Taxation Exam > Taxation Notes > Income Tax for assessment (Inter Level) > Return of Income (Part - 2) - Taxation
Return of Income (Part - 2) - Taxation | Income Tax for assessment (Inter Level) PDF Download
bSection 140. who should sign the Return of Income
1. In case of Individual :
| a. | in general. | by the individual himself. |
| b. | If he is absent from India. | by the individual himself or by some person duly authorised by him in this behalf. The person signing the return holds a valid power of attorney from the individual to do so, which shall be attached to the return. |
| c. | where he is mentally incapacitated | by his guardian or any other person from attending to his affairs competent to act on his behalf. |
| d. | where, for any other reason. | by any person duly authorised by him in this it is not possible for the individual behalf. The person signing the return holds to sign the return a valid power of attorney from the individual to do so, which shall be attached to the return. |
2. In case of HUF
| a. | in general. | by Karta |
| b. | If he is absent from India. | Any member of the family not being a minor |
3. In case of Company.
| a. | in general. | Managing Director |
| b. | where for any unavoidable reason. | Any Director such managing director is not able to sign and verify the return. |
| c. | where there is no MD. | Any Director |
| d. | A Non-resident company. | A person holding a valid power of attorney. Copy of such power of attorney is attached with the return |
| e. | Company in process of being wound up. | Liquidator of company |
| f. | Where the management company is taken over by the Central or any State Govt. under any Law. |
The principal officer. |
4. In case of Firm
| a. | in general. | Managing Partner. |
| b. | where for any unavoidable reason | Any partner such managing partner is not able to sign and verify the return. |
5. In case of LLP
| a. | in general. | Designated Partner. |
| b. | where for any unavoidable reason | Any Partner.. |
Note 1 : If return of income is not signed then it is treated as return is never filed.
Section 140A. Self-Assessment Tax
| Tax on TI (Returned Tax) | xxx |
| Less : Advance tax | (xxx) |
| Less : Tax Deducted at Source | (xxx) |
| Less : Relief u/s 89 (Salary relief) | (xxx) |
| Less : Relief u/s 90, 90A, 91 (DTAA) | (xxx) |
| Less : Tax credit u/s 115JAA (MAT credit) | (xxx) |
| Tax | xxx |
| + Interest u/s 234A, B & C | xxx |
| Self Assessment Tax | xxx |
SAT alongwith interest is required to be deposited before furnishing the return of income and the proof of such payment should be attached with the return of income.
Note 1: Where the amount paid by the assessee under section 140A is less than the amount required to be paid under section 140A, then the amount so paid shall be first adjusted towards the interest aforesaid and the balance towards the tax.
Section 139A. Permanent Account Number (PAN )
“Permanent account number” means a number which the Assessing Officer may allot to any person for the purpose of identification and includes a permanent account number having ten alphanumeric characters and issued in the form of a laminated card. [Form 49A].
Who should apply for PAN
| (i) Every person if his total income exceeds the maximum amount which is not chargeable to income-tax |
by 31st May |
| (ii) Any person carrying on any business or profession whose total sales, turnover or by end of FY gross receipts are or is likely to exceed Rs. 5,00,000 in any previous year. |
by end of FY |
| (iii) Charitable institutions required to furnish a return of income under section 139(4A). | by end of FY |
Rule 114C: Classes of persons to whom provisions of section 139A shall not apply:
1. The persons who have agricultural income and are not in receipt of any other income chargeable to tax.
2. Non-Residents. (Advise : Should apply for PAN otherwise high rate of TDS)
3. Central Govt., State Govts. and Consular Offices in transactions where they are payers.
PAN should be quoted in all the specified transaction: Every person shall
(a) quote PAN in all his returns, correspondence with income-tax authority and challans.
(b) sale or purchase of any immovable property valued at Rs, 5,00,000/- or more;
(c) sale or purchase of a motor vehicle.
(d) a contract for sale and purchase of securities exceeding Rs. 1,00,000/-
(e) opening a bank account.
(f) application of a telephone connection + mobile phone.
(g) payment to hotels and restaurants exceeding Rs.25,000/- at any one time.
(h) payment in cash for purchase of bank drafts aggregating Rs. 50,000/- or more during any one day.
(i) deposit in cash aggregating Rs. 50,000/- or more with a banking company during any one day.
(j) Jewellery is purchased of atleast Rs. 5,00,000.
Note: If PAN not allotted shall make a declaration in Form No. 60 giving therein the particulars of such transaction.
Section 272B: Penalty for failure to comply with the provisions of section 139A. Rs. 10,000.
Income tax department can suo motto allot PAN.
Electronic filing of return and e-payment of tax.
Following assessees to pay tax electronically and file return electronically.
• A company.
• A person other than company to whom provisions of section 44AB are applicable.
The document Return of Income (Part - 2) - Taxation | Income Tax for assessment (Inter Level) is a part of the Taxation Course Income Tax for assessment (Inter Level).
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FAQs on Return of Income (Part - 2) - Taxation - Income Tax for assessment (Inter Level)
| 1. What is the purpose of filing a Return of Income? |  |
Ans. The purpose of filing a Return of Income is to provide information to the tax authorities about an individual's or entity's income, deductions, and tax liability for a particular assessment year. It helps in the assessment and calculation of taxes owed by the taxpayer.
| 2. Who is required to file a Return of Income? | |
Ans. Individuals and entities who fall under certain criteria are required to file a Return of Income. This includes individuals whose total income exceeds the basic exemption limit, companies and firms, individuals who have entered into international transactions, and those who want to claim a refund of taxes paid.
| 3. What are the consequences of not filing a Return of Income? | |
Ans. Not filing a Return of Income can lead to various consequences. The taxpayer may be liable for penalties and interest charges, lose out on claiming deductions and exemptions, face legal actions by the tax authorities, and may even be subjected to imprisonment in certain cases.
| 4. How should one choose the correct Income Tax Return (ITR) form to file their Return of Income? | |
Ans. Choosing the correct ITR form is crucial to ensure accurate reporting of income and deductions. The selection of the form depends on factors such as the source and nature of income, residential status, and the category of the taxpayer. It is advisable to refer to the guidelines provided by the tax authorities or seek professional assistance to select the appropriate form.
| 5. Can a Return of Income be revised after filing? | |
Ans. Yes, if there are any errors or omissions in the original Return of Income, it can be revised within the specified time limit. The revised return can be filed online using the taxpayer's credentials on the Income Tax Department's e-filing portal. However, it is important to note that revisions can only be made for returns that were filed within the due date.
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Dec 20, 2024 Last updated |
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