September 2025

The Income Tax Act, 1961, mandates taxpayers to submit certain documents, statements, and disclosures along with their ITR. Below is a structured breakdown of requirements under Sections 139(6) and 139(6A). 1. Mandatory Disclosures (Section 139(6)) Every return must include: (A) Basic Details PAN(Permanent Account Number) Aadhaar(if linked to PAN) Residential Status(as per Section 6) Bank Account Details(for refunds) (B) […]

Under the Explanation to Section 139(9) of the Income Tax Act, 1961, a return is considered defective if it fails to meet specific procedural or substantive requirements. Below are the key conditions that render a return defective: 1. Mandatory Requirements for a Valid Return A return shall be regarded as defective unless all the following conditions are fulfilled: (A) Documentation & Disclosures

Under Section 139C of the Income Tax Act, 1961, the Central Board of Direct Taxes (CBDT) has the authority to exempt certain taxpayers from submitting documents, statements, or audit reports along with their return, provided these are furnished on demand during assessment. 1. Key Provisions of Section 139C (A) CBDT’s Rule-Making Power The Board may issue rules to: Specify classes of personsexempted from attaching

Section 139D of the Income Tax Act, 1961, mandates electronic filing (e-filing) of income tax returns for specified taxpayers. This provision ensures digitization, efficiency, and transparency in tax compliance. 1. Who Must File Electronically? E-filing is compulsory for: Individuals/HUFswith total income exceeding ₹5 lakh (or claiming refunds). All companies, LLPs, and firms(regardless of income). Taxpayers requiring audit(Section 44AB). Charitable trusts, political parties, and research institutions(ITR-7). Exceptions:

Section 139B of the Income Tax Act, 1961, allows taxpayers to file their income tax returns through authorized Tax Return Preparers (TRPs). This provision aims to simplify tax compliance, especially for small taxpayers and those unfamiliar with the e-filing process. 1. Who is a Tax Return Preparer (TRP)? A TRP is a professional authorized by the Income Tax Department to: Assist taxpayers in preparing

Section 140 of the Income Tax Act, 1961 specifies who must verify the return of income and the authorized signatories for different categories of taxpayers. Here’s a detailed breakdown: 1. Individual Taxpayers Must be signed by: The individual themselves Exception: For minors – by their guardian For incapacitated persons – by their legal representative 2. Hindu Undivided Families (HUFs)

Section 140A mandates taxpayers to self-assess their income, calculate tax liability, and pay any outstanding tax before filing their return. This ensures compliance and avoids penalties for underpayment. Below is a detailed breakdown of its provisions, calculation, and procedures. 1. Key Provisions of Section 140A (A) Who Must Pay Self-Assessment Tax? All taxpayersfiling returns under: Section 139(Regular, belated,

Section 142 empowers the Assessing Officer (AO) to conduct a preliminary inquiry before finalizing an income tax assessment. It allows the AO to gather additional information, documents, or even compel a non-filer to submit a return. Below is a detailed breakdown of its provisions, procedures, and consequences. 1. When is a Notice Under Section 142(1) Issued? A notice under Section

Section 142A of the Income Tax Act, 1961 empowers the Assessing Officer (AO) to refer matters of asset valuation to a Valuation Officer during the process of assessment or reassessment. The provision is aimed at ensuring that the actual or fair market value of specified assets, properties, or investments is correctly determined for tax purposes

Section 142B of the Income Tax Act, 1961 empowers the Central Government to make schemes for faceless inquiry, direction for special audit, and valuation to enhance efficiency, transparency, and accountability in tax proceedings. The intention is to minimize direct interface between taxpayers and tax authorities and to ensure impartial and technologically advanced administration. What Does