Tag: Filing Income tax return

Income Tax

Defective Return under Income tax act

Defective return under Income tax act is covered under sec 139(9) which says that

If there is any discrepancy/proof not provided in reference to the income filed and contextual taxes credit claimed or if in those cases where books are said to be maintained but the details are not filled then the return shall be deemed as defective.

From last year this DEFECTIVE RETURN has attained significance as lots of returns have been considered defective on these accounts.Actually it so happened that before this time the department utility was not having inbuilt checks due to which many discrepancies went noticed which now are not ignored.

What happens when there is a defective return?

As soon as the defects are noticed the department sends a notice online/offline to the assessee and provides a reasonable time(generally 15 days) to rectify the defect.

How to remove the defects?

Now a days the notice contains a sheet with defect and their impact .It is only required by the assessee generally to accept of decline the adjustment advised .If the assessee agrees or disagrees then in both cases the response sheet is to be submitted which thereby results into removal of defect.

What happens if the defect is not rectified?

If the defect is not rectified within the given time the assessing officer shall treat the return as invalid return and then it shall be deemed that the return was never been filed Hence all consequences of non filing of return will be attracted

are you facing any such case? Feel free to write us about your problem we will assist you

mail us at info@a2zefilingsolutions.com

Income Tax

Filing Income tax returns (Precautions)-Part IV

Income tax Return form 5 

This post is in continuation of our earlier post on precautions while filing ITR for Asst Year 2018-19 . Please refer to them if you wish to read them for filing Income tax Forms ITR 1 ,ITR2, or ITR 3

Post Link
Filing Income Tax Returns (Precautions) -I  Filing Income Tax Returns (Precautions) -I
Filing Income tax returns (Precautions)- Part II Filing Income tax returns (Precautions)- Part II
 Filing Income tax returns (Precautions)- Part III  Filing Income tax returns (Precautions)-Part III

ITR 1 ,ITR 2 and ITR 3 and ITR 4 have already been explained in our earlier posts referred to above.In this post  we will take from ITR5  

For a ready reference ITR 5 is reproduced below

ITR 5 is applicable to following Assessee’s

Firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority but it cannot be filed by person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) (i.e., trusts, political parties, institutions, colleges, investment fund etc.).

A brief explantory guide is also given hereunder

 

How to get the maximum from this guide:

Please check which heads are applicable

Also note that following assessee can not file ITR 5

i)A person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)

ii)A person not being an individual or a Hindu undivided family or a company

It’s important that you get your Balance Sheet and Other schedules ready before filling the return

Keep the details of deductions under chapter VI proofs handy.

The guide presented here is freely downloadable .Do whatever you wish to do with this but please note that with the advent of technology everything has changed.Gone are the days when one earns income and forget to declare in the return either intentionally or unintentionally and the income was seldom discovered by the department.

Now it happens that the department gets information from almost all over the world and to add to it the data mining softwares are analysing the information and also applying all permutations and combinations so be aware and follow the guidelines given in the guide above and sleep a peaceful night and contribute in our nation’s progress.

In next post we will take remaining returns except ITR 6 which requires a separate post so happy reading

 

 

Income Tax

Filing Income tax returns (Precautions)- Part II

This post is in continuation of our earlier post on precautions while filing ITR for Asst Year 2018-19 .At that time ITR 6 was not released now as all return forms have been released we will take them one by one

ITR 1 has already been explained in our earlier post ITR 2 is more or less same as ITR1 We will take from ITR3

As one can see that ITR 3 is for those who have income from any head so the guide presented here is fairly long but it is important that we explain all the sections however generally all heads are not present in all cases so go ahead and look for the relevant sections.

How to get the maximum from this guide:

Just check which heads are applicable to your income .Now go through only those heads and follow the guide in your context

Remember each and every head is in most of the cases never applicable to a single entity

The guide presented here is freely downloadable .Do whatever you wish to do with this but please note that with the advent of technology everything has changed.Gone are the days when one earns income and forget to declare in the return either intentionally or unintentionally and the income was seldom discovered by the department.

Now it happens that the department gets information from almost all over the world and to add to it the data mining softwares are analysing the information and also applying all permutations and combinations so be aware and follow the guidelines given in the guide above and sleep a peaceful night and contribute in our nation’s progress.

For a ready reference ITR 3 is reproduced below

In next post we will take remaining returns except ITR 7 which requires a separate post so happy reading