very useful presentations for MBA students.

1. Filing of Income Tax Return
including E-Filing
Presented By:-
Sanjeev Kumar Patel
&
Saurabh Kumar Tiwari

2. Filing of Income Tax Return
Voluntary return of income [sec.139(1)]
(1) Return by an individual HUF, AOP, BOI, or an
artificial juridical person.
Every individual HUF, AOP, BOI or an artificial juridical person shall file
the return of his total income of any person(in respect of which he is
assessable) if the income without giving effect to the provisions of sec
80C to 80U exceeds the maximum amount which is not chargeable to
income tax.

3. Income Tax Slabs for Individual, HUF, AOP and BOI
Individual / HUF /
AOP / BOI
Women Senior Citizen Super Senior Citizen Rate
Upto Rs.
2,00,000
Upto Rs.
2,00,000
Upto Rs.
2,50,000
Upto Rs.
5,00,000
No Tax
Rs. 2,00,001 –
5,00,000
Rs. 2,00,001 –
5,00,000
Rs. 2,50,001-
5,00,000
Not Applicable 10%
Rs. 5,00,001-
10,00,000
Rs. 5,00,001-
10,00,000
Rs. 5,00,001-
10,00,000
Rs. 5,00,001-
10,00,000
20%
Above
10,00,000
Above
10,00,000
Above
10,00,000
Above
10,00,000
30%

4. (2) Return by a com. or a firm
Every co. or a firm shall furnish on or before the due date the return in
respect of its income or loss of every previous year.
(2A) Return by Ordinarily Resident person having asset
located outside India.
An Ordinarily Resident person having asset located outside India or signing
authority in any account located outside India, shall furnish on or before due
date a return in respect of income or loss for the previous year in the
prescribed form.

5. Due Dates for Filing Return
a) For company assesses :- By 30th day of September of
the assessment year.
b) For all non corporate persons whose accounts are subject to audit
and working partners of a firm whose accounts are subject to audit :-
By 30th day of September of the assessment
year.
c) For all other persons :- By 31st day of July of the
assessment year.
Penalty, If an assessee fails to file the return u/s 139(1) on or before due

6. Exemption from filing a Return of
Income [Sec.(1C)]
The Central Govt. may, by notification, exempt any class or classes of persons
from the requirement of filing the return of income having regard to such
condition as may be specified in the notification.
The Govt. has notified that the employees who fulfil the condition are not
required to furnish the return for the AY 2014-15.
1. The total income of the employee is not more then RS. 500000.
2. The employee has income only from the following source:
a. salary
b. Interest from a saving a/c in a bank not exceeding Rs. 10000.
3. The employee has reported his PAN to the employer.

7. 4. The employer has been informed about the interest income of the
employee.
5. The employer has deducted tax at source on interest claim also.
6. The employee has received from the employer a certificate of tax
deduction at source duly filled in.
7. The employee has no claim of refund for the AY 2014-15.
8. The employee has received salary from only one employer for the AY
2014-15.
If the employee has received a notice u/s 142(1) or u/s 148 or u/s 153A or
u/s 153C of the IT Act to file the return of income for the AY 2014-15
he will file the return of income.

8. Prescribed forms of Return of
Income
Forms of return of income for the AY 2013-14.
Form no. ITR-1
(Sahaj)
For individual having income from salary/ pension/ one house
property/ other source.
Form no. ITR-2 For individual and HUF not having income Business &
Profession.
Form no. ITR-3 For individual/ HUF being partners in firm and not carrying out
business or profession under any proprietorship.
Form no. ITR-4 For individual and HUF having income from a proprietary
business and profession.
Form no. ITR-
4S
For individual / HUF having business income computed in
accordance with the provision of sec. 44AD & 44AE.
Form no. ITR-5 For firm, AOP, and BOI and other person (other then individual
HUF co. and other person required to furnish return in ITR-7)

9. Form no. ITR-6 For co. other then co. claiming exemption sec 11.
Form no. ITR-7 For person including co. required to furnish return u/s 139
(4A) or sec. 139 (4B) or sec. 139 (4C) or sec 139 (4D)
Form no. ITR-V Where the data of the return of income in forms ITR-1, ITR-2,
ITR-3, ITR-4, ITR-4S, ITR-5 & ITR-6 transmitted
electronically without digital signature.

10. Manners of furnishing the Return of
I. In a paper form,
Income
II. Electronically under digital signature
III. Electronically and thereafter submitting the verification of the return in
form ITR-V
IV. Bar-coded return in a paper form.
V. An individual or a HUF if total income exceeds Rs. 10,00,000 shall
furnish return in manner (ii) or (iii)
VI. An individual or a HUF resident having assets located outside India or
signing authority in any account located outside India and filing return in
Form ITR-2 or ITR-3 or ITR-4 shall furnish return in manner (ii) or (iii)

11. VII. An individual or a HUF filing return in Form ITR-4 or a firm filing
return in Form ITR-5 liable to tax or audit u/s 44AB shall furnish in
manner (ii) or (iii).
VIII. A co. filing return in Form ITR-6 shall furnish return in manner (ii)
IX. A person filing return in Form ITR-7 shall furnish in manner (i)
X. Other tax payers [not falling in (1) to (5) will have the option to file
the return in a paper form or electronically
XI. Income tax return verification form (ITR-V) where an assessee files
the return electronically without digital signature, he has to submit
ITR-V duly signed and verified.

12. Filing of return on Computer readable Media
Any person who is required to furnish a return of income may, at his
option furnish on or before the due date in accordance with a
notified scheme by the board.
The return of income may be furnish in a such form (including on a
floppy diskette, magnetic cartridge tape, CD ROM or any other
computer readable media) and manner as may be specified in such
schemes.

13. Schemes for Submission of Returns of
Income through Tax Return Preparers [Sec
139B]
Certain specified class or classes of persons may be allowed to furnish their
returns of income through a tax return preparer authorised to act as such under
this scheme.
The scheme framed by the board may provide for the following:-
a) The manner in which and the period for which the tax return preparer shall be
authorised.
b) The educational, training and other conditions required to be fulfilled.
c) The code of conduct for the TRP.
d) The duties and obligations of the TRP.
e) The manner in which authorization can be withdrawn, etc.

14. Return of Loss [Sec.139(3)]
If any person suffers loss in any previous year under the head Business
or Profession or Capital Gain and the person intends to carry it
forward, such loss can be carried forward only if such person files a
voluntary return of his loss in the prescribed form and within the
allowed time u/s 139(1) and 139(4).
• Any loss of current year can be set off even if return of loss is filed
after the due date as prescribed u/s 139(1).
• Loss under HP can be carried forward even if the return of loss is filed
after the due date.

15. Belated Return [Sec. 139 (4)]
Any person who has not furnish a return of income within a time
allowed to him u/s 142(1) may furnish the return for any
previous year at any time before the expire of one year from
the end of the relevant A.Y. or before the completion of the
assessment, which ever is earlier.

16. Revised Return of Income
[Sec.139(5)]
If any person having furnished a return discovers any omission or any wrong
statement therein, he may furnish a revised return any time before the
assessment is completed or before the expire one year from the end of the
relevant assessment year which ever is earlier.
Condition for filing revised return:
I. A belated return can not be revised.
II. A return can be revised any number of times.
III. No need of permission from any authority for submitting a revised return.
IV. No fees for filing a revised return.
V. A return of loss can also be revised.

17. Defective Return of Income
[Sec.139(9)]
When the assessing officer considers that the return of income furnished by the
assessee is defective, he may intimate the defect to the assessee and give
him an opportunity to rectify the defect within a period of 15 days from the date
of such intimation. On an application by the assessee the Assessing Officer
may extend the period of 15 days if the defect is not rectified within the said
period of 15 days or further period allowed by the assessing officer, then the
return shall be treated as invalid and it will be deemed as if the assesse has
failed to furnish the return. However, where the assessee rectifies the defect
after the expiree of the aforesaid period but before the assessment is made,
the assessing officer may condone the delay and treat the return as valid
return.

18. Compulsory Return [Sec.142(1)(i)]
Where any person is assessable either in respect of his income or
income of any other person and he has not furnish the return of
income on or before the due date of furnishing the return the
Assessing Officer may serve a notice on such person requiring him
to furnish the return, such return should be furnished within the time
allowed in the notice.
Such person remain liable to pay interest u/s 234A for late
furnishing of return from the due date of furnishing the return till the
return is furnished.

19. Signing of Return [Sec.140]
The return u/s 139 shall be signed and verified as under:
i. Individual:
a) By the individual concerned;
b) Where the individual is absent from India by some person duly
authorised by him in this behalf;
a) where the individual is mentally incapacitated from attending to
his affairs by his guardian or by any other person competent to
act on his behalf;

20. ii. HUF:
a) By the KARTA
b) Where the Karta is absent from India or is mentally incapacitated
from attending to his affairs, by any other adult member of such
family.
iii. Company: By the managing director thereof or in case of any
unavoidable reason such managing director is not able to sign and verify
the return or where there is no managing director, by any director thereof.

21. iv. Firm: By the managing partner thereof or where any
unavoidable reason such managing partner is not able to sign and
verify the return or where there is no managing partner, by any
partner thereof not being a minor.
v. Local authority: By principal officer thereof.
vi. Political party: By the chief executive officer of such party.
vii. Any other association: By principal or any other member.
viii.Any other person: By that person or some other in his
behalf.

22. Filing of Return in Electronic form
[Sec.139D]
The Board may make the rules providing for:
a. The class or class of persons who shall be required to furnish the return
in electronic form.
b. The form and the manner in which the return in electronic form may be
furnished.
c. The document, statements, receipt, certificate or report which may not
be furnished along with the return in electronic form but shall be
produced before the assessing officer on demand;
d. The computer resource or the electronic record to which the return in
electronic form may be transmitted.

23. Steps for E-Filing of Income Tax
Return
1. Visit www.incometaxindiaefiling.gov.in
2. Select the required ITR Form and download return preparation software
for the selected Form.
3. Prepare your return offline at your convenience and follow simple steps
to upload your return.
4. On successful upload take the print of the acknowledgement form if the
return is digitally signed.
5. In case the return is digitally signed take the print of ITR Form (2
copies).
6. Send one copy of ITR Form duly signed and verified by ordinary post
within 120 days from the date of filling the return

24. Facilities provided by the department for E-filing of
I.T Returns
1. Calculation of tax and interest through return preparation software.
2. View tax credit statement (26AS) of all taxes paid and deducted,
without registration
3. Check processing status of your e-filed returns on line
4. Get refund through refund bankers scheme

25. Advantages of E-filing of Returns
1. Convenient and secure online transactions
2. Available any time any where
3. Higher data accuracy
4. Faster processing of returns and quicker refunds
5. E- filing of returns is paper less.

26. Permanent Account Number
[Sec.139A]
The Income tax department issues a Permanent Account Number
(PAN) to every tax payer borne on its records. The PAN is meant to
identify the returns, taxes payment, challans and the
correspondence received from the accesses and linked these to
there assessment records to facilitate quick disposal of there
refunds claims or assessment.
Cases under which PAN is compulsory:
i. His income exceeds exemption limit.
ii. He is liable to pay taxes on behalf of other person as a
representative assesse

27. iii. If he is carrying on a business or profession and his total sales
turnover or gross receipt are likely to exceed 5,00,000 in any
financial year.
iv. If he is importer or exporter.
v. If he is an assesse under the Central Excise Rule 1944.
vi. If he issues invoices under rule 57AE of the Central Excise Rules,
1944 and he is registered.
vii. If he is an assessee under Service Tax Act.

28. viii. If he is an assesse under Central Sales Tax Act or General Sales
Tax Act of a state or union territory.
ix. If he is entitled to receive any sum or income or amount on which
tax is deductible at source.
x. Further the Central Govt. may for collecting any information which
may be use full for or relevant to the purposes of the act, by
notification specify any class or class of persons who shall apply to
the A.O for allotment of PAN.