NTA UGC NET: Commerce - UNIT 10: Income tax and Corporate Tax Planning (PART 02)

 

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UNIT 10

Income tax and Corporate Tax Planning

PART 02

 

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MCQ: A return submitted after the due date but before the end of the relevant assessment year
 

a) Revised Return
b) Belated Return
c) Defective Return
d) Compulsory Return
 

Ans: Belated Return

 

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Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.
 

 

Original Return [Sec. 139(1)]

A return which is filed within the due date or deadline.
 

It is advisable to file your returns on time i.e. original returns to avoid any inconveniences.
 

 

Revised Returns [sec. 139(5)]
     

    -When an assessee has successfully filed the returns
     

    - But later on realizes that he happened to miss some information     or details or 

    

     - Forgot to disclose some information and wishes to file the                 returns again
   

     -in such case the return filed is called a revised return.
   

     -You can file a revised return any time before the end of the given     assessment year.
 

 

Return of loss [Sec. 139(3)]
 

The Income tax return filed with the details of losses is the Loss Return.
 

 

Defective Return [Sec. 139(9)]
 

Type of return for which a person receives a notice because the IT Department has found any discrepancies or mistakes or any missing information in ITR

 

Compulsory Return [Sec. 142(1) (i)]
 

If a person has not furnished return before the due date, the assessing officer may serve a notice requesting him to furnish a return within a specified time.

Forms of Return

ITR 1 (Sahaj): This form is for individuals being a resident (other than not ordinarily resident) having total income upto Rs 50 lakh, having Income from salaries, one house property; other sources (Interest etc.)

ITR 2: This form is for individuals and HUFs not having income from profits and gains of business or profession.

ITR 3: For individuals and HUFs having income from profits and gains of business or profession.

ITR 4 Sugam: For individuals, HUFs and Firms (other than LLP) being a resident having a total income upto Rs 50 lakh and having income from business and profession

ITR 5: For persons other than (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7.

ITR 6: For Companies other than companies claiming exemption under section 11.

ITR 7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only