Defective Return - Section 139(9) - Income Tax - Ready Reckoner - Income Tax

Defective Return - Section 139(9) Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of 15 days from the date of such intimation. Such time may be extended by the Assessing Officer on an application made by the assessee. If the defect is not rectified within 15 days, or the extended time so allowed, as the case may be, the return filed by the assessee shall be treated as invalid return and the consequences of the same will be as if no return has been filed by the assessee. However, if the assessee rectifies the defect even after 15 days, or the extended time, but before the completion of assessment, the Assessing Officer may condone the delay and treat the return as a valid return. The period of 15 days will have to be reckoned from the date on which the communication is served upon the assessee SITUATION WHERE RETURN IS REGARDED AS DEFECTIVE RETURN. Return Form Has Not Been Duly Filled:- All items in income-tax return form must be filled in the manner indicated in the return form. Otherwise the return may be liable to held defective or even invalid. Return Without Self-Assessment Tax and interest shall be a defective return. Conditions for valid return (i.e. To not treat return as defective return) (a) Annexures, columns statements has been duly filled in ROI. (b) Statement showing the computation of the tax payable has been accompanied (c) Audit report u/s 44AB or the copy of such report in case report furnished prior to ROI should be accompanied with ROI (d) Return should be furnished with proof of tax deducted/collected as the case may be and the advance tax and self-assessment tax paid. (e) In case of updated return u/s 139(8) should be accompanied with proof of payment of tax u/s 140B . (f) where regular books of account are maintained by the assessee, the return is accompanied by copies of- manufacturing account, trading account, profit and loss account or, as the case may be, income and expenditure account or any other similar account and balance sheet; in the case of a proprietary business or profession, the personal account of the proprietor; in the case of a firm, association of persons or body of individuals, personal accounts of the partners or members; and in the case of a partner or member of a firm, association of persons or body of individuals, also his personal account in the firm, association of persons or body of individuals (g) where the accounts of the assessee have been audited, the return is accompanied by copies of the audited profit and loss account and balance sheet and the auditor's report and, where an audit of cost accounts of the assessee has been conducted, under section 233B of the Companies Act, 1956 (1 of 1956) , also the report under that section (h) where regular books of account are not maintained by the assessee, the return is accompanied by a statement indicating the amounts of turnover or, as the case may be, gross receipts, gross profit, expenses and net profit of the business or profession and the basis on which such amounts have been computed, and also disclosing the amounts of total sundry debtors, sundry creditors, stock-in-trade and cash balance as at the end of the previous year. Provided that the Board may, by notification in the Official Gazette, specify that any of the above conditions specified shall not apply to such class of assessees or shall apply with such modifications, as may be specified in such notification.