Income Tax Return of Political Parties U/S 139(4B)

Return of Income of Political Parties [Section 139(4B)]

• 1. Under this section, a political party is required to file a return of income if, before claiming exemption under section 13A, the party has taxable income. The grant of exemption from income-tax to any political party under section 13A is subject to the condition that the political party submits a return of its total income within the time limit prescribed under section 139(1).
  
• 2. The chief executive officer of the political party is statutorily required to furnish a return of income of the party for the relevant assessment year, if the amount of total income of the previous year exceeds the basic exemption limit before claiming exemption under section 13A.
  
• 3. The return must be filed in the prescribed form and verified in the prescribed manner setting forth such other particulars as may be prescribed by the CBDT.
  
• 4. The provisions of the Act would apply as if it were a return required to be furnished under section 139(1).

Income Tax :- Mandatory filing of Income Tax Returns by Universities, Colleges etc u/s 139 (4D)

Mandatory filing of returns by Universities, Colleges etc.

[Section 139(4D)]

• (1) It will be mandatory for every university, college or other institution referred to in clause (ii) and clause (iii) of section 35(1), which is not required to furnish its return of income or loss under any other provision of section 139, to furnish its return in respect of its income or loss in every previous year.
• (2) All the provisions of the Income-tax Act, 1961 shall apply to such return as if it were a return under section 139(1).

Income Tax :- Belated Income Tax Return u/s 139(4)

Belated Return [Section 139(4)]

(1) Any person who has not furnished a return within the time allowed to him under section  139(1) or within the time allowed under a notice issued under section 142(1) may furnish the  return for any previous year at any time -

     (i) before the expiry of one year from the end of the relevant assessment year; or

     (ii) before the completion of the assessment,

whichever is earlier.

(2) A belated return cannot be revised. It has been held in Kumar Jagdish Chandra Sinha v. CIT [1996] 86 Taxman 122 (SC) that only a return furnished under section 139(1) or in pursuance of a notice under section 142(1) can be revised. A belated return under section 139(4) cannot be revised. 

Note – Notice under section 142(1) is served by the Assessing Officer for the purpose of making an assessment -

    (i) on any person who has filed a return under section 139(1) to -

         (a) produce or cause to be produced such accounts or documents as may be required

              by the Assessing Officer; or

        (b) to furnish in writing information in the prescribed form on such points or matters as

              required by the Assessing Officer.

   (ii) on a person who has not filed his return within the time allowed under section 139(1) or  before the end of the relevant assessment year to -

1. furnish a return of his income or the income of any other person in respect of which he is assessable under the Act, in the prescribed form containing the prescribed particulars;
2. (b) produce or cause to be produced such accounts or documents as may be required by the Assessing Officer; or
3. to furnish in writing information in the prescribed form on such points or matters as required by the Assessing Authority