Filing of Income Tax Return and related questions, Self Assessment Tax, Setoff and Carry Forward of loss, Belated Income Tax Return, IT Refund,Time limit, Late Fee, Revised Return, Defective Return

FILING OF ITR

1. What is Self Assessment Tax?

Tax is required to be paid includes 

• Normal Tax
• interest us 234 A,B,C 
• Fee us 234F
After adjustment of 
• Advance Tax
• TDS
• Relief
• MAT credit

2. What will be the consequences, If payment of tax as above is less than the tax and interest as is required to be paid?

The amount so paid shall be adjusted against interest and fee first.
The assessee will be treated as assessee in default and he is required to be paid interest and penalty us 220 and 221.

SETOFF AND CARRY FORWARD

1. Can loss under BUSINESS and CAPITAL GAIN be setoff and carried forward even no ITR is filled?

Loss under the head BUSINESS or PROFESSION and CAPITAL GAINS can be carried forward and setoff only if ITR is filed us 139(3).

2. Can loss under BUSINESS and CAPITAL GAIN be setoff and carried forward if ITR is filled after due date?

No, ITR in case of loss is required to be filled within the due date.

3. Can setoff of loss is allowed without filing ITR?

If no return is filled still setoff is allowed for the same financial year in which loss is incurred but loss that remains after setting of can't be carried forward.

4. Can loss under HOUSE PROPERTY INCOME be carried forward even if no return is filled?

Yes, section 80 doesn't refer to section 71B, which allows house property loss to be carried forward, hence house property loss can be carried forward even if no return is filled.

5. Can depreciation be set off and carried forward if return is filled after due date?

Setoff and carry forward of depreciation is governed by section 32(2).
Section 32(2) is not governed by Chapter VI, which is made of section 70 and 80.
Section 80 doesn't overrides section 32(2) and section 32(2) doesn't provide that ITR is required to be filled before due date for setting of and carry forward of depreciation.

6. Can unabsorbed depreciation be carried forward even if no return is filled?

CIT v. Haryana Hotels Ltd. ( Punjab & Har.)
No provision which makes mandatory filing of return so unabsorbed depreciation can be carried forward.

7. Can business loss of earlier years be carried forward in case of belated return?

Business loss of earlier years can be carried forward even if return is filled after due date in a situation when return of the relevant F. Y. to which the loss is related is filled with in due date.

ITR FOR REFUND

1. Can ITR for unclaimed refund be submitted?

Yes can be submitted upto 6 years from the end of A.Y to which such refund is related.

TIME LIMIT FOR SUBMISSION OF RETURN

1. What is the time limit for submission of ITR?

In case of return not submitted within the time limit us 139(1), then one can submit it upto the end of the A.Y. i.e. 31 March.

2. Is there any charges for delay in submission of ITR?

It depends on level of income and date of submission.

Upto 5 lakhs of total income ₹ 1,000.00 upto 31 March.
Above 5 lakhs of total income ₹ 5,000 upto 31 December and after 31 December ₹ 10,000 upto 31 March

3. Can any one submit return again if any mistake was noticed in the previous return?

Return can be filled again which is called revised return and it can be filled upto the end of A.Y. and it can be revised even if it is filled belated.

BELATED RETURN

1. what the effective date of return when original return is revised?

Revised return replaces the original return and it is effected from the date of original return and deemed as the original return is withdrawn.

According to DHAMPUR SUGAR MILLS LTD. the revised return substitutes original return from the date it was filled.

2. Can revised return be filled, If original return is filled after due date with respect to notice by AO us 142(1)?

Yes, since belated return us 139(4) can be revised within the end of A.Y.

3. How many times a return can be revised?

According to the decision of DR. N. SRIVASTAVA a return can revised for any number of times 

4. Can a return be filled without paying all dues in full?

Yes, Finance Act 2016, deletes such clause, and now if a return is filled without paying all dues such assessee will be treated as assessee in default and us 220 & 221 penalty and interest will be attracted.

DEFECTIVE RETURN

1. Can defective return be corrected?

An A.O. may provide opportunity to an assessee to rectify defects, within 15 days or within such extended time as per request of assessee.

2. What will be the effect if defects are not removed by assessee.

The return will be treated VOID-AB-INITIO, it will be deemed that no return was filed.

3. Can A.O. condon any delay in correction by assessee?

A.O. may condon delay in correction by assessee if assessee made the correction before completion of assessment.

QUOTING OF AADHAAR NUMBER

1. Which is the effective date of quoting Aadhaar number compulsory?

Finance Act 2017 makes it compulsory w.e.f. 1st July 2017.

2. What are the places quoting Aadhaar number is compulsory?

In application for allotment of PAN and in ITR.

3. What will be the position of a person who does not possess Aadhaar Number?

He shall quote Enrollment ID of Aadhaar Application form issued to him at the time of enrollment.

4. Is there any requirement of providing intimation of Aadhaar number to I.T. authority?

From 1 July 2017 every person who has been allocated Aadhaar Number is required to intimate. 

In addition every person who is eligible to obtain Aadhaar Number shall also intimate. 

5. Is there any exceptions to either mentioning Aadhaar Number or intimating the same?

The exception is applicable to the following:
5.1 A person resident of Assam, Jammu, Kashmir, Meghalaya.
5.2 Non Resident as per I.T. Act 
5.3 A person of 80 years of age at any time during the P.Y.
5.4 Not a citizen of India.

6. What is the consequences of non compliance?

The PAN alloted will be invalid and other provisions will be applicable to such person as if such person has not applied for PAN.

7. Is there any Judgement of SC?

A person who have already enrolled will comply. In case one who does not possess Aadhaar Number is not required to comply.