The PPT gives an overview of the procedure to file Income Tax Return.

1. Presented By:
Dr. V. K. Jain
Head, Department of Commerce
GMN College, Ambala Cantt

2. OBLIGATION TO FILE RETURN OF INCOME
[SEC 139(I)]
Every Person:
(a) Being a company or firm; or
(b) Being a person other than a company or firm, if his
total income or income of any other person in respect
of which he is assessable under this Act during previous
year without giving affect to section 80C to 80U
exceeds the maximum amount not chargeable to text.
shall, on or before the due date, furnish a return of his
income or the income of such other person during the
previous year, in the prescribed form and verified in the
prescribed manner and setting forth such other particulars
as may be prescribed

3. DUE DATES of filing return of income
Particulars AY: 2019-20 Due Date
Individuals, HUF, BOI, AOP (Income Tax
Return by Assessee whose Books of
Account are not required)
31 August 2019
Due date of filing the Income Tax
Return by businesses whose Books of
Account are not required to be audited
31 August 2019
Filing ITR Due Date for (Assessee who
are required to furnish report under
sec 92E)[TRANSFER PRICING]
30 November 2019
Due date of filing the Income Tax
Return by businesses whose Books of
Account require an audit
30 September 2019

4. e-filing of return
• It is mandatory for the following assesses to file
the return electronically:
a) All companies (with Digital Signatures).
b) Partnership firms, Individual and HUFs subject to tax
audit under section 44AB (with Digital Signatures)
c) All individuals or HUF whose total income exceeds Rs.
5 Lacs (Digital Signatures are optional).

5. PENALTY (for late filing of return)
• As per the new law from this year, Individuals will have to
pay late fee after last date to file income tax return for
the FY 2018-19
• Rs 5000 if tax is filed after due date of 31 August but on before 31
December of that assessment year (in this case 31 December
2019)
• Rs 10,000 if tax is filed after 31 December but on or before 31
March of the relevant assessment year (in this case from 1 January
to 31 March 2020.
• Rs 1000 if total income does not exceeds Rs 5,00,000

6. LOSS RETURN [u/s 139 (3)]
• If a person has sustained a loss under the heads
“Profits and Gains of Business and Profession” or
“Capital Gains” and claims that such loss should
be carried forward u/s 72, 73, 74, 74A, then he
may furnish a return of loss within the time
prescribed u/s 139(1) and all provisions of IT Act
shall apply as if it a return furnished u/s 139 (1).

7. BELATED RETURN [u/s 139 (4)]
•If a person has not furnished return of income
• Within time allowed u/s 139 (1), or
• Within the time allowed under a notice issued u/s 142 (1)
•Then he may furnish the return of income on
or before the end of the relevant assessment
year or before the completion of assessment
whichever is earlier.

8. REVISED RETURN [u/s 139 (5)]
•If a person having furnished the return u/s
139 (1) or in pursuance of notice issued u/s
142 (1) discovers any omission or wrong
statement therein, then he may furnish a
revised return on or before the end of the
relevant assessment year or before the
completion of assessment whichever is
earlier.

9. WHO SHALL VERIFY THE RETURN?
[Sec 140]
In case of an individual :
i. By the individual himself
ii. Where the individual is absent from India, by a person duly
authorized by him
iii. In case where he is mentally incapacitated, then by his legal
guardian or any other person competent to act on his behalf
iv. If for any other reason the person is not able to sign, then by
any other person duly authorized by him
(In case (iii) & (iv) above, the person verifying the return
should have a valid power of attorney from the individual to
do so which should be attached with the return of income.)

10. In case of a Partnership Firm:
i. By the managing partner, or
ii. If there is no managing partner or if the managing partner is
not able to verify because of unavoidable reasons, then by any
partner of the firm not being a minor.
In case of Limited Liability Partnership (LLP):
i. By the designated partner thereof, or
ii. Where there is no designated partner as such, or where for any
unavoidable reason such designated partner is not able to
verify the return, by any partner thereof.
In case of HUF:
i. By the Karta
ii. If the Karta is absent from India or is mentally incapacitated,
then by any adult member of the family.
WHO SHALL VERIFY THE RETURN?
[Sec 140] (cont.….)

11. In case of a Company:
i. By the managing director
ii. If there is no managing director or the managing director is not able
to verify because of unavoidable reasons , then by any director of
the company
iii. In case of a company which is not resident in India, by the person
duly authorized by the company (by power of attorney)
iv. In case of a company being wound up, by the liquidator
v. In case of a company whose management has been taken over by CG
or SG , by the principal officer thereof
WHO SHALL VERIFY THE RETURN?
[Sec 140] (cont.….)

12. • In case of a Political Party, by the CEO of party.
• In case of a Local Authority, by the principal officer
thereof.
• In case of AOP or BOI, by any member or principal
officer thereof.
• In case of any other person, by that person or by a
person competent to act on his behalf.
WHO SHALL VERIFY THE RETURN?
[Sec 140] (cont.….)

13. STEPS TO FILE INCOME TAX
RETURN ONLINE
• STEP 1
Log on to the Income Tax Department’s portal
(www.incometaxindiaefiling.gov.in) meant for filing taxes online.
Register yourself using your Permanent Account Number (PAN), which
will act as your user ID.
• STEP 2
Under the ‘Download’ menu, go to e-filing AY 2012-13 < Individual/HUF
and select the appropriate Income Tax Return (ITR) form. Download
ITR-1’s (Sahaj) return preparation software if you are a salaried
individual, pensioner, own one house property and/or earn interest
• STEP 3
Open the downloaded Return Preparation Software (excel utility),
follow the instructions and enter all the details using your Form 16.

14. • STEP 4
Compute tax payable by clicking the ‘Calculate Tax’ tab. Pay tax and
enter the challan details in the tax return (not applicable if your tax
liability is nil).
• STEP 5
Confirm the details entered by clicking the ‘Validate’ tab. Proceed to
generate an XML file, which will be automatically saved on your
computer. The registration process (Step 1) can also be initiated at this
stage.
• STEP 6
Go to ‘Submit Return’ on the portal’s left panel and upload the XML file
after selecting ‘AY 2012-2013’ and the relevant form.
STEPS TO FILE INCOME TAX
RETURN ONLINE (Cont.….)

15. STEPS TO FILE INCOME TAX
RETURN ONLINE (Cont.….)
•
• STEP 7
You will be asked whether you wish to digitally sign the file. If you have obtained a DS
(digital signature) select ‘Yes’. Else, choose ‘No’.
• STEP 8
Once the message regarding successful e-filing is flashed on your screen, the process is
complete. The acknowledgement form - ITR–Verification (ITR-V)-will be generated and you
can download the same. It will also be mailed to your registered email ID.
• STEP 9
Take a print-out of the form ITR-V, sign it in blue ink, and send it by ordinary or speed post
to the Income Tax Department-CPC, Post Bag No-1, Electronic City Post Office, Bangalore –
560 100, Karnataka, within 120 days of uploading your e-return. Couriered documents will
not be accepted.
• STEP 10
The I-T department will send you the acknowledgement by email, which is the finnal step
in the process. If you do not receive it from the Income Tax Department in due course, you
can send the form ITR-V again.