Section 139(5) - Filing a Revised Return

by Varun Advani | 27 June 2015
When can a revised return be filed? Section 139(5) is your answer. Filed your income tax return without claiming the credit of the tax deducted at source in your name? Or accidently entered certain incorrect details with respect to your personal information in your income tax return? Or forgot to disclose certain information with respect to the additional income earned by you during the year in come your income tax return? Don’t worry; the income tax act gives you the opportunity to correct the above mentioned mistakes by filing a revised income tax return u/s 139(5). But the most import... [More]

Efiling of Income Tax

Section 139(4) - Filing Income Tax Returns After Due Date

by Varun Advani | 27 June 2015
Can the income tax return be filed after the due date?  Belated return 139(4) If due to some unforeseen reason, you couldn’t file your income tax return within the due date [i.e. time allowed by section 139(1)], then don’t stress. You still have ample time file your tax return. However this extended time comes with conditions and consequences. The extended time allowed to you by the income tax act is one year from the end of the relevant assessment year. So for example, if you missed the due date for filing your tax return for assessment year 2014-15, you can still file your i... [More]

Efiling of Income Tax

Section 139(3) - By When Does One Need to File a Loss Return?

by Varun Advani | 27 June 2015
By when does one need to file a loss return? Section 139(3)       Everybody, once in a while, faces the issue of making a loss in whatever transaction/business they’ve entered into. Thankfully the income tax act has been kind enough to give us tax breaks on the losses we’ve made. But these losses can only be adjusted against the income we’ve earned if the income tax return has been filed using the proper income tax return form and also if the same has been filed within the specified time allowed as per section 139(1). Therefore the following los... [More]

Efiling of Income Tax

Section 139(3) - By When Does One Need to File a Loss Return?

by Varun Advani | 27 June 2015
By when does one need to file a loss return? Section 139(3)       Everybody, once in a while, faces the issue of making a loss in whatever transaction/business they’ve entered into. Thankfully the income tax act has been kind enough to give us tax breaks on the losses we’ve made. But these losses can only be adjusted against the income we’ve earned if the income tax return has been filed using the proper income tax return form and also if the same has been filed within the specified time allowed as per section 139(1). Therefore the following los... [More]

Efiling of Income Tax

Section 139(1) - Due Dates for Filing of Tax Returns

by Varun Advani | 27 June 2015
To put it simply, section 139(1) of the income tax act 1961 contains details with respect to the due dates of filing of tax returns. Following are the due dates for filing of tax returns for the various persons that come under the purview of the income tax act 1961. Different persons – a.     Salaried employees and freelancers, consultants or self employed professionals  who are not required to get their books of accounts audited   b.     Companies, freelancers, consultants or self employed professionals who are liable to get... [More]

Efiling of Income Tax