Section 139(4a) Of Income Tax Act (New Update)

The Government of India enacted the Income Tax Act in 1961. It has every information related to taxation as a levy, collection, management, and retrieval of income tax. The act aspires to consolidate the rules related to taxation in the nation.

Section 139 of this Act comes under ITR 7. Let us know about ITR 7 and ITR 7 for whom. 

What is Section 139?

Section 139 falls in ITR 7. ITR 7 for whom is given in detail here.

Your Income comes under one of the five categories classified by the Income Tax Department. These categories include your house property, salary, Capital gains, business, and other sources. If you earn, you are liable to pay Tax.

One of the sections of the Income Tax Act of 1961 is Section 139. It deals with varied returns you can file. It comes under ITR 7 and you can know more about ITR 7 for whom. 

What are the Sub Sections under Section 139?

Section 139 comprises several sub-sections based on earnings and returns.

Section 139(1): Filing ITR is Mandatory in this section.

Section 139(3): Filing ITR if you encounter a Loss.

Section 139(4): Filing ITR after the due date.

Section 139(5): Filing Revised Returns in case of unintentional mistakes.

Section 139(4A): Your gains from Charitable and Religious Trusts.

Section 139(4B): Political Parties if their donations are more than allowed levels.

Section 139(4C) and 139(4D): ITR of certain institutions which claim advantages under Section 10.

Section 139(9): If your ITR is Defective due to missing papers. 

You might get aware of ITR 7 and ITR 7 for whom. 

What is Section 139(4A)?

If you fail to file your ITR within the last date, you can file the returns under Section 139. If you receive income from property held under Trust or for Charitable or Religious purposes, you can file the return under 139(4A).

FAQ- Section 139(4a) Of Income Tax Act

How do I file a return under 139(4)?

You must file ITR within the anticipated date. If you fail to file ITR within the due date, you can file belated returns under Section 139(4).

You can file belated returns within one year from the end of the relevant assessment year or before the conclusion of the assessment (whichever is earlier).

You can file from your login on the Income Tax Website. In General Information, select 139(4) belated under the drop-down. You can preview and submit it. As simple as that.

Which is the due date for filing a belated return of income u/s 139(4)?

 If you fail to file ITR within the due date, you can file belated returns under Section 139(4). 

You can file a belated return up to three months before the end of the assessment year i.e. December 31 of the relevant assessment year or completion of the assessment, whichever is earlier.

What is a Permanent Account Number under section 139 A?

Section 139A of the Income Tax Act requires you to hold a Permanent Account Number.

It comes under Rule 114 of the Income Tax Rules. PAN is a ten-digit code allotted to you by the Income Tax Department. I.T. Department quotes your PAN in many places for which you need to provide it in return.

If you have a PAN, you can locate the Assessing Officer, do the assessment faster, Process Refunds, ensure Tax Compliance, and many more.

You should fill out the Application form carefully giving specified information, including your name, father’s name, address, date of birth, sources of income, etc.

What is Section 139(4c) of income tax?

Institutions referred to under Section 10 come under this Return of Section 139(4C). These institutions must file a tax return compulsorily if they accumulate more than the maximum allowable limit. 

This excludes other exemption concessions relished by the institution. 

It shall be filed in the same way as under section 139(1).

Return under Section 139(4C) is to be filed by :

1. Research Association guided in section 10(21);
2. News Agency referred to in section 10(22B);
3.  Institution directed to in section 10(23A);
4. Institution referred to in section 10(238);
5. Fund Or Institution referred to in sub-clause (iv) or Trust Or Institution directed to in sub-clause (v) or any University or Other Educational institution referred to in sub-clause (vi) or any Hospital or Medical Institution directed to section 10(23C) in sub-clause(via);
   • Mutual Fund guided in clause (23D) of section 10;
   • Securitization Trust guided in clause (23DA) of section 10;
   • Venture Capital Company directed to in clause (23FB) of section 10;

6. Trade Union Association referred to in sub-clause (a) or (b) of section 10(24).

7. Authority Or Board Or Trust Or Commission (by whatever named) referred to in clause (46) of section 10;

8. Infrastructure Debt Fund referred to in clause (47) of section 10;

Which ITR is for persons /companies to furnish returns under section 139 4a or 139 4b or 139 4c or 139 4d?

ITR 7 form is for persons/companies who file returns under sections 139 4a or 139 4b or 139 4c or 139 4d. 

If you come under any of these 139 sections, you need to file ITR 7 form.

What happens if you fail to file a return of loss?

If you suffer a loss in a year, you need not file income tax returns for that year. This applies only to individuals. If you are self-employed or running a business, you have to file ITR even in the event of a loss.

The advantage of filing your losses is that you can carry them forward to future years. These losses can be set against future profits when they arise.

If you fail to file the loss within the due date, it cannot be carried forward which results in paying more tax in the future year if you get profits. But the loss of previous years can be carried forward if returns have been filed for those losses on time and assessed.

What is 139 8A in income tax?

Finance Bill 2022 has raised the new section 139(8A) in Income Tax Act, 1961. It facilitates the filing of an ‘Updated Return’ by you. It has effect from 1st April 2022.

You can file the updated return under 139 (8A) if,

• You have not previously filed the returns
• You did not report your earnings correctly.
• You have chosen the wrong heads for income filing.
• You have got additional income sources
• To reduce your carry-forward losses
• To reduce unabsorbed depreciation.

However, you cannot file the updated return if you have no additional tax outgo.

What happens if the return is treated as invalid 139 9?

Your ITR may be defective if you provide incomplete information or schedules or for any other reason. You may receive a defective notice under Section 139 (9) of the Income Tax Act.

If you fail to respond to the defective notice within the prescribed period, your return may be treated as invalid.

You will face consequences such as penalty, interest, non-carry forward of losses, and loss of specific exemptions may occur, as the case may be per the Income Tax Act.

How do I return in response to notice us 139 9?

If you receive notice 139 9, you can either file the return as a fresh/ revised return if you still have time for the particular assessment year

or choose to respond to Notice u/s139. If you are unable to respond to the notice, the return will be treated as invalid or not filed for that assessment year.

Bottomline

You should file your returns within the due date to avoid penalties. In case you fail to file ITR within the stipulated time, you can file belated returns under Section 139(4a) of income tax act . This section comes under ITR 7. You can file your belated returns under Section 139(4A) if you receive income from a trust or for any charitable purpose. ITR 7 is for you to file your belated returns.

Thus, you might be aware of ITR 7 and Section 139(4) for your belated returns.

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