After the previous year expiry, an assessee needs to furnish the income tax return in the prescribed form

by due date specified in this behalf according to section 139(1) of income tax act. Then assessing officer will determine the tax liability of the assessee on the total income assessed by him. Due dates are given for advance tax or TDS/TCS. If any tax is found due on the assessee, a demand notice is issued to him for collecting such tax (section 156). Filing the return of income: - section 139 of income tax act says that an assessee should furnish the return of his total income voluntarily in accordance with the following provisions. 1- Company return: - every company should furnish its return of income voluntary even if loss occurs to the company. 2- Firm return: - every firm is required to furnish its return of income voluntary even if loss occurs to the firm. 3- Return by any other person: - any other person should voluntarily furnish the return of his total income of any other person in respect of which he is assessable, provided his gross total income claiming an exception under section 10(A) or 10(B) exceeds the maximum amount not chargeable of tax (income tax limits which is 160000, 190000, 240000) as applicable to him. However a cooperative society, local authority is always required to furnish the return of his total income as the said provision of maximum not chargeable of tax applies only to individual, H.U.F., an association of person and body of individual. The return should be furnished in the prescribed form, verified in the prescribed manner and duly signed by the assessee Non residents not to file voluntary return in certain cases where tax deducted at source. Theses cases area as follows. - Non residents Indian earning investment income and long term capital gain. - Foreign company or a non corporate non resident earning certain dividends and interest. - Non resident foreign national receiving income from participation of games and other activity Return to be furnished in prescribed form: - every assessee is required to furnish return in the prescribed form as given below. prescribed status of the assessee forms Form ITR-1 Individual having income from salary/pension,family pension and interest form ITR-2 Individual and H.U.F, not having income from business or profession Individual/H.U.F being partners of the firm and not carrying out business and form ITR-3 profession in any propritorship form ITR-4 Individual and H.U.F, having income from business or profession

prescribed status of the assessee forms Form ITR-5 Income tax return including FBT return for firms, AOP and BOI Income tax return including FBT return for companies, other than companies Form ITR-6 claming exemption under section 11 Persons(including companies) required to file return under Sec. 139(4A) or Sec. Form ITR-7 139(4B) or Sec. 139(4C) or Sec. 139(4D) Form ITR-8 Return of fringe benefits for persons not liable to furnish income tax return Where data of return of income /FBT in form ITR-1,2,3,4,5,6 and 8 transmitted Form ITR-V electronically without digital signature

INTEREST ON INCOME TAX REFUND Where any refund due to the assessee, such amount is required to refunded to him without any delay, failing which the government is liable to pay interest on delayed refund in accordance with the following provisions. - 5 days ago

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Section 10(14) About Exemption for Duties and Resides in Specified Areas

We generally see the armed forces performing duties in very difficult places like Leh, Kargil or on a boat in the sea. - 5 weeks ago Where the last day of return is a holiday, return is to be filled on the next day. Salaried person may furnish voluntary return through his employer: u/s 139(1A) a salaried employee has a option to furnished his return of income through his employer who will furnish bulk return to the designated assessing officer on or before the due date of furnishing return. Electronic furnishing of return of income[sec 139(1B) r.w sec 139(D)] from the assessment year 2003-04 any assessee has the option to furnish a return of income for any previous year in accordance with the specified scheme in such form( including a floppy, CD, or any other computer readable media) as may be prescribed. The board u/s 139 may make rules providing for, The class or classes of person who are required to furnish the return in electronic form. The form and manner in which the return in electronic form may be furnished.

The documents, statements, receipts, certificates, or audited reports may not be furnished along with the return in electronic form but have to be produced on demand before the assessing officer. The computer resource or the electronic record to which the return in electronic form may be transmitted. Electronic furnishing of return of income scheme 2007:- the scheme has come into force w.e.f. 27 July 2007[notification no. 210/2007 F.no 142/16/2007 TPL]. Eligible person to furnish return of income/return of FBT:- an eligible person( who has the PAN and he needs to submit return in ITR1,ITR2, ITR3, ITR4, ITR6, ITR8) may at his option, furnish the return of income under section 139, or section 148(1) or section 153A or return of fringe benefit under section 115WD(1) or (2) for the AY 2007-08 and subsequent years to an e-return intermediary who is required to digitize the data of such return and transmit the same electronically to a server designated for the purpose by the e-return administrator, on or before the due date due date for furnishing status of the assessee return of income by 30 september of the where assessee is a company assessment year where accounts of the assessee are required to be audited under by 30 september of the this act or under any other law assessment year where the assessee is a working partner of the firm whose accounts by 30 september of the are required to be audited under any law assessment year by 31 july of the assessment where the return is furnished by any other assessee year

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INTEREST ON INCOME TAX REFUND Where any refund due to the assessee, such amount is required to refunded to him without any delay, failing which the government is liable to pay interest on delayed refund in accordance with the following provisions. - 5 days ago