Filing of Income Tax Return including E-Filing

Presented By:-Sanjeev Kumar Patel

&

Saurabh Kumar Tiwari

Filing of Income Tax Return

Voluntary return of income [sec.139(1)]

(1) Return by an individual HUF, AOP, BOI, or an

artificial juridical person.

Every individual HUF, AOP, BOI or an artificial juridical person shall file

the return of his total income of any person(in respect of which he is

assessable) if the income without giving effect to the provisions of sec

80C to 80U exceeds the maximum amount which is not chargeable to

income tax.

Individual / HUF / AOP / BOI

Women Senior Citizen Super Senior Citizen Rate

Upto Rs.

2,00,000

Upto Rs.

2,00,000

Upto Rs.

2,50,000

Upto Rs.

5,00,000

No Tax

Rs. 2,00,001 –

5,00,000

Rs. 2,00,001 –

5,00,000

Rs. 2,50,001-

5,00,000

Not Applicable 10%

Rs. 5,00,001-

10,00,000

Rs. 5,00,001-

10,00,000

Rs. 5,00,001-

10,00,000

Rs. 5,00,001-

10,00,000

20%

Above

10,00,000

Above

10,00,000

Above

10,00,000

Above

10,00,000

30%

Income Tax Slabs for Individual, HUF, AOP and BOI

(2) Return by a com. or a firm

Every co. or a firm shall furnish on or before the due date the return in

respect of its income or loss of every previous year.

(2A) Return by Ordinarily Resident person having asset

located outside India.

An Ordinarily Resident person having asset located outside India or signing

authority in any account located outside India, shall furnish on or before due

date a return in respect of income or loss for the previous year in the

prescribed form.

a) For company assesses :- By 30th day of September of the assessment year.

b) For all non corporate persons whose accounts are subject to audit

and working partners of a firm whose accounts are subject to audit :-

By 30th day of September of the assessment year.

c) For all other persons :- By 31st day of July of the assessment year.

Penalty, If an assessee fails to file the return u/s 139(1) on or before due

Due Dates for Filing Return

The Central Govt. may, by notification, exempt any class or classes of persons

from the requirement of filing the return of income having regard to such

condition as may be specified in the notification.

The Govt. has notified that the employees who fulfil the condition are not

required to furnish the return for the AY 2014-15.

1. The total income of the employee is not more then RS. 500000.

2. The employee has income only from the following source:

a. salary

b. Interest from a saving a/c in a bank not exceeding Rs. 10000.

3. The employee has reported his PAN to the employer.

Exemption from filing a Return of

Income [Sec.(1C)]

4. The employer has been informed about the interest income of the

employee.

5. The employer has deducted tax at source on interest claim also.

6. The employee has received from the employer a certificate of tax

deduction at source duly filled in.

7. The employee has no claim of refund for the AY 2014-15.

8. The employee has received salary from only one employer for the AY

2014-15.

If the employee has received a notice u/s 142(1) or u/s 148 or u/s 153A or

u/s 153C of the IT Act to file the return of income for the AY 2014-15

he will file the return of income.

Forms of return of income for the AY 2013-14.

Form no. ITR-1

(Sahaj)

For individual having income from salary/ pension/ one house

property/ other source.

Form no. ITR-2 For individual and HUF not having income Business &

Profession.

Form no. ITR-3 For individual/ HUF being partners in firm and not carrying out

business or profession under any proprietorship.

Form no. ITR-4 For individual and HUF having income from a proprietary

business and profession.

Form no. ITR-

4S

For individual / HUF having business income computed in

accordance with the provision of sec. 44AD & 44AE.

Form no. ITR-5 For firm, AOP, and BOI and other person (other then individual

HUF co. and other person required to furnish return in ITR-7)

Prescribed forms of Return of

Income

Form no. ITR-6 For co. other then co. claiming exemption sec 11.

Form no. ITR-7 For person including co. required to furnish return u/s 139

(4A) or sec. 139 (4B) or sec. 139 (4C) or sec 139 (4D)

Form no. ITR-V Where the data of the return of income in forms ITR-1, ITR-2,

ITR-3, ITR-4, ITR-4S, ITR-5 & ITR-6 transmitted

electronically without digital signature.

I. In a paper form,

II. Electronically under digital signature

III. Electronically and thereafter submitting the verification of the return in

form ITR-V

IV. Bar-coded return in a paper form.

V. An individual or a HUF if total income exceeds Rs. 10,00,000 shall

furnish return in manner (ii) or (iii)

VI. An individual or a HUF resident having assets located outside India or

signing authority in any account located outside India and filing return in

Form ITR-2 or ITR-3 or ITR-4 shall furnish return in manner (ii) or (iii)

Manners of furnishing the Return of

Income

VII. An individual or a HUF filing return in Form ITR-4 or a firm filing

return in Form ITR-5 liable to tax or audit u/s 44AB shall furnish in

manner (ii) or (iii).

VIII. A co. filing return in Form ITR-6 shall furnish return in manner (ii)

IX. A person filing return in Form ITR-7 shall furnish in manner (i)

X. Other tax payers [not falling in (1) to (5) will have the option to file

the return in a paper form or electronically

XI. Income tax return verification form (ITR-V) where an assessee files

the return electronically without digital signature, he has to submit

ITR-V duly signed and verified.

Filing of return on Computer readable Media

Any person who is required to furnish a return of income may, at his

option furnish on or before the due date in accordance with a

notified scheme by the board.

The return of income may be furnish in a such form (including on a

floppy diskette, magnetic cartridge tape, CD ROM or any other

computer readable media) and manner as may be specified in such

schemes.

Certain specified class or classes of persons may be allowed to furnish their

returns of income through a tax return preparer authorised to act as such under

this scheme.

The scheme framed by the board may provide for the following:-

a) The manner in which and the period for which the tax return preparer shall be

authorised.

b) The educational, training and other conditions required to be fulfilled.

c) The code of conduct for the TRP.

d) The duties and obligations of the TRP.

e) The manner in which authorization can be withdrawn, etc.

Schemes for Submission of Returns of

Income through Tax Return Preparers [Sec

139B]

If any person suffers loss in any previous year under the head Business

or Profession or Capital Gain and the person intends to carry it

forward, such loss can be carried forward only if such person files a

voluntary return of his loss in the prescribed form and within the

allowed time u/s 139(1) and 139(4).

• Any loss of current year can be set off even if return of loss is filed

after the due date as prescribed u/s 139(1).

• Loss under HP can be carried forward even if the return of loss is filed

after the due date.

Return of Loss [Sec.139(3)]

Any person who has not furnish a return of income within a time

allowed to him u/s 142(1) may furnish the return for any

previous year at any time before the expire of one year from

the end of the relevant A.Y. or before the completion of the

assessment, which ever is earlier.

Belated Return [Sec. 139 (4)]

If any person having furnished a return discovers any omission or any wrong

statement therein, he may furnish a revised return any time before the

assessment is completed or before the expire one year from the end of the

relevant assessment year which ever is earlier.

Condition for filing revised return:

I. A belated return can not be revised.

II. A return can be revised any number of times.

III. No need of permission from any authority for submitting a revised return.

IV. No fees for filing a revised return.

V. A return of loss can also be revised.

Revised Return of Income

[Sec.139(5)]

When the assessing officer considers that the return of income furnished by the

assessee is defective, he may intimate the defect to the assessee and give

him an opportunity to rectify the defect within a period of 15 days from the date

of such intimation. On an application by the assessee the Assessing Officer

may extend the period of 15 days if the defect is not rectified within the said

period of 15 days or further period allowed by the assessing officer, then the

return shall be treated as invalid and it will be deemed as if the assesse has

failed to furnish the return. However, where the assessee rectifies the defect

after the expiree of the aforesaid period but before the assessment is made,

the assessing officer may condone the delay and treat the return as valid

return.

Defective Return of Income

[Sec.139(9)]

Where any person is assessable either in respect of his income or

income of any other person and he has not furnish the return of

income on or before the due date of furnishing the return the

Assessing Officer may serve a notice on such person requiring him

to furnish the return, such return should be furnished within the time

allowed in the notice.

Such person remain liable to pay interest u/s 234A for late

furnishing of return from the due date of furnishing the return till the

return is furnished.

Compulsory Return [Sec.142(1)(i)]

The return u/s 139 shall be signed and verified as under:

i. Individual:

a) By the individual concerned;

b) Where the individual is absent from India by some person duly

authorised by him in this behalf;

a) where the individual is mentally incapacitated from attending to

his affairs by his guardian or by any other person competent to

act on his behalf;

Signing of Return [Sec.140]

ii. HUF:

a) By the KARTA

b) Where the Karta is absent from India or is mentally incapacitated

from attending to his affairs, by any other adult member of such

family.

iii. Company: By the managing director thereof or in case of any

unavoidable reason such managing director is not able to sign and verify

the return or where there is no managing director, by any director thereof.

iv. Firm: By the managing partner thereof or where any

unavoidable reason such managing partner is not able to sign and

verify the return or where there is no managing partner, by any

partner thereof not being a minor.

v. Local authority: By principal officer thereof.

vi. Political party: By the chief executive officer of such party.

vii. Any other association: By principal or any other member.

viii.Any other person: By that person or some other in his

behalf.

The Board may make the rules providing for:

a. The class or class of persons who shall be required to furnish the return

in electronic form.

b. The form and the manner in which the return in electronic form may be

furnished.

c. The document, statements, receipt, certificate or report which may not

be furnished along with the return in electronic form but shall be

produced before the assessing officer on demand;

d. The computer resource or the electronic record to which the return in

electronic form may be transmitted.

Filing of Return in Electronic form

[Sec.139D]

1. Visit www.incometaxindiaefiling.gov.in

2. Select the required ITR Form and download return preparation software

for the selected Form.

3. Prepare your return offline at your convenience and follow simple steps

to upload your return.

4. On successful upload take the print of the acknowledgement form if the

return is digitally signed.

5. In case the return is digitally signed take the print of ITR Form (2

copies).

6. Send one copy of ITR Form duly signed and verified by ordinary post

within 120 days from the date of filling the return

Steps for E-Filing of Income Tax

Return

Facilities provided by the department for E-filing of

I.T Returns

1. Calculation of tax and interest through return preparation software.

2. View tax credit statement (26AS) of all taxes paid and deducted,

without registration

3. Check processing status of your e-filed returns on line

4. Get refund through refund bankers scheme

1. Convenient and secure online transactions

2. Available any time any where

3. Higher data accuracy

4. Faster processing of returns and quicker refunds

5. E- filing of returns is paper less.

Advantages of E-filing of Returns

The Income tax department issues a Permanent Account Number

(PAN) to every tax payer borne on its records. The PAN is meant to

identify the returns, taxes payment, challans and the

correspondence received from the accesses and linked these to

there assessment records to facilitate quick disposal of there

refunds claims or assessment.

Cases under which PAN is compulsory:

i. His income exceeds exemption limit.

ii. He is liable to pay taxes on behalf of other person as a

representative assesse

Permanent Account Number

[Sec.139A]

iii. If he is carrying on a business or profession and his total sales

turnover or gross receipt are likely to exceed 5,00,000 in any

financial year.

iv. If he is importer or exporter.

v. If he is an assesse under the Central Excise Rule 1944.

vi. If he issues invoices under rule 57AE of the Central Excise Rules,

1944 and he is registered.

vii. If he is an assessee under Service Tax Act.

viii. If he is an assesse under Central Sales Tax Act or General Sales

Tax Act of a state or union territory.

ix. If he is entitled to receive any sum or income or amount on which

tax is deductible at source.

x. Further the Central Govt. may for collecting any information which

may be use full for or relevant to the purposes of the act, by

notification specify any class or class of persons who shall apply to

the A.O for allotment of PAN.