Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Return of Income (Section 139, 140, 140A) - Part 2
Return of Income (Section 139, 140, 140A) - Part 2
| 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 |
| Self Assessment Tax | xxx |
| Other Points | |
| What is the time limit of payment of SAT? | Before furnishings the return of income |
| Is proof required to be attached with the return? | Yes. CIN. Challan Identification Number. |
| What if tax paid is less than SAT? | The amount so paid shall be first adjusted towards interest and then balance towards tax. |
| section 139A. permanent account number (PAN) | ||||
| What is PAN? | It is permanent account number allotted by assessing officer for the purpose of identification. Its number contains 10 digit both numeral and alphabet. | |||
| Who should apply? | Every person who is required to file return of income. Apply in Form No 49A. | |||
| No PAN for whom? | Non Resident | Charitable Trusts | Person earning only agricultural Income | |
| Compulsory quotation of PAN? | On all returns. | Motor Vehicle | Land & Building exceeds Rs. 5,00,000 | Jewellery exceeds Rs. 5,00,000 |
| Bank account 5,00,000 exceeds Rs. 50,000 | Hotel bill exceeds Rs. 25,000. | Shares | ||
| Compulsory quotation of PAN? | Section 272B : Penalty Rs. 10,000 | Higher deduction of tax at source | ||
| E payment & E filing compulsory | |
| Company | Every other person if they are required to get their accounts audited u/s 44AB. |
The document Return of Income (Section 139, 140, 140A) - Part 2 is a part of the Taxation Course Fast Track Quick Revision Income Tax.
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FAQs on Return of Income (Section 139, 140, 140A) - Part 2
| 1. What is the due date for filing the return of income under Section 139? |  |
Ans. The due date for filing the return of income under Section 139 is generally July 31st of the assessment year. However, for certain individuals and entities, the due date may vary.
| 2. Can I file my return of income after the due date? | |
Ans. Yes, you can file your return of income after the due date. However, if you file it after the due date but before December 31st of the assessment year, it will be considered a belated return. If you file it after December 31st, it will be considered a delayed return.
| 3. What are the consequences of filing a belated return? | |
Ans. Filing a belated return can have certain consequences. Firstly, you will not be able to carry forward certain losses, such as capital losses, if you file a belated return. Secondly, you may have to pay a penalty of up to Rs. 10,000, depending on the timing of filing the belated return.
| 4. What is the difference between Section 140 and Section 140A of the Income Tax Act? | |
Ans. Section 140 of the Income Tax Act deals with the procedure for making a self-assessment of income and payment of tax. It allows taxpayers to revise their return of income if they discover any omission or incorrect statement. On the other hand, Section 140A deals with the provision for payment of tax by the taxpayer before filing the return of income.
| 5. Can I claim a refund if I have paid excess tax under Section 140A? | |
Ans. Yes, if you have paid excess tax under Section 140A, you can claim a refund. The excess tax paid will be treated as a refundable amount and can be claimed as per the provisions of the Income Tax Act.
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Apr 21, 2026 Last updated
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