It is mandatory for every taxpayer to communicate the details of his income to the Income tax Department. These details are to be furnished in the prescribed form known as return of income or ITR.
INCOME TAX RETURN (ITR) FILED U/S :
Section – 139 (1) : This section talks about filing of “Income tax return” for the assessment year (AY ) WITHIN due dates. ITR filed under this section is also known as “Original Return”. If a person files his/her ITR within due dates, he/she must select “RETURN FILED U/S-139(1)”.
(Note : Due date of ITR u/s-139(1) for Non-Audit case Individuals and HUF is 31st July of the AY; and 30th September for Audit case Individuals and HUF and all Companies.)
Section – 139 (4) : This section talks about filing of “Income tax return” for the assessment year (AY ) AFTER due dates but within Last date. ITR filed under this section is also known as “Belated Return”. If a person files his/her ITR after due dates, he/she must select “RETURN FILED U/S-139(4)”.
(Note : Last date of ITR u/s-139(4) for all is 31st December of the AY.)
Section – 139 (5) : This section talks about filing of “Income tax return” for the assessment year (AY ) only if a return u/s-139(1) and/or 139(5) has been filed but required to be filed again (or say revised) due to some error or omission. ITR filed under this section is also known as “Revised Return”. If a person files his/her ITR for any correction of error/omission after filing Original or Belated Return, he/she must select “RETURN FILED U/S-139(5)”.
(Note : Last date of ITR u/s-139(5) for all is 31st December of the AY.)
Section – 139 (9) : This section talks about filing of “Income tax return” for the assessment year (AY ) only if you have received a Notice due to incomplete or misinformation from the Assessing Officer after filing Original/Belated/Revised return. ITR filed under this section is also known as “Defective Return”. If a person files his/her ITR for the same, he/she must select “RETURN FILED U/S-139(9)”.
Section – 142 (1) : This section talks about filing of “Income tax return” for the assessment year (AY ) only if the Assessing Officer is not satisfied with the “information/details of income” in your filed ITR during assessment and he requires more clarification. Even if you have not filed your ITR within due date and on the basis of some information of yours, A.O. thinks that you are required to file ITR as per law, the A.O. may issue a Notice u/s-142(1). If same is the case, a person files his/her ITR U/S-142(1)”.
Section – 148 : This section talks about filing of “Income tax return” for the assessment year (AY ) only if the Assessing Officer believes that the taxpayer has escaped his/her income AND the A.O. has valid supporting proof. On the basis of the Proof of the escaped income, the A.O. may issue a Notice u/s-148. If same is the case, a person files his/her ITR U/S-148″.
Section – 92(CD) : This section talks about filing of “Income tax return” for the assessment year (AY ) only if a person has entered into a Advance Pricing Agreement and prior to the date of entering into the agreement, he/she has filed his ITR relevant to the previous year to which such agreement applies. Any person entering into an Advance Pricing Agreement needs to file his/her ITR within three months from the end of the month of an agreement. ITR filed under this section is also known as Modified Return. This modified return has to reflect the modification of your taxable income with respect to signing an Advance Pricing Agreement.
Section – 119(2)(b) : This section empowers CBDT to permit the income-tax authorities “to accept a late application or claim for any deduction, exemption, refund, or other relief even after the expiration of the time period designated by the Act for making such a claim or application” in order to assist taxpayers experiencing genuine hardship. ITR filed under this section is also known as “Return after Condonation of delay“.
