Select appropriate Income Tax
Return (ITR) Preparation Software

ITR-5

ITR-6

ITR-7

ITR-8

Firms, AoP,
BoI, LA

Companies

Trusts

Only FBT

Income/Loss from Other


Sources

Income/Loss from House


Property

Capital Gains/Loss on sale of


investments/property

Income/Loss from Business

Fringe Benefit Tax

ITR-7 will not be available for e-Filing

e-Filing Process At a glance


Select appropriate type of Return Form
Download Return Preparation Software for
selected Return Form.
Fill your return offline and generate a XML file.
Register and create a user id/password
Login and click on relevant form on left panel
and select "Submit Return"
Browse to select XML file and click on "Upload"
button
On successful upload acknowledgement details
would be displayed. Click on "Print" to generate
printout of acknowledgement/ITR-V Form.

e-Filing Process At a glance


Incase the return is digitally signed, on
generation of "Acknowledgement" the Return
Filing process gets completed. You may take a
printout of the Acknowledgement for your record.
Incase the return is not digitally signed, on
successful uploading of e-Return, the ITR-V Form
would be generated which needs to be printed by
the tax payers. This is an acknowledgement cum
verification form. The tax payer has to fill-up the
verification part and verify the same. A duly
verified ITR-V form should be submitted with the
local Income Tax Office within 15 days of filing
electronically. This completes the Return filing
process for non-digitally signed Returns.

Sec139 (IA)
An employee may furnish the return
through his employer also, if he is not
having income from any other source
other then salary

Sec139 (IB)
Return can be filed through TRPs (Tax
Return Preparer ); they are people
authorised & trained by Income Tax
Department

RETURN OF INCOME
VOLUNTARY RETURN OF INCOME
1. Return by an individual, HUF, AOP, BOI or an
Artificial juridical person. Sec. 139
2. Return by a company or a firm
3. Return on behalf of a charitable trust etc.
Sec.139 (4A).
4. Return on behalf of a Political Party Sec.139 (4B).
5. Return by other persons Sec.139(4C)
Scientific Research Association Sec.10(21).
News Agency Sec.10(22B).
Association or Institution Sec.10(23A).
Trade Unions Sec.10(24).

6. Return Of Loss Sec.139(3)


7. Belated return Sec.139(4)
8. Revised Return Sec.139(5)
9. Compulsory Return Sec.141(1)
10. Defective Return Sec.139(9)

Belated Return 139(4)


If an assessee hasnt filed the return within
the due date; assessee is allowed to file
the return before the end of 1 year from
the end of the A.Y to which the Return
relates
Benefit is not allowed to assessee if AO
i.e. Assessing Officer starts the process of
assessment.

Revised Return of Income Sec 139(5)


If assessee discovers any omission or
mistake in the return he may furnish a
Revised Return before the end of the 1
year from the end of the A.Y to which the
return relates.

COMPULSORY RETURN SECTION 141(1)(i)


Where any person is assessable either in respect of
his income or income of any other person and he
has not furnish the return of income on or before the
due date of furnishing the return u/s 139(1) the A.O
may serve a notice on such person requiring him to
furnish the return. Such return should be furnished
within the time allowed in the notice.
Such person remain liable to pay interest u/s 234A
for late furnishing of return from the due date.

Defective Return Sec139(9)


When the A.O. considers that the return of income
furnished by the assessee is defective, he may
intimate the defect to the assessee and give him an
opportunity to rectify the defect within a period of 15
days from the date of such intimation.
On an application by the assessee the A.O. may
extend the period of 15 days. If the defect is not
rectified within the set period of 15 days or further
period allowed by the A.O , then the return shall be
treated as invalid and will be deemed as if the
assessee had failed to furnish the return.

EXPLANATION REGARDING DEFECTIVE RETURN


The return shall be regarded as defective if any of the
following conditions is not fulfilled:1. The annexures, statements and columns in the
return of income relating to the computation of
income chargeable under each head of income.
2. The return is accompanied by a statement showing
the computation of the tax payable on the basis of
the return;
the return is accompanied by the audit report
obtained u/s. 44AB.

3. The return is accompanied by proof of (i) the TDS (ii)


tax paid on self assessment.
4. Where regular books of account are maintained by
the assessee, the return is accompanied by copies
of accounts like P/L A/c and balance sheet.

Signatory of return Sec140


Individual- himself or by his Attorney if
1)the person is not in India
2)incapable of mentally retardness etc.
HUF- Karta or if Karta is not in India then by his attorney
Partnership Firm- Managing partner or any partner
except minor
Companies Managing Director or in his absence by
any Director
Non Resident Companies Valid Attorney
cont..

Cont.

Liquidation of companies Official liquidator


Company taken over by governmentPrincipal Officer
Political Parties CEO of the party

Liability of Non Filing of Return


Interest will be paid @ 1 %per month or
part of the monthfor unpaid tax; if no
unpaid tax then Rs. 5,000 whichever is
higher

Thank you
sirnkgupta@yahoo.com