Section 139(4) – Late Income Tax Return
The taxpayer (an individual or an entity) have to furnish the tax return before the due date as specified under the Section 139(1), or within the allowable time by a notice that is issued under the section 142(1). If they fail to do so, they may still file the belated return for any prior years any time until the expiry of one year that started from the end of the applicable year of assessment or before conclusion of the assessment, whichever happens earlier. However, the taxpayer might be charged with a penalty of ₹5,000, under Section 271F of IT
Act 1961, in case the return is submitted after the pertinent assessment year.
Again, there would be no penalty imposed in case the income did not require a mandatory filing as per the provisions under Section 139(1), even though the return was filed after the expiration of the assessment year.
Section 139(4a) – Income Tax Return of Charitable and Religious Trusts
Filing Tax Return under Section 139(4A) is needed by every individual who receives an income derived from the property held under any trust or other legal obligation, either wholly for religious or charitable purposes or partly for such purposes only, or of income being voluntary contributions referred to in sub-section 2(24)(iia), shall, in case the total income (without giving effect to the provisions of sections 11 and 12) exceeds the maximum allowable amount which is not taxable under income-tax.
Section 139(4b) – Political Party to Furnish the Return on Income
Section 139(4b) requires political parties to file Income Tax Return in case the total income exceeds the maximum allowable tax exempt limit. The total income computed for this specific purpose and under this act excluding the effects of provisions under Section 13A). The Chief Executive Officer or the Secretary of all political parties are required to furnish this return as applicable.
Section 139(4c) and Section 139(4d) – Income Tax Return of entities claiming Exemption under Section 10
Section 139(4c) and Section 139(4D) are intended to deal with certain institutions who are claiming benefits according to the Section 10 of the Income Tax Act 1961.Return under Section 139(4c) includes institutions that are compulsorily required to file tax return if the amount accumulated by the institution exceeds the maximum allowable limit of exemption. This excludes other exemption benefits enjoyed by the institution.Return under section 139(4C) is required to be filed by :
Each and every association engaged in scientific research
Institutions or associations mentioned under Section 10(23A)
News agency
Institutions mentioned under Section 10(23B)
University, institutions, other educational and medical institutions, hospitals
The institutions that come under Section 139(4c) intend to claim tax exemptions as per the following clauses under of Section 10:Clauses are: 21, 22B, 23A, 23C, 23D, 23DA, 23FB, 24, 46 and 47.
Return under Section 139(4d) is applicable for all colleges, universities and institutions which do not need to file tax returns of income and loss under any other provision in this section. Section 139(4d) applies for the following sections of income tax: Section 35(1)(ii) and Section 35(1)(iii) Section 139(4f) Every investment fund referred to in section 115UB, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of income in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).
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