Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Return of Income (Section 139, 140, 140A) - Part - 1
Return of Income (Section 139, 140, 140A) - Part - 1 | Fast Track Quick Revision Income Tax - Taxation PDF Download
| S 139(1). Who should file the return of income | |
| Individual / HUF / AOP / BOI / AJP |
Company / Firm |
| If GTI exceeds basic exemption then they should file the ROI. | They should file ROI irrespective of income or loss. Irrespective whether business has started or not. As soon as the company is incorporated or partnership deed is signed they are required to file ROI. |
| Person [Explanation to Section 139(1)] | Last day of filing of ROI | |
| 1. | Any person who is required to file transfer pricing audit report. | 30th - 11 of AY1 |
| 2. | A company | 30th - 9 of AY1 |
| 3. | A person (other than a company) whose accounts are required to be audited under any LAW (Audit is compulsory u/s 44AB, Section 11, 12 or 13A etc). | 30th - 9 of AY1 |
| 4. | A working partner of a firm whose a/cs are required to be audited under any LAW. | 30th - 9 of AY1 |
| 5. | In case of any other assessee. (Salary, HP, Capital Gain or Income from other sources) | 31st - 7 of AY1 |
| S 142(1). Compulsory filing of return of income. | ||
| 1. | Can AO issue notice to assessee for filing of ROI? | Yes |
| 2. | Is assessee bound to file ROI u/s 142(1)? | Yes, even if his TI is less than basic exemption. |
| 3. | What is the time limit of filing of ROI? | As specified in the notice |
| 4. | When can notice u/s 142(1) be issued? | At any time after due date or after AY1 |
| S 139(3). Loss return? | |||
| 1. | Is it compulsory to file loss return? | Yes, if assessee wishes to carry forward the losses. For Company / Firm it is compulsory to file ROI whether loss or profit. |
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| 2. | What is the time limit of filing loss return? | Loss return should be filed on or before the due date of filing of return i.e. on or before 30-9 or 31-7 then only loss can be carried forward and set off. |
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| 3. | Consequences if loss return is not filed in time? | Following losses cannot be carried forward ? (a) Business loss (b) Speculation loss (c) Capital gain loss (d) Loss from activity of owning & maintaining race horses. |
Following loss can be carried forward & set off even if loss return is not filed. (a) Loss from house property & (b) Unaborsbed depreciation |
| 4. | What if loss return is filed in time as specified in S 142(1)? | Loss cannot be carried forward since loss return is filed after due date. | |
| S 139(4). Belated Return | |||
| 1. | What is belated return? | The return which is not filed in time. i.e. the return which is filed after due date of filing of return u/s 139(1). | |
| 2. | What is the time limit of filing belated return? |
It should be filed by AY1 or before the completion of best judgement assessment order whichever date is earlier. Earlier last day was AY 2 and also now return cannot be filed belatedly pursuance to notice u/s 142(1) |
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| 3. | Consequences of filing of belated return? | a. | The losses mentioned u/s 139(3) is not allowed to be carried forward. |
| b. | Belated return can be revised if furnished u/s 139(1) and not u/s 142(1). | ||
| c. | Liable for payment of interest u/s 234A. | ||
| S 139(5). Revised Return | |||
| 1. | Why the return should be revised? |
The return is revised if there is any mistake in the original return/belated return. Mistakes are of 2 types. (a) Wrong statement. (b) Omission. |
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| 2. | Which return can be revised? |
Both original / belated return can be revised. The return which is filed in time as per 142(1) cannot be revised. | |
| 3. | What is the time limit of filing revised return? |
It should be filed by AY2 or before the completion of assessment (Best judgement assessment or scrutiny assessment) whichever date is earlier. | |
| 4. | Consequences of filing of revised return? |
A revised return substitutes the earlier return from the date earlier return is filed. | |
| 5. | Other points? | a. | Both original / belated return can be revised |
| b. | A revised return can further be revised if filed in time allowed. | ||
| S 140. Signing of return | ||||||||||||||||
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| HUF |
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| Company |
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| Firm |
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| LLP |
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FAQs on Return of Income (Section 139, 140, 140A) - Part - 1 - Fast Track Quick Revision Income Tax - Taxation
| 1. What is the meaning of Return of Income under Section 139? |  |
Ans. Return of Income under Section 139 refers to the filing of an income tax return by an individual or entity to report their income, deductions, and tax liability to the tax authorities. It is mandatory for certain individuals and entities, such as companies, to file their income tax return under Section 139 of the Income Tax Act.
| 2. What is the significance of Section 140 in the Return of Income? | |
Ans. Section 140 of the Income Tax Act provides provisions for the submission of a revised return of income. If a taxpayer discovers any omission or wrong statement in their original return, they can rectify it by filing a revised return under Section 139(5) within a specified time. This section allows taxpayers to correct any errors or omissions and avoid penalties or prosecution.
| 3. What is Section 140A of the Income Tax Act and how does it relate to the Return of Income? | |
Ans. Section 140A of the Income Tax Act pertains to the payment of self-assessment tax. After filing the return of income, if the taxpayer realizes that they have any balance tax liability, they need to pay it within the due date mentioned in the notice of demand. Failure to pay the self-assessment tax within the specified time may attract interest and penalties as per Section 140A.
| 4. What are the consequences of not filing a Return of Income under Section 139? | |
Ans. Not filing a return of income under Section 139 can have various consequences. Firstly, it may result in the taxpayer being liable to pay interest on any tax due. Additionally, penalties and prosecution actions may be initiated by the tax authorities. Moreover, non-filing of returns can also lead to the loss of certain benefits and deductions, such as carry-forward of losses or claiming deductions under various sections of the Income Tax Act.
| 5. Are there any exceptions or exemptions from filing a Return of Income under Section 139? | |
Ans. Yes, there are certain exceptions and exemptions from filing a return of income under Section 139. For example, individuals with income below the basic exemption limit are not required to file a return. Certain categories of taxpayers, such as agricultural income earners or individuals earning income only from exempt sources, may also be exempted from filing returns. However, it is important to understand the specific provisions and criteria for exemption before assuming that one is not required to file a return.
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