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Name: Jyoti Pai Class: Mcom Part II Adm No. : 1121 Sub: DIRECT TAXES

Topics to be covered
i. ii. Return of Income ( Section 139) Self Assessment ( Section 140A)

iii. Return of Loss ( Section 139 (3)) iv. Belated Return ( Section 139(4)) v. Revised Return ( Section 139(5))

vi. Defective Return ( Section 139(9)) vii. Income Escaping Assessment ( Section 147)

Meaning Self Assessment ( Section 140A) Filing of Return of Income ( Section 139 (1))


Company or firm (sec. 139(1))

Other than company or firm (sec. 139(1)) A person in receipt of income derived from property held under a trust for charitable or religious purposes (section139(4A)) Chief executive officer of every political party (section 139(4B) Scientific research association (or research associated from the assessment year 2011-12), new agency, association/institution for control or supervision of profession , instruction for development of khadi and village industries, fund/ institution referred to in section 10(23C)(iv), (v), educational/ medical institution, trade union (section 139(4C) University/educational institution existing solely for educational purposes and not for the purpose of profit if the aggregate annual receipt does not exceed Rs. 1 crore (section 139(4C)(e)) Hospital/other institution existing solely for medical purposes and not for the purpose of profit if the aggregate annual receipt does not exceed Rs. 1 crore (section 139(4C)(e)) Anybody or authority or board or trust referred to in section 10(46) (section 139 (4C)(g)) (applicable from June 1, 2011) Infrastructure debt fund referred to in section 10(47) (section(4C) (h)) ( applicable from June 1, 2011) Any university/college/other institution referred to in section 35 (1)(ii)/(iii) (section 139(4D))

New Return Forms

NEW ITR FORMS SUBJECT ITR-1 (i.e., SAHAJ) For individuals having income from salary/ one house property (not being brought forward loss from previous years)/ income from other sources (not being winning from lottery and income from race horses). ITR-2 ITR-3 For individual/HUFs not having business and profession income For individual/HUFs being partners in firms and not carrying out business or profession under any proprietorship ITR-4 ITR-4S (i.e., Sugam) ITR-5 For individual/HUFs having income from proprietary business or profession For individual/HUFs deriving business income and such income is computed in accordance with special provisions referred to in section 44AD and 44AE For firm, AOPs and BOIs or any other person (no being individual or HUF or company or to whom ITR-7 is applicable) ITR-6 For companies other than companies claiming exemption under section 11


For person including companies required to furnish return under section 139(4A)/(4B)/(4C)/(4D) Where the data of the return of income / fringe benefits in Forms ITR-1, ITR-2, ITR-3, ITR-4,
ITR-5 and ITR-6 transmitted electronically without digital signature.

Return of Loss ( Section 139 (3))

Belated Return ( Section 139(4))

Revised Return ( Section 139(5))

Defective Return ( Section 139(9))

Income Escaping Assessment ( Section 147)