2. THINGSTO BE KEPTIN MINDBEFORE FILING
RETURN :
• Mobile number
• Email id
• Primary and Secondary address.
should be correct and updated in portal by login your credentials.
• Aadhaar PAN should be linked.
• PAN should be linked to bank account for ease of refund.
• Efiling portal should be checked time to time to take care of any notices sent
by department.
• The Central Board of Direct Taxes (CBDT ) has notified the ITR forms for the
financial year 2022-23( A.Y. 2023-24) on February 10,2023. Earlier income tax
forms have been notified 2 months before due date. In present scenario forms
are uploaded before the financial year end.
3. WHY SHOULD WE FILE INCOME TAX RETURN ?
Claim a refund
Avail a loan or opt for a
credit card easily as
proof of income
Smoothen your visa
process
Threshold limit
exceeds
Adjust your capital
gains and losses.
Deposited amount
exceeding ₹ 1Cr in one
or more current a/c
expenditure in excess
of Rs. 2 lakh for foreign
travel
For renewal of limits of
overdraft/ Credit limit
Deposited ₹50 lakhs
in saving bank
account
expenditure in excess
of Rs. 1 lakh for
electricity bill
7. MANDATORY RETURN FILING
Any Company
Any limited Liability Partnership
(LLP) and Unlimited Partnership
Firm
Any individual whose total
income exceeds basic
Exemption limit
Any Resident (ROR only) who
has an asset located outside
India and also includes financial
interest or any resident who
retains signing authority for an
account based outside India.
Person who carries out certain
high-value transactions
mentioned in the section even
the total income is below
exemption limit.
8. DUE DATE OF RETURN FILING U/s 139(1)
Every person other than below
mentioned Assessee.
(a) Company
(b) A person whose accounts are required to be
audited under the income tax or any other law in
force
(c) A partner of a firm whose accounts are
required to be audited under Income Tax Act
Assessee who is required to furnish
report of transfer pricing u/s 92E
9. RETURN OF LOSS :139(3)
To be filled on or before the due date u/s
139(1) for carry forward of
Business loss u/s 72(1)
Loss from specified
business u/s 73A(2)
Loss from the activity
of owning and
maintaining race
horses u/s 74A(3)
Loss from speculation
business u/s 73(2)
Loss under the head
“Capital Gain” u/s
74(1)
10.
11. Belated return: 139(4)
If return not filed within the time specified
139(1), the Assessee can file the belated
return u/s 139(4), at any time before
OR Before the completion of the
assessment.
31ST DECEMBER of that A.Y
WHICHEVER IS EARLIER
12. Consequences of filing a belated Return
Certain losses computed under specified sections
cannot be carried forward for set-off in
subsequent years.
Fee of ₹ 5000 u/s 234F would be leviable where
return is filed after the due date. However late
fees would be ₹ 1000 where the total income
would not exceed ₹ 500000.
Further deductions in respect of certain income
under Chapter VI-A would not be available.
13. Interest for default in furnishing return of income – 234A
• Interest is payable where an assessee furnishes the return of
income after the due date or does not furnish return of
income.
• Assessee shall be liable to pay @1% p.m. or part of month
from the date immediately following the due date.
Circumstances Ending on the following
dates
If return furnished after due date The date of furnishing of the return
When no return is furnished The date of completion of
assessment.
14. Interest for default in furnishing return of income – 234B & 234C
Interest under Section 234B
• Your tax liability after reducing TDS for the financial
year is more than Rs 10,000 and you did not pay
any advance tax.
OR
• You paid advance tax, but advance tax paid is less
than 90% of ‘assessed tax’.
15. Interest under Section 234C
Section 234C deals with interest to be levied on defaulters of
Advance Tax Installment Payments. This is the last part in a 3-
part series about Interest imposed by the IT Department.
16. RETURN FILING U/S 139{4A TO 4F}
Return of
Trust
139(4A)
Return of
Political
Party
139(4B)
Return of
Hospital,
Institutions,
etc
139(4C)
Return of
College
University,
Educational
institutions.
139(4D)
Return of
Business
Trust
139(4E)
Return of
investment
fund
referred in
sec 115UB
139(4F)
17. REVISED RETURN U/s139(5)
Return filed u/s 139(1) or u/s 139(4) can be revised u/s 139(5), if any omission
or any wrong statement is discovered by the Assessee, at any time before
OR
31st December of that
A.Y.
Completion of the
Assessment
Whichever is Earlier
18. WHY DEFECTIVE RETURN?
Computation of income is missing.
Mismatch in the details of tax paid, wrong BSR code, wrong
date of challan, inappropriate refund claimed, mismatch in
name, mismatch with 26AS etc.
Assessee do not attach the Tax Audit Report U/S 44AB (if
applicable on him).
When the books of accounts have been audited but a copy
of audit report and audited financial statements have not
been filled.
In case the Tax Audit report has been filed earlier than IT
Return, then assessee must attach the proof of the same
with the return and if he fails to do so, then also the return is
treated as defective return.
19. DEFECTIVE RETURN U/s 139(9)
• Assessing officer has the power to call upon the
Assessee to rectify a defective return.
• AO gives opportunity to rectify the defect within a
period of 15 days from such intimation.
• If the defect is not rectified within a period of 15
days or such extended period, the return would be
treated as an invalid return.
• Assessee rectifies the defect after the expiry of 15
days ,but before assessment is made, the AO can
condone the delay and treat as a Valid return.
21. ADDITIONAL TAX PAID WITH ITR U
ITR FILED ADDITIONAL TAX
PAYABLE
Upto 12 months from the
end of relevant A.Y.
25% (Additional tax +
Interest)
After 12 months but upto
24 months from the end of
relevant A.Y.
50% (Additional tax +
Interest)
22. Mandatory quoting of pan – 139A
In all returns and
correspondence with
any, income tax
authority
In all challans for the
payment of sum due
under the act
In all documents
pertaining to such
transactions entered
into by him as
prescribed by CBDT
25. Here we conclude our presentation by highlighting few important points as
follows:
Every individual should file their income tax returns on or before due
dates keeping in mind that there will be no extension of due dates.
We expect that from now onwards every assessee shall be aware enough
to check there income tax profiles before due date and also compute tax
liabilities in order to overcome all penal consequences.
As a consultant we are committed to make aware our clients regarding
advance tax , TDS applicability, proper computation of tax liability in
order to avoid tax evasions.
Most important to be kept in mind is the correct updation of assessee
personal details on income tax portal.
