Page 227 - DCOM308_DCOM502_INDIRECT_TAX_LAWS

Indirect Tax Laws

Notes Regular Return

Regular return is the income tax return filed by assessee on or before the due date it is covered
u/s 139(1) of the income tax Act. Thus, if an assessee submits his return of income before due date
of filing of return of income, then the return of income is called Regular return.
Loss Return

It is covered u/s 139(3) of the income Tax Act. Thus, if an assessee submits his return of income
in which assessee declares the loss incurred by him during the previous year, and then the return
of income is called Loss return. It important to note here, that if the loss return is submitted
before the before due date of filing of return of income, then only the loss can be carried
forward. Remember you have studied in the lesson 10 that the losses can be carried forward up
to 8 years if the return of income is filed before due date. The reference there was to the Loss
Return u/s 139(3). If loss return is not filed on or before due date then the losses incurred cannot
be carried forward for set-off in coming year.
Belated Return

Belated return is the return filed by the assessee after the due date; it is covered u/s 139(4) of the
income tax Act. Thus, if an assessee submits his return of income after the due date of filing of
return of income, then the return of income is called Belated return.

Revised Return

Revised return is a new return filed by income tax assesses which corrects the information filed
earlier in the regular return is called Revised return. It is covered u/s 139(5). A return can be
revised any number of times by an assessee. A belated return however, cannot be revised.
Time period for revising a return and for filing a belated return is the earlier of the following
two dates:
1. End of one year from the end of relevant Assessment year
2. Date of Completion of Assessment.

Permanent Account Number (PAN) Sec 139A

Income tax department issues Permanent Account Number called PAN to all those persons who
apply for it. The application is made in from no. 49A along with a prescribed fee and documents.
Computer allots the PAN randomly.
Therefore, it is unique for every person. PAN is a 10 digit alphanumeric code the first 5 digits are
the alphabets, next 4 digits are the numbers and the last one digit is also an alphabet, e.g.,
ADMPM7588C is an example of PAN. It is mandatory to mention the PAN on income tax return.
Wrong quoting of PAN is an offence, which is punishable with a fine of 10,000.

PAN is actually used by income tax department as our account number on which all the details
relating to persons income are stored. It helps income tax department in keeping track of
incomes of a person.

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Caution Income tax department issues Permanent Account Number called PAN to all
those persons who apply for it. The application is made in from no. 49A along with a
prescribed fee and documents.

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