Page 226 - DCOM308_DCOM502_INDIRECT_TAX_LAWS

Unit 13: Registration of Dealers

4. The ............................... shall issue the invoices made out in quadruplicate. Notes
5. A return filed by an assessee indicating the amount of loss incurred is called ...............................
return.

6. ............................... return is the return filed by the assessee after the due date.
7. ............................... is a new return filed by income tax assesses which corrects the information
filed earlier in the regular return is called Revised return.

8. ............................... tax department issues Permanent Account Number called PAN to all
those persons who apply for it.

Who is Required to Submit the Income Tax Return

At present for the Assessment Year 2006-07, Return of income is required to be filed by the
following persons:
Person If Gross total
income Exceeds
1. Senior Citizen i.e., person age 65 years or more 1,85,000 p.a.
2. Woman 1,35,000 p.a.
3. Any other person not covered above i.e., Man below 65 years of 1,00,000 p.a.
age

Last Date of Filing Income Tax Return

st
The last date to submit the income tax return is 31 October of the Assessment Year for assessee
whose accounts are required to be audited under any law and for the partner of a such a firm
whose accounts are to be audited, thus it includes a company assessee, a society, a cooperative
society, a businessmen having turnover more than 40 lakh and professional having gross receipt
of more than 10 lakh.
st
The last date in all other cases is 31 July of the Assessment Year, that is in all those cases where
no audit of accounts is required such as individuals, a businessmen having turnover not exceeding
40 lakh and professional having gross receipt not exceeding 10 lakh.
What if the Assessee does not File his Return of Income

If Assessee does not file his return of income even after the due date then the Assessing Officer
(AO) can issue a notice to the assessee asking for filing his return of income. This notice is issued
under section 142(1) of the income tax Act. If the Assessee does not comply with this notice also
then the AO can complete the assessment i.e., compute his income and the tax liability under
section 144 called “Best Judgment Assessment”.

Did u know? The income tax department has decided to set up special ‘tax kiosks is residential
area to facilitate tax payment.

13.4 Types of Income Tax Return

In income tax Act there are various types of income tax returns such as Regular Return, Loss
Return, Belated Return, Revised Return, and Defective Return.

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