4 min read
Updated on Oct 09, 2022
Taxpayers should know more about Section 139 (1) of the Income Tax Act, since it is the section under which they have to file their returns if they have missed filing within the due date.
Filing income tax returns is mandatory if your annual income surpasses Rs. 2.5 lakh as per the prevailing tax rules. Section 139 (1) is a vital component of the ITR. People missing out on their due date for filing returns have to use this section for filing their ITRs. Here are some of the main provisions covered under the Income Tax Act’s Section 139 (1):
Those who do not require auditing or assessing of their books of accounts should file ITRs by the 31st of July for each assessment year. This category includes the following types of filers:
Those having their books of accounts audited should file by 30th September each year. This category includes companies, self-employed individuals or professionals, working partners at firms/companies, and consultants. If you fall in this category, make sure that you keep the last date in mind and abide by all the provisions of the same.
The section covers both voluntary and mandatory IT returns. The following categories are required to file compulsory ITRs:
As per the Section 139 (1) of Income Tax Act, individuals or companies are not compulsorily required to file returns under the voluntary returns plan. Even if they file returns voluntarily, they will be taken as valid ITRs.
The Indian Government has integrated new guidelines for tax return filing under this section. This was the seventh proviso of the same and was implemented on 1st April, 2020.
Certain categories of entities or people will have to file ITRs even while falling in the threshold for exemption, in case they undertake transactions of higher values. Now that you know what is 139 (1) in income tax returns, you should read on for information on a few more aspects.
There are many types of transactions which have coverage under this Act. They include:
Hence, the provisions of this Section 139 (1) are different from Section 139 (9) of Income Tax Act.
ITR filing sometimes seems difficult although it gets smoother with practice and experience. Make sure that you consult a professional if you are still grappling with the system. File IT returns on time, especially if you carry out high-value transactions in spite of not falling in the tax-exempt category. Remember that it is easier to trace these transactions in these cases and hence you should not delay the inevitable! This guide will give you all the information you require about Section 139 (1) of the Income Tax Act.
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Section 139 of the Income Tax Act 1961 features the conditions related to late filing of various income tax returns. It also features the guidelines to file delayed returns. This section has several sub-sections.
You can file belated returns before the end of a financial year. Alternatively, you can file it before the completion of the assessment as well. (whichever is earlier). So, generally the belated ITRs are filed after the deadline, which is up to 31 March of the financial year.
Under section 139 (1), if you file an income tax return after the due date, you have to file it along with additional interest and late fees and submit it within the extended deadline of March 31.
According to the new changed rules stated under section 234F of the Income Tax Act, you are likely to pay a maximum penalty of Rs. 5,000 if you file for belated returns.
The penalty for non-filing of income tax return levied on an individual could be the penalty interest at the rate of 1% per month on the outstanding tax.
Non-filing of ITR may attract penalties and severe consequences. You can respond to a non-filing of income tax return notice online by visiting the portal. Here you can view the notice and reply to it in the 'View and Submit Compliance’ section.
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