Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Return of Income

Return of Income and its Procedures under Income Tax Act.

Income Tax Assessment Procedure in details

1.   Self-Assessment [Section 140A] before Submitting Return of Income Every person, before submitting a return of income under: (i)         Section 139 or (ii)        Section 142(1) or (iii)       Section 148 or (iv)       Section 153A, is under an obligation to make a self-assessment of his income and after taking in account the amount of tax, …

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Due Date of Furnishing Return Of Income [ Explanation 2 to Section 139(1)]

The return of income must be filed in a prescribed form/specified computer readable media and verified in the prescribed manner, on or before the due date mentioned in Explanation 2 to section 139(1), which is as under: (a) where the assessee (other than an assessee referred to in clause (b) below) is— Due date of …

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Consequences of Not Filing the Return Of Income within the Due Date or for Not Furnishing the Return Of Income

1. [Section 234A(1)]- Interest for default in furnishing return of income under section 139(1) or (4) or in response to a notice under section 142(1): The assessee is liable to pay interest in the following cases: (a)        where the return of income is furnished after the due date specified under section 139(1); or (b) …

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[Rule 12]- Form and Manner of Furnishing Return of Income

As per rule 12(1), The return of income required to be furnished under section 139(I) or 139(3) or 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) or section 142(1)(i) or section 148(1) or section 153A relating to the assessment year commencing on the 1St day of April, 2019 shall be in the …

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[Rule 12(3)]- Types of Person, Condition and Manner of Furnishing Return of Income

As per Rule 12(3), the Return of Income shall be furnished by a person mentioned in column (ii) of the table below to whom the conditions specified in column number (iii) apply, in the manner specified in column (iii) thereof ; SL Person Conditions Manner of Furnishing Return of Income (i) (ii) (iii) (iii) 1. …

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Submission of Return of Loss [Section 139(3) read with Section 80]

If a person has sustained a loss in any previous year under the head “Profits and gains of business or profession” or under the head “Capital Gains” and claims that such loss or any part thereof should be carried forward under section 72(1) or section 73(2) or 73A(2) or section 74(1) and (3) or section …

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[Section 140]- Return of Income by whom to be Verified

The return under section 139 shall be verified: (a)        in the case of an individual — (i)         by the individual himself; or (ii)        where he is absent from India, by the individual himself or by some person duly authorized by him on his behalf; or (a)    where he is mentally incapacitated …

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