While filing income tax returns, one of the mandatory fields that the taxpayer must complete is “Return filed under Section”. In this article, we look at the different types of returns filed under section categories and the meaning of each category.
If you are filing your income tax return within the due date, i.e. on or before 31 July, this option should be selected in case of individuals.
If an income tax return is not filed within the due date before 31st July under Section 139(1), it can still be late filed before the end of the assessment year or 31st March. When an income tax return is filed after the due date but within the end of the assessment year, Section 139(4) must be selected.
In case of any omission or wrong statement in return filed under Section 139(1) or 139(4), a revised return can be filed at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Hence, when a revised return is filed, then under Section 139(5).
A defective return is rectified according to a notice issued by the Assessing Officer.
A return is required to be filed according to a notice issued by the Assessing Officer where a return has not been filed.
The income tax return is filed according to a notice issued by the Assessing Officer where the income has escaped assessment.
The income tax return is filed according to a notice issued by an Assessing Officer where a search is conducted, or requisition is made.
Where an Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article or thing or book of account or documents seized or requisitioned belong to any person, other than the person from whom it is seized during the conduct of a search, then the books of accounts or documents or assets seized or requisitioned should be handed over to the Assessing Officer having jurisdiction over such other person and that Assessing Officer should proceed against such other person and issue such other person notice and assess or reassess income of such other person. An income tax return filed according to such a notice issued by the Assessing Officer will be covered under this option.
A modified return is to be filed for an assessment year relevant to a previous year to which an advance pricing agreement is entered in terms of Section 92CC. The modified return is to be filed within three months from the end of the month in which the said agreement was entered into under Section 92CD.
To help taxpayers with genuine hardship, the CBDT may authorise the income-tax authority to admit a belated application or claim for any deduction, exemption, refund or any other relief even after the expiry of the period specified under the Act for making such claim or application.