All about income tax return and due dates related to them

Different types of return An assessee has to file a return of income every year so that he can share and convey to the government the sources of his income and whether he has paid the required taxes on it. A return of income gives the officer all the required information about the assessee and also conveys the sources of his income according to which assessment is made. It is an important document to be filed by the assessee for the government. This article is basically based on the different type of returns filed by the assessee depending on the circumstances and the date of filing such returns. Due dates for filing original return

Section 139(3) – Loss return Returns showing losses should also be filed by the due date mentioned in 139(1), if the assessee claims that the above losses should be carried forward. Loss return furnished within due date specified under section 139(3) is deemed to be a return furnished u/s 139(1). Section 80 further provides that the above referred losses shall not be allowed to be carried forward until such loss is determined in pursuance of a return submitted within time allowed. Section 139(4) – Time limit for submission of belated return If an assessee does not file return within the time specified in 139(1) or within the time allowed under a notice u/s 142(1) he can still file the same within one year from the end of the relevant AY or before completion of the assessment whichever is higher. Section 139(5) – Submission of Revised Return If an assessee after filing a return u/s 139(1) or in pursuance of a notice u/s 142(1) discovers any mistake in the return, he can file a revised return within one year from the end of the AY or before the completion of assessment, whichever is earlier. From the above it is clear that return submitted within prescribed date u/s 139(1) or return submitted within the date specified in the notice u/s 142(1) can be revised. Section 139(9) – Defective Return If the AO considers that the return filed by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within 15 days from the date of such intimation or within such extended period as may be allowed by the AO. If the defect is not rectified within the aforesaid period, the return shall be considered as an invalid return and accordingly the assessee will be deemed to have furnished no return. However, after the expiry of the aforesaid period but before the assessment is made, if the assessee reflects the defect, the AO is empowered to condone the delay. In that case return will be treated as a valid return. According to the explanation given to 139(9) in the following case return shall be considered as defective return. It is to be noted the given circumstances are only illustrative in nature and not exhaustive. Penalty for failure to furnish return Section 271f If a person who is required to file his return of income under 139(1), fails to do so before the end of the relevant A.Y., the AO may require such person to pay a penalty of Rs. 5000/- Prosecution for failure to furnish return under section 276CC If person willfully fails to furnish in due time the return u/s 139(1) or 142(1) or u/s 148 he shall be punishable with imprisonment as follows:- 1)      If tax which would have been evaded, exceeds Rs. 25lacs rigorous imprisonment between 6months and 7years. In addition the assessee may be punished with fine. 2)      In any other case, rigorous imprisonment upto 2years. However the proceeding u/s 276CC will not be initiated for failure to file return u/s 139(1) in the following circumstances:- 1)      If the return is furnished by the assessee before the expiry of the AY or 2)      If the tax payable (assessed tax) by the assessee on regular assessment does not exceed Rs. 3000/- The Supreme Court ruled that under the provision of Section 276CC a person shall not be proceeded against failure to furnish the return of income in due time if the tax payable by him on the total income determined as reduced by advance tax, if any paid and any tax deducted at source did not exceed 3000. Thanks for reading for this article. Please feel free to write to us, We want to hear it all!Suggestions? Complaints? Feedback? Requests?  at [info@taxmantra.com] or call us at +91 88208208 11. We would be more than happy to assist you.