Return of income - revision

vipul jain (EFFORTS NEVER FAIL) (2894 Points)

21 September 2011  

FAST TRACK --- RETURN OF INCOME

REVISION TIME

 

SECTION PARTICULARS PROVISIONS
139(1) Who should File Return
  • Indvidual / HUf :-

GTI+10A+10AA+10B+10BA > Basic Exemption

  • Company or Firm :-

irrespective of whether it has earned any income or loss
Explanation  to sec. 139(1)
 Due Date of Filing of ROI
  • Company :- 30th sept. of relevant A.Y.
  • Audit under any LAW:- 30th sept. of relevant A.Y.
  • Working Partner of a Firm whose a/c are audited :- 30th sept. of relevant A.Y.
  • Others :- 31st July of relevant A.Y.
139(1A) Salaried employees may file return through Employer Eligible employees may furnish his return of income to his eligible employer, who will transcribe the data of such returns on computer readable media using an authorised Bulk Return Preparation Software(BRPS) and shall furnish these returns to the AO by the due date...A return filid u/s 139(1A) is treated to be filed u/s 139(1).
139(1B) Filing or returns in electronic format

Any person liable to furnish return may opt to file it in electronic format as per notified scheme...

A return filid u/s 139(1B) is treated to be filed u/s 139(1).
139(3) Return of Loss

if return of loss is not filed in time following loss cannot be c/f :-

  • Business loss
  • Speculation loss
  • Capital loss
  • owning & mainanting race horses...

Imp. Note :-

HP loss nd Unabsorbed Dep. can be c/f nd set off  even if the loss return is filed after the due date u/s 139(1).
139(4) Belated Return
  • By 1 yr. from the end of relevant A.Y or before assessment (earlier).
  • Consequences :- Interest, Penalty...
  • A loss return must not be a belated return
139(5) Revised Return
  • By 1 yr. from the end of relevant A.Y or before assessment (earlier).
  • Substitutes Original ROI
  • Can be Further Revised
  • Belated return can not be revised
139(9) defective Return
  • Annexure, audit report, TDS proof, advance tax & self assessment chalan,  not furnished.
  • 15 days notice for rectification of defect
  • Not rectified - Invalid return
139(1A) PAN
  • TI>basic exemption
  • Trrnover>5,00,000
  • Charitable Trust
  • Return of Fringe benefits, etc.
140 Signing or Return Ind - himself; HUF - Karta; Company - MD; Firm - MD; Local authority - principal officer; Political party - CEO; AOP - principal officer.


 

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