According to the section 139 of Income-tax Act, 1961 deals with late filing of various Income tax. In the event that any individual neglects to record their annual assessment form inside the predetermined cutoff time, section 139 will be appropriate. In this article, we take a gander at the few subsections under Section 139 of the Income Tax Act that are identified with the non-accommodation of annual government form by the assessee inside the recommended time limit.
Subsections of Section 139 of Income Tax
Section 139 comprises of different subsections which manages various kinds of Income assessment forms. These subsections are as per the following:
Section 139(1) – Mandatory and Voluntary Returns
Section 139(1) manages the voluntary and deliberate recording of personal assessment forms by the citizen:
Required Return
The accompanying citizens are required to document a compulsory annual expense form are recorded beneath:
• Any private, open, remote, residential organization.
• Any Limited Liability Partnership (LLP) and boundless risk organization.
• Any absolute individual pay is surpassing as far as possible.
Section 139(3) – Filing Income Tax Return in Case of Loss
Section 139(3) manage assessment forms in the event of misfortune acquired in an organization or firm.
On the off chance that misfortunes are acquired in any salary under the head “Benefits and Gains of Business and Profession” or the head “Capital Gains”, at that point annual assessment form must be documented before the due date referenced under Section 139(1).
The accompanying heads referenced underneath won’t be influenced by the postponed documenting of annual expense form:
• Any misfortune happened under the heads of “House and private property”.
• Any misfortune happened by the unabsorbed property as referenced under Section 139(3).
Section 139(4) – Late Filing Income Tax Return
Section 139(4) manages late documenting of personal expense form. Its arrangements have been portrayed underneath:
• The citizen can document late annual government forms inside one year from the finish of the appraisal year according to Section 144.
• The citizen with late recording of personal assessment forms may bring about a punishment of Rs 5,000 as indicated under Section 271F. Notwithstanding, no punishment will be imposed on restores that were not required to be compulsorily recorded according to Section 139(1).
Section 139(5) – Revised Return
Section 139(5) manages modified personal assessment form in the event of any slip-ups while recording the first annual government forms. Coming up next are its arrangements:
• If the first or introductory personal government form was recorded by the assessee or element according to Section 139(1), he/she can document an updated annual expense form inside one year following the end of the appraisal year of significance or preceding the finishing or finish of evaluation, contingent upon which happens sooner.
• A late annual assessment form can’t be changed. In any case, any misfortune return that was recorded inside the recommended due date as referenced in Section 139(1) can be overhauled.
Section 139(4a) – Income Tax Return of Charitable and Religious Trust
Any person whose pay got from the property involved by an open philanthropy or strict trust and claims tax exceptions under Section 11 and Section 12 of the Income Tax Act are mandatorily required to record their assessment forms, gave that the total of the pay gathered preceding the arrangements under Section 11 and Section 12 is past as far as possible considered exclusion.
Section 139(4B) – Return of Income of a Political Party
Any ideological group will be required to obligatory record its government forms gave that the total of the salary gathered by the gathering is past as far as possible took into account exclusion without considering over any advantages referenced under section 13A.
Section 139(9) – Defective Returns
According to the arrangements under section 139(9), annual government form is deficient when explicit report are not connected with the personal expense form. On the off chance that the arrival is viewed as inadequate by the duty official, at that point the concerned citizen will be educated by him and be permitted to redress the imperfection inside 15 days beginning from the day of hint. In the solicitation from citizen through an application, the reasonable period could be expanded. The surveying official lingerie the citizen about the deformity through a basic letter.
