The Income Tax Act, 1961 is the governing law for income tax in India. Section 139 of the Income Tax Act deals with the various provisions regarding the filing of income tax returns by taxpayers. This section is of great importance as it lays down the legal obligations and consequences for non-compliance. Let’s take a closer look at Section 139 and understand its provisions in detail.
Applicability of Section 139:
Section 139 applies to all persons who are required to file their income tax returns. It includes individuals, Hindu Undivided Families (HUFs), companies, firms, and any other entities that are liable to pay income tax. The section specifies the various provisions related to the filing of income tax returns by these entities.
Due Dates for Filing Income Tax Returns:
The section specifies the due dates for filing income tax returns. For individuals and HUFs, the due date for filing returns is 31st July of the assessment year. However, for taxpayers who are required to get their accounts audited, the due date is 30th September of the assessment year.
Mandatory Filing of Income Tax Returns:
Section 139 mandates the filing of income tax returns in certain cases. For instance, an individual who has an annual income of more than Rs. 2.5 lakh is required to file his/her income tax return. Similarly, any taxpayer who has incurred losses in a financial year is also required to file his/her income tax return.
Belated Filing of Income Tax Returns:
If a taxpayer fails to file his/her income tax return within the due date, he/she can file a belated return. The belated return can be filed within a period of one year from the end of the relevant assessment year. However, the taxpayer will be liable to pay interest and penalties for late filing.
Revision of Income Tax Returns:
Section 139 also provides for the revision of income tax returns. If a taxpayer discovers any mistake or omission in his/her original return, he/she can file a revised return within a period of one year from the end of the relevant assessment year.
Consequences of Non-Compliance:
Non-compliance with the provisions of Section 139 can attract various penalties and consequences. A taxpayer who fails to file his/her income tax return within the due date may be liable to pay a penalty of Rs. 5,000. Additionally, if the taxpayer fails to file the return even after receiving a notice from the Income Tax Department, he/she may be liable to pay a penalty of up to Rs. 10,000.
In addition to the provisions mentioned above, Section 139 of the Income Tax Act also includes certain exemptions and relaxations for certain categories of taxpayers. For instance, taxpayers who are 80 years of age or older are exempt from the requirement of filing income tax returns if they have only income from pension and interest. Similarly, taxpayers who have income below the taxable limit may also be exempt from filing income tax returns.
One important point to note is that the income tax return filed by the taxpayer should be complete and accurate. Any false statement or omission of income can attract penalties and consequences under the Income Tax Act. Therefore, it is important for taxpayers to maintain proper records and disclose all income earned during the financial year.
Another important provision of Section 139 is the requirement of tax audit for certain taxpayers. Tax audit is mandatory for taxpayers whose annual turnover exceeds Rs. 1 crore for businesses and Rs. 50 lakhs for professionals. The tax audit report is to be submitted along with the income tax return.
The Income Tax Act also allows taxpayers to file their income tax returns electronically through the e-filing portal of the Income Tax Department. E-filing of income tax returns is convenient, faster, and more secure than physical filing. The Income Tax Department also provides various facilities on the e-filing portal, such as pre-filled income tax returns, which can make the process of filing returns easier for taxpayers.
Conclusion:
Section 139 of the Income Tax Act is an important provision that governs the filing of income tax returns by taxpayers. It lays down the various provisions related to the due dates, mandatory filing, belated filing, and revision of income tax returns. Non-compliance with the provisions of this section can attract penalties and consequences, which taxpayers should be aware of. It is important for taxpayers to file their income tax returns within the due dates and comply with the provisions of the Income Tax Act to avoid any legal repercussions.
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Frequently Asked Questions (FAQs)
- Who is required to file income tax returns under Section 139 of the Income Tax Act?
- All persons who are liable to pay income tax, including individuals, HUFs, companies, and firms, are required to file income tax returns under Section 139.
- What is the due date for filing income tax returns under Section 139?
- The due date for filing income tax returns for individuals and HUFs is 31st July of the assessment year, while for taxpayers who are required to get their accounts audited, the due date is 30th September of the assessment year.
- What are the consequences of non-compliance with Section 139 of the Income Tax Act?
- Non-compliance with Section 139 can attract penalties and consequences, including a penalty of up to Rs. 10,000 for late filing of income tax returns.
- Is it mandatory for all taxpayers to file income tax returns under Section 139?
- No, it is not mandatory for all taxpayers to file income tax returns under Section 139. Taxpayers who have income below the taxable limit may be exempt from filing income tax returns.
- Can taxpayers revise their income tax returns under Section 139?
- Yes, taxpayers can revise their income tax returns within a period of one year from the end of the relevant assessment year.
- What is tax audit under Section 139 of the Income Tax Act?
- Tax audit is a mandatory audit of the accounts of certain taxpayers, including those whose annual turnover exceeds Rs. 1 crore for businesses and Rs. 50 lakhs for professionals.
- Can taxpayers file income tax returns electronically under Section 139?
- Yes, taxpayers can file income tax returns electronically through the e-filing portal of the Income Tax Department.
- What is the penalty for false statements or omissions in income tax returns under Section 139?
- False statements or omissions in income tax returns can attract penalties and consequences under the Income Tax Act.
- Is there any exemption for senior citizens from filing income tax returns under Section 139?
- Yes, senior citizens who are 80 years of age or older and have only income from pension and interest may be exempt from filing income tax returns.
- What is a belated return under Section 139?
- A belated return is an income tax return filed after the due date under Section 139. Taxpayers who file belated returns may be liable to pay interest and penalties for late filing.
