Qus : If the last date of filing falls on Saturday or Sunday or Public Holiday and Income Tax Department is closed on these days, can subsequent Monday be treated as "Last date of Filing"?
Answer: Yes, if Income Tax Department is closed on these days. Otherwise, No.
Qus : Is it mandatory to file return of income after getting PAN?
Answer: No. The liability to file return of income arises only when you total Income is more than exemption limit without deduction u/s 80C to 80U and section 10A and 10B ,section 10BA.
Qus : Who can file the return for a deceased assessee?
Answer: A legal heir can file the return in such case.
Revised return {section 139(5)} : Return Filed with in due date can be revised any time before completion of assessment subject to maximum by the expiry of one year from the end of the relevant assessment year. For Financial year 2012-13 ,if return is filed with in due date then it can be revised by 31.03.2015.
Belated Return {section 139(4)} :Every assesse Can file their belated return with in one year from the end of the assessment year relevant to previous year or before completion of assessment u/s 142(1) . For Financial year 2012-13(AY 2013-14) belated (late) return can be filed by 31.03.2015 (i.e one year from end of assessment year 2013-14 ending 31.03.2014)
Consequences of Belated (late) return Filing :
1. No revision :Late (belated ) return Can not be revised.
2. Loss can not be carried forward :If any person file late return ,who has sustained a loss in any previous year under the head following head , can not carried forward losses to next year.
o "Profits and gains of business or profession" or
o under the head "Capital gains"
3. Penalty :If return is filed after end of assessment year (after 31.03.2014 in case of return of Fy 2012-13) then assessing officer may impose penalty up to Rs 5000/- under section 271F
4. Interest :Interest Under section 234A @ 1 % per month applicable on Net outstanding Tax due amount .
Other Related Points.
1. No return If Gross Total Income Less than exemption Limit :No Income Tax Return Return required to be filed If Gross Total Income is less than the Exemption Limit (Income before deduction u/s 80C to 80U and section 10A and 10B ,section 10BA )
2. Mandatory Return for Firm and Company: Every company and Partnership Firm have to file Income tax return of their Income or Loss.
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