Assess Pro 1

N.A.D.T., Nagpur APRIL, 2009

AS SESS MENT PRO CED URE SEC . 139 o nwar ds by

Dr Vinay Kumar Singh Additional Director (Faculty), NATIONAL ACADEMY OF DIRECT TAXES, NAGPUR

1

Introduction to Incometax .

LAW Voluntary compliance

CITIZENS OF INDIA Elections

C.s I.T. (Appeal)

LEGISLATURE OF INDIA

ORDERS

Asstt/Dep. Cs I.T. Addl./Jt.C.s I.T.

C.C.s I.T.

C.B.D.T.

Interpretation of

M.O.F.

intention of legislature

Intension of legislature

-Collection of revenue for PUBLIC GOODS -Redistribution of income -Behaviour modification

I.T.O.s

C.s I.T.

I.T.A.T. S.C. / H.C.

GOAL

I.T.I.s

POLICY -EQUITY -NEUTRALITY -EFFICIENCY -PREDICTABILITY -ADEQUACY

STATUTE

CASE LAWS

LAW -Standard text -Conveys intention of legislature to Administrators & compliers

ADMINISTRATION

-RULES -PROCEDURE -CONVENTIONS

2

PRINCIPLES OF NATURAL JUSTICE

Introduction to Incometax .

• LEGISLAT URE

JUDICIA RY

EXECUTIV E

• •

• •

Law is made by the representatives of the citizens All public servants work for the citizens of the country Executive has the responsibility of ensuring compliance of the Law Income tax authorities are QUASI-JUDICIAL in nature While exercising this responsibility, and while dealing with citizens, they must follow the basic principles of natural justice: – APPRECIATION OF EVIDENCE – OPPORTUNITY OF BEING HEARD 3 – SPEAKING ORDER

Introduction to IncomeLIMITATIONS ON AUTHORITY OF tax . EXECUTIVE

•

LIMITATION OF POWER – No action can be taken by an executive that impinges upon any of the rights of the citizens, unless the Law authorizes such action – Action can only be taken by the authority to whom the power is delegated, ONLY within his JURISDICTION – There must be application of mind by that authority – Action must be BONA-FIDE & NONDISCRIMINATORY (NEUTRALITY)

EXECUTIV E

•

LIMITATION OF TIME – Time limits often defined in the Act for certain actions – No action possible once BARRED BY TIME LIMITATION

•

LIMITATION OF INTERPRETATION – Words (& phrases) defined in the statute

4

Introduction to Incometax .

INCOME-TAX AUTHORITIES

Sec. 116. There shall be the following classes of income-tax authorities for the purposes of this Act, namely : (a) the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963), (b) Directors-General of Income-tax or Chief Commissioners of Income-tax, (c) Directors of Income-tax or Commissioners of Income-tax or Commissioners of Income-tax (Appeals), (cc) Additional Directors of Income-tax or Additional Commissioners of Income-tax or Additional Commissioners of Income-tax (Appeals), (cca) Joint Directors of Income-tax or Joint Commissioners of Incometax, (d) Deputy Directors of Income-tax or Deputy Commissioners of Income-tax or Deputy Commissioners of Income-tax (Appeals), (e) Assistant Directors of Income-tax or Assistant Commissioners of Income-tax, (f) Income-tax Officers, (g) Tax Recovery Officers, (h) Inspectors of Income-tax. 5

Introduction to Incometax .

INCOME-TAX AUTHORITIES EXECUTIVE

Sec. 2 (7A) Sec. 2 (28) Sec. 2 (25) Sec. 2 (9A) / 2(9B) / 2(19A)/ 2(19C) Sec. 2 (1C) / 2(1D) / 2(28C)/ 2(28D) Sec. 2 (16) Sec. 2 (15A) Sec. 2 (12)

Sec. 117 (1)

6

Introduction to Incometax .

ASSESSING OFFICER Sec. 2 (7A) Assessing Officer means the Assistant Commissioner or Deputy Commissioner or Assistant Director or Deputy Director or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of this Act, and the Additional Commissioner or Additional Director or Joint Commissioner or Joint Director who is directed under clause (b) of sub-section (4) of that section to exercise or perform all or any of the powers and

7

Introduction to Incometax .

ASSESSING OFFICER Sec. 2 (7A) Assessing Officer

Sec. 120 Jurisdiction of income-tax authorities (1) Income-tax authorities shall exercise all or any of the powers and perform all or any of the functions conferred on, or, as the case may be, assigned to such authorities by or under this Act in accordance with such directions as the Board may issue for the exercise of the powers and performance of the functions by all or any of those authorities. Explanation. For the removal of doubts, it is hereby declared that any income-tax authority, being an authority higher in rank, may, if so directed by the Board, exercise the powers and perform the functions of the income-tax authority lower in rank and any such direction issued by the Board shall be deemed to be a direction issued under sub-section (1). (2) The directions of the Board under sub-section (1) may authorise any other income-tax authority to issue orders

8

Introduction to Incometax .

ASSESSING OFFICER Sec. 2 (7A) Assessing Officer

Sec. 120 Jurisdiction of income-tax authorities 4) Without prejudice to the provisions of sub-sections (1) and (2), the Board may, by general or special order, and subject to such conditions, restrictions or limitations as may be specified therein, (a) authorise any Director General or Director to perform such functions of any other income-tax authority as may be assigned to him by the Board; (b) empower the Director General or Chief Commissioner or Commissioner to issue orders in writing that the powers and functions conferred on, or as the case may be, assigned to, the Assessing Officer by or under this Act in respect of any specified area or persons or classes of persons or incomes or classes of income or cases or classes of cases, shall be exercised or performed by an Additional Commissioner or an Additional Director or a Joint Commissioner or a Joint Director, and, where any order is made under this clause, references in any other provision of this Act, or in any rule made thereunder to the Assessing Officer shall be deemed to be references to such Additional Commissioner or Additional Director or Joint

9

Introduction to Incometax .

ASSESSMENT OF INCOME RETURN OF INCOME Sec. 2 (9)

for the ASSESSMENT YEAR / PREVIOUS YEAR

Sec. 2 (24) Sec. 2 (34)

Sec. 2 (8)

ASSESSMENT of

ASSESSEE

INCOME

TAX

Sec. 2 (7)

Sec. 2 (43) 10

ASSESSEE

Introduction to Incometax .

Sec 2(7) assessee means a person by whom any tax or any other sum of money is payable under this Act, and includes

Not necessary to have actual proceedings inititiated and pending for being considered a assessee ITO vs. DDA [200] 252 ITR 772 (SC)

(a) every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or assessment of fringe benefits or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person, or of the amount of refund due to him or to such other person ; (b) every person who is deemed to be an assessee under any provision of 11 this Act ;

PERSON

Introduction to Incometax .

Sec(31) person includes (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical person, not falling within any of the preceding subclauses. Explanation. For the purposes of this clause, an association of persons or a body of individuals or a local authority or an artificial juridical person shall be deemed to 12 or be a person, whether or not such person

Introduction to Incometax .

PREVIOUS YEAR / ASSESSMENT YEAR Sec 2 (34)

Sec 2 (9) assessment year means the period of twelve months commencing on the 1st day of April every year ;

Sec 3

Sec 3 Previous year defined. 3. For the purposes of this Act, previous year means the financial year immediately preceding the assessment year : Provided that, in the case of a business or profession newly set up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the 13

Introduction to Incometax .

PREVIOUS YEAR / ASSESSMENT YEAR Financial Act

e.g.. Sec 158B, Sec 174(1)

Part 1 , First schedule of Finance Act

Sec 4 Charge of income-tax. (1) Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of, this Act in respect of the total income of the previous year of every person : Provided that where by virtue of any provision of this Act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly. (2) In respect of income chargeable under sub-section (1), 14 income-tax shall be deducted at the source or paid in

INCOME

Introduction to Incometax .

Sec 2 (24)

SALARIES

HEADS OF INCOME Sec 14

Sec 17

HOUSE Sec 22 PROPERTY Sec 28 BUSINESS OR PROFESSION CAPITAL GAINS Sec 45 OTHER SSOURCES

Sec 56 15

INCOME

Introduction to Incometax .

Rs.

OPENING STOCK PURCHASES ELECTRICITY GROSS PROFIT

SALARIES 30 RENT TRAVELLING OFFICE EXPENSES 10 NET PROFIT

100 200 100 100 -----500 ------

20 10

40 ------

Rs.

SALE RECEIPTS CLOSING STOCK

300 200

-----500 -----GROSS PROFIT 100 INTEREST ON LATE PAYMENTS 10

------110

110

Net profit as per accounting / books may be different from the ‘profit & gains’ referred in IT Act as certain expenses clamed may not be allowable as deduction. 16

Introduction to Incometax .

RETURN OF INCOME Return of income

Section 139 (1) Every person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.

Rule 12 - Return of income and Return of Fringe benefits

ITR - 1 TO 8 17

ASESSMENT

Introduction to Incometax .

Sec 139 (1)

Sec 2 (8) 18

ASESSMENT

Introduction to Incometax .

Sec 2 (8) assessment includes reassessment ;

Sec (40) regular assessment means the assessment made under subsection (3) of section 143 or section 144 ; Sec 143 (3) (3) On the day specified in the notice -

(i) issued under clause (i) of sub-section (2), or as soon afterwards as may be, after hearing such evidence and after taking into account such particulars as the assessee may produce, the Assessing Officer shall, by an order in writing, allow or reject the claim or claims specified in such notice and make an assessment determining the total income or loss accordingly, and determine the sum payable by the assessee on the basis of such assessment. ................ 19

ASESSMENT

Introduction to Incometax .

Sec 2 (8) assessment includes reassessment ;

144. Best judgment assessment

 Sec 144 (1) If any person(a) fails to make the return required under sub-section (1) of section 139 and has not made a return or a revised return under subsection (4) or sub-section (5) of that section, or (b) fails to comply with all the terms of a notice issued under subsection (1) of section 142 or fails to comply with a direction issued under sub-section (2A) of that section, or (c) having made a return, fails to comply with all the terms of a notice issued under sub-section (2) of section 143, The Assessing Officer, after taking into account all relevant material which the Assessing Officer has gathered, shall, after giving the assessee an opportunity of being heard, make the assessment of the total income or loss to the best of his judgment and determine the sum payable by the assessee on 20 the basis of such assessment:

ASESSMENT

Introduction to Incometax .

Sec 2 (8) assessment includes reassessment ; Income escaping assessment Sec 147. If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recompute the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year): …………..

21

ASESSMENT

Introduction to Incometax .

Sec 2 (8) assessment includes reassessment ; Self-assessment   Sec 140A (1) Where any tax is payable on the basis of any return required to be furnished under section 139 or section 142 or, as the case may be, section 148, after taking into account the amount of tax, if any, already paid under any provision of this Act, the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return and the return shall be accompanied by proof of payment of such tax and interest.

22

ASESSMENT

Introduction to Incometax .

Sec 2 (8) assessment includes reassessment ; Processing of Return Sec 143(1) Where a return has been made under section 139, or in response to a notice under sub-section (1) of section 142, such return shall be processed in the following manner namely :•The total income or loss shall be computed after making the following adjustments namely:(i) any arithmetical error in the return; or (ii) an incorrect claim, if such incorrect claim is apparent from any information in the return; ………………… (d) An intimation shall be prepared or generated and sent to the assessee… (e) The amount of refund due to the assessee ….. shall be 23

Introduction to Income-tax .

ASESSMENT RETURN OF INCOME for the ASSESSMENT YEAR / PREVIOUS YEAR

SELF ASSESSM ENT

PROCESSING OF RETURN Sec 2 (29) BOOKS OF ACCOUNT S DOCUMEN TS Sec 2 (22AA) ASSESSMENT of INCOME

Sec 2 (29) LEGAL REPRESENTATI VE

ASSESSEE AUTHORISED REPRESENTATI VE

Sec 288 (2)

REASSESSMENT of INCOME

TAX 24

ASESSMENT

Introduction to Incometax .

Sec 2 (29) legal representative has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908 (5 of 1908) Code of Civil Procedure, 1908 Sec 2 (11) "legal representative" means a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in a representative character the person on whom the estate devolves on the death of the partyor sobooks suing or Sec 2(12A) books of sued; account includes ledgers, daybooks, cash books, account-books and other books, whether kept in the written form or as print-outs of data stored in a floppy, disc, tape or any other form of electro-magnetic data storage device; Sec 2 (22AA) document includes an electronic record as defined in clause (t)3 of sub-section (1) of section 2 of the Information Technology Act, 2000 (21 of 2000);

25

Introduction to Incometax .

AUTHORISED REPRESENTATIVE

Sec 288. (1) Any assessee who is entitled or required to attend before any income-tax authority or the Appellate Tribunal in connection with any proceeding under this Act otherwise than when required under section 131 to attend personally for examination on oath or affirmation, may, subject to the other provisions of this section, attend by an authorised representative.  (2) For the purposes of this section, "authorised representative" means a person authorised by the assessee in writing to appear on his behalf, being(i) a person related to the assessee in any manner, or a person regularly employed by the assessee; or (ii) any officer of a scheduled bank with which the assessee maintains a current account or has other regular dealings; or Explanation.-In this section, "accountant" means a chartered accountant (iii) any legal practitioner who is entitled to practise in any civil within the meaning of the Chartered Accountants Act, 1949 (38 of 1949), court in India; or and includes, in relation to any State, any person who by virtue of the (iv) an accountant; or

provisions of sub-section (2) of section 226 of the Companies Act, 1956 (1 of 1956), is entitled to be appointed to act as an auditor of companies registered in that State. Chartered Accountants Act, 1949 26 Section 2(1)(b) "chartered accountant" means a person who is a member

Introduction to Incometax .

AUTHORISED REPRESENTATIVE Sec 288. (2) For the purposes of this section, "authorised representative" means..

(v) any person who has passed any accountancy examination recognised in this behalf by the Board-,' or (vi) any person who has acquired such educational qualifications as the Board may prescribe for this purpose; or (via)any person who, before the coming into force of this Act in the Union territory of Dadra and Nagar Haveli, Goa, Daman and Diu, or Pondicherry, attended before an income-tax authority in the said territory on behalf of any assessee otherwise than in the capacity of an employee or relative of that assessee; or] (vii) any other person who, immediately before the commencement of this Act, was an income-tax practitioner within the meaning of clause (iv) of sub-section (2) of section 61 of the Indian Income-tax Act, 1922 (11 of 1922), and was actually practising as such. 27  

TAX

Introduction to Incometax .

28

TAX

Introduction to Incometax .

29

TAX

Introduction to Incometax .

30

Introduction to Incometax .

TAX XYZ T.D.S. PAYMEN TS

ASSESSEE

SELF ASSESSME NT

ADVANCE TAX

SELF ASSESSMENT TAX

[+ INTEREST ]

TAX DEMAND

ASSESSME NT

ASSESSING OFFICER 31

Introduction to Incometax .

AGRICULTURAL INCOME

CONDITIONS : (i) Person to whom Para A of Part I applies : Individual, HUF, AOP, BOI, AJP (ii) Total income > the max non-taxable income (iii) Agri income > Rs 5000 COMPUTE AGRI INCOME FROM EACH SOURCE SEPERATELY

INCOME PARTIALLY AGRICULTURE, PARTIALLY BUSINESS

+ + + +

SUM OF AGRICULTURAL INCOME FROM ALL SOURCES

-

UNABSORBED AGRI LOSS OF A PY OF EARLIER (8) AY

+

DEEMED AGRI INCOME – SHARE IN AOP [R-5]

ANY LOSS MAY BE ADJUSTED AGAINST OTHER AGRI INCOME EXCEPT THE LOSS ARISING FROM SHARE OF AOP

NET AGRI INCO ME

IF IT IS A LOSS, DEEMED TO BE NIL

Carried forward

32

ASESSMENT

Introduction to Incometax .

TOTAL INCOME Sec 2 (45)

33

TOTAL INCOME

Introduction to Incometax .

Sec 2(45) total income means the total amount of income referred to in section 5, computed in the manner laid down in this Act Sec 5 (1) Subject to the provisions of this Act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which  (a) is received or is deemed to be received in India in such year by or on behalf of such person ; or  (b) accrues or arises or is deemed to accrue or arise to him in India during such year ; or  (c) accrues or arises to him outside India during such year : Provided that, in the case of a person not ordinarily resident in India within the meaning of sub-section (6) of section 6, the income which accrues or arises to him outside India shall not be so included unless it is derived from a business controlled in or a profession set up in India. 34  

TOTAL INCOME

Introduction to Incometax .

Sec 2(45) total income means the total amount of income referred to in section 5, computed in the manner laid down in this Act Sec 5 (2) Subject to the provisions of this Act, the total income of any previous year of a person who is a non-resident includes all income from whatever source derived which  (a) is received or is deemed to be received in India in such year by or on behalf of such person ; or  (b) accrues or arises or is deemed to accrue or arise to him in India during such year.  Explanation 1. Income accruing or arising outside India shall not be deemed to be received in India within the meaning of this section by reason only of the fact that it is taken into account in a balance sheet prepared in India.  Explanation 2. For the removal of doubts, it is hereby declared that income which has been included in the total income of a person on the basis that it has accrued or arisen or is deemed to have accrued or arisen to him shall not again be so included on35

Introduction to Incometax .

GROSS TOTAL INCOME

CHAPTER VI A DEDUCTIONS IN RESPECT OF CERTAIN INCOME Sec 80B In this chapter (5) "gross total income" means the total income computed in accordance with the provisions of this Act, before making any deduction under this Chapter

GROSS TOTAL INCOME

-

DEDUCTIONS UNDER CHAPTER VI A

=

TOTAL INCOME

36

TOTAL INCOME +

SALARY

+

HOUSE PROPERTY

+

OTHER SOURCES

+

+

LTCG

GROSS TOTAL INCOME

+

-

for adjustment of losses, CHAPTER VI

INCOME ON WHICH NO INCOME-TAX IS PAYABLE UNDER CHAPTER VII

+

STCG

INCOME OF OTHER PERSONS INCLUDED IN TOTAL INCOME (CHAPTER V)

+

BUSINESS & PROF

+

Introduction to Incometax .

CASH CREDITS, UNEXPLAINED INVESTMENTS, EXPENDITURE ETC. (Sec 68,69A,69B,69C,69D)

DEDUCTIONS UNDER CHAPTER VI A

=

TOTAL INCOME 37

RESIDENT

Introduction to Incometax .

Sec 2 (42) resident means a person who is resident in India within the meaning of section 6 Sec 2 (30) non-resident means a person who is not a resident , and for the purposes of sections 92, 93 and 168, includes a person who is not ordinarily resident within the meaning of clause (6) of section 6 ;

38

Introduction to Incometax .

10

9

8

7

6

5

4

3

2

1

199899

199900

200001

200102

200203

200304

200405

200506

200607

200708

RESIDENT

2008-09

≥ 182 DAYS

≥ 365 DAYS

≥ 60 DAYS

NON-RESIDENT IN ≥ 9 YEARS

≤ 729 DAYS

39

Assessment Procedure

ASSESSMENT PROCEDURE • CHAPTER XIV of INCOME TAX ACT 1961

• ASSESSMENT PROCEDURE • Sec 139 to 158 CASE LAWS

FORMS NOTIFICATIONS CIRCULARS

• PART III of INCOME TAX RULES 1962

• ASSESSMENT PROCEDURE • Rule 12 to 15 40

.

Assessment Procedure

RETURN OF INCOME Sec 139 (1) Every person, • being a company or a firm; or (b) being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed : Sec 2 (33) prescribed means prescribed by rules made under this Act ; 41

.

Assessment Procedure

prescribed form

RETURN OF INCOME

Rule 12. (1) The return of income required to be furnished under sub-section (1) or sub-section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139 or clause (i) of sub-section (1) of section 142 or sub-section (1) of section 148 or section 153A or the return of fringe benefits required to be furnished under sub-section (1) or sub-section (2) of section 115WD relating to the assessment year commencing on the 1st day of April, 2008 shall, (a) in the case of a person being an individual where the total income includes income chargeable to income-tax under the head Salaries or income in the nature of family pension as defined in the Explanation to clause (iia) of section 57 but does not include any other income except income by way of interest chargeable to income-tax under the head Income from other sources, be in Form No. ITR-1 and be verified in the manner indicated therein; (b) in the case of a person being an individual not being an individual to whom clause (a) applies or a Hindu 42 undivided family where the total income does not include

.

Assessment Procedure

prescribed form

RETURN OF INCOME

A snapshot from https://incometaxindiaefiling.gov.in/portal/individual_huf.do

43

.

Assessment Procedure

prescribed form

RETURN OF INCOME A snapshot from ITR-1

RULE 12 (1) (a)

“...............................verified in the manner indicated therein” 44

.

Assessment Procedure

RETURN OF INCOME Sec 139 (1) Every person, (b) being a company or a firm; or

or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded

(b) being a person other than a company or a firm, if his total income

the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be Sec 2(7) assessee means a person by whom any tax or any other sum of money is prescribed :

payable under this Act, and includes

(b) every person who is deemed to be an assessee under any provision of this Act CHAPTER XV LIABILITY IN SPECIAL CASES

Sec 159 – LEGAL REPRESENTATIVE

(a)Agent of a non-resident

Sec 160 – REPRESENTATIVE ASSESSEE

(b) Guardian / Manager of minor/lunatic/idiot

Sec 163 – AGENT Sec 168 – EXECUTOR Sec 170 – SUCCESSOR

(c) Court of wards/ Administrator General/ Trustee appointed by court (d) Trustee (trust with

45

.

Assessment Procedure

RETURN OF INCOME Sec 139 (1) Every person, (b) being a company or a firm; or (b) being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed :

Explanation 2.In this sub-section, due date means, • where the assessee is (i) a company; or (ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or (iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force, the 30th day of September of the assessment year; (substituted by Finance Act 2008, w.e.f. 1.4.2008)

(b) ……. (c) in the case of any other assessee, the 31st day of July of the assessment year 46

.

Assessment Procedure

RETURN OF INCOME Sec 139 (1) Who should file; when; how

Sec 139

PROVIS O-1 PROVIS O-2 PROVIS O-3 PROVIS O-4

One by six scheme … ……...up to AY 2005-06 Every co. / firm to file return Filing of return reqd, if TOTAL INCOME without giving effect to Exemptions u/s 10A, 10B, 10BA or deduction u/ Chap VI A exceeds amount not chargeable to tax

Provided also that every person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year, without giving effect to the provisions of section 10A or section 10B or section 10BA or Chapter VI-A exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed. 47

.

Assessment Procedure

RETURN OF INCOME

(1 A) (1 B) (3)

Scheme of filing of returns by salaried employees through Schemeemployer, for bulk 2004 filing of returns by Filing of return by salaried employees through employer salaried employees,2002 E – filing of return Electronic furnishing of returns of income scheme 2007 Return to be filed for carrying forward a LOSS under ‘Profits & gains from business & profession’ or ‘capital gains’

Sec 80. Notwithstanding anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139, shall be carried forward and set off under sub-section (1) of section 72 or sub-section (2) of section 73 or subsection (1) or sub-section (3)] of section 74 or sub-section (3) of section 74A. Loss under ‘House property’ ?? u/s 71B

?? 48

.

Assessment Procedure

RETURN OF INCOME

(1 A) (1 B) (3)

Scheme of filing of returns by salaried employees through Schemeemployer, for bulk 2004 filing of returns by Filing of return by salaried employees through employer salaried employees,2002 E – filing of return Electronic furnishing of returns of income scheme 2007 Return to be filed for carrying forward a LOSS under ‘Profits C / F LOSS RETURN & gains from business & profession’ or ‘capital gains’

(4)

BELATED RETURN

(4 A) (4 B)

CHARITABLE TRUST

Filing of return reqd, if TOTAL INCOME without giving effect to Sec 11 & 12 exceeds max amount not taxable

POLITICAL PARTY

Filing of return reqd, if TOTAL INCOME without giving effect to Sec 13A exceeds max amount not taxable

Up to one year from the end of relevant AY or assessment

49

.

Assessment Procedure

RETURN OF INCOME

(4 C) (4 D) (5)

For certain institutions / associations/trade unions - Filing of return reqd, if TOTAL INCOME without giving effect to clause 21 / 22B/ 23A / 23B / 23C of Sec 10 exceeds max INSTITUTIONS U/S 10 amount not taxable UNIVERSITY COLLEGE

Every University, college or educational institute referred in clause (ii) or (iii) of Sec 35 (1) not otherwise required to file return – REQD.

REVISED RETURN

(6)

Information to be furnished

(6 A) (9)

Audit report etc

On discovery of omission / wrong statement – up to one year from the end of relevant AY or assessment

income exempt, assets, bank account, credit card, expenditure, other outgoings s may be PRESCRIBED Audit return, principal place, branches, partners, members etc

DEFECTIVE RETURN

If AO considers return defective – opportunity for rectify within 15 days / time allowed by AO 50

.

Assessment Procedure

RETURN OF INCOME Sec 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 fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the Assessing Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, the return shall be treated as an invalid return and the provisions of this Act shall apply as if the assessee had failed to furnish the return : Provided that where the assessee rectifies the defect after the expiry of the said period of fifteen days or the further period allowed, but before the assessment is made, the Assessing Officer may condone the delay and treat the return as a valid 51 return.

.

Assessment Procedure

RETURN OF INCOME Sec139(9) Explanation. For the purposes of this sub-section, a return of income shall be regarded as defective unless all the following conditions are fulfilled, namely : (a) the annexures, statements and columns in the return of income relating to computation of income chargeable under each head of income, computation of gross total income and total income have been duly filled in; (b) the return is accompanied by a statement showing the computation of the tax payable on the basis of the return; (bb) the return is accompanied by the report of the audit referred to in section 44AB, or, where the report has been furnished prior to the furnishing of the return, by a copy of such report together with proof of furnishing the report;

52

.

Assessment Procedure

RETURN OF INCOME Sec139(9) Explanation. For the purposes of this sub-section, a return of income shall be regarded as defective unless all the following conditions are fulfilled, namely : (c) the return is accompanied by proof of (i) the tax, if any, claimed to have been deducted or collected at source and the advance tax and tax on selfassessment, if any, claimed to have been paid Provided that where the return is not accompanied by proof of the tax, if any, claimed to have been deducted or collected at source, the return of income shall not be regarded as defective if (a) a certificate for tax deducted or collected was not furnished under section 203 or section 206C to the person furnishing his return of income; (b) such certificate is produced within a period of two years specified under sub-section (14) of section 155; (ii) the amount of compulsory deposit, if any, claimed to have 53

.

Assessment Procedure

RETURN OF INCOME Sec139(9) Explanation. For the purposes of this sub-section, a return of income shall be regarded as defective unless all the following conditions are fulfilled, namely : (d) 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; (ii) 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; 54

.

Assessment Procedure

RETURN OF INCOME Sec139(9) Explanation. For the purposes of this sub-section, a return of income shall be regarded as defective unless all the following conditions are fulfilled, namely : (e) 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 auditors 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; (f) 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 55 disclosing the amounts of total sundry debtors, sundry

.

Assessment Procedure

RETURN OF INCOME Who should file a return ?

56

.

Assessment Procedure

prescribed form

RETURN OF INCOME A snapshot from ITR-1

WHO SHOULD SIGN ?? Sec 140 57

.

Introduction to Incometax .

WHO SHOULD SIGN ?

Absent from India  by PERSON DULY AUTHORISED Can NOT sign  by PERSON DULY AUTHORISED INDIVIDUAL himself Mentally incapacitated  GUARDIAN

INDIVUD UAL H.U.F

COMPAN Y FIRM AOP / BOI

KARTA if absent from India / mentally incapacitated  ANY ADULT MEMBER Co being wound up  by LIQUIDATOR [ sec 178 (1) ] Co. NOT RESIDENT by PERSON HAVING P.O.A. (enclosed with return) MANAGING DIRECTOR  if no MD / MD can’t sign  DIRECTOR Management taken over by Governmant  PRINCIPAL OFFICER MANAGING PARTNER can’t sign / no Managing partner  ANY PARTNER (major) Any MEMBER / PRINCIPAL OFFICER

POLITICAL PARTY

CHIEF EXECUTIVE OFFICER

LOCAL AUTHORITY

PRINCIPAL OFFICER ANY OTHER THAT PERSON / PERSON COMPETENT TO ACT PERSON ON ITS BEHALF Art. Juridical PERSON

58

Assessment Procedure

RETURN OF INCOME RULE 12 ITR 1 TO 8

What if the return could not be filed by the DUE DATE What if the return filed is found by assessee to be defective

How to file a return ?

What if the return filed is found by A O to be defective 59

.

Assessment Procedure

RETURN OF INCOME WHAT HAPPENS IF

Up to one year from the end of relevant AY or assessment

Return not Return not filed by verified as DUE DATE prescribed AFTER one year from the end Return not of relevant AY or assessment filed in SIGNE D BY prescribed WRON form

G PERSO N

Return invalid RULE 12 ITR 1 TO 8

Return not rectifie

NO RETURN

60

.

Assessment Procedure

RETURN OF INCOME WHAT HAPPENS IF

NO RETURN Notice u/s 142 (1) Penalty u/s 271 F c/f losses u/s 80 not allowed Prosecution u/s 276CC Sec 271F. If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five thousand rupees. RULE 12 ITR 1

61

.

Assessment Procedure

RETURN OF INCOME WHAT HAPPENS IF

. Penalty u/s 272A(2) Rs.100/-for every day during which the failure continues

RULE 12 ITR 1

NO RETURN Notice u/s 142 (1) Penalty u/s 271 F c/f losses u/s 80 not allowed Prosecution u/s 276CC

62

.

Assessment Procedure

RETURN OF INCOME Sec 276CC. If a person wilfully fails to furnish in due time the return of fringe benefits which he is required to furnish under subsection (1) of section 115WD or by notice given under sub-section (2) of the said section or section 115WH or the return of income which he is required to furnish under sub-section (1) of section 139 or by notice given under 37clause (i) of sub-section (1) of section 142 or section 148 38or section 153A, he shall be punishable, (i) in a case where the amount of tax, which would have been evaded if the failure had not been discovered, exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine; (ii) in any other case, with imprisonment for a term which shall not be less than three months but which may extend to three years and with fine: Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of fringe benefits under sub-section (1) of section 115WD or return of income under subsection (1) of section 139 (i) for any assessment year commencing prior to the 1st day of April, 1975; or

(ii) for any assessment year commencing on or after the 1st day of April 1975, if

63

.

Assessment Procedure

RETURN OF INCOME 4. Annexure-less Form No document (including TDS certificate) should be attached to this form. Official receiving the return has been instructed to detach all documents enclosed with this form and return the same to the assessee.

TDS certificates, Audit reports etc not attached with the return RULE 12 ITR 1

WHAT HAPPENS IF

64

.

Assessment Procedure

RETURN OF INCOME  Can two total incomes (e.g... of an individual & karta of HUF) be clubbed in a single return ?  No ........................... 164 ITR 134 (SC)  Can an illegally constituted entity file a return of income (e.g.. A firm constituted in contravention of the provisions of law) ?  Madanmohan Pal vs CIT, (1994) 209 ITR 374, 379 (Allahabad)  Is it mandatory to file a return in case of loss ?  No  Can unabsorbed depreciation be carried forward ?  Yes ……………………………………….. Madanmohan Pal vs CIT, (1994) 209 ITR 374, 379 (Allahabad)  Which assessment is referred to in Sec 139 (4) ? Best judgement assessment u/s 143 (3)  Whether a return submitted after assessment completed but before the notice of demand is served would be valid ?  No ………………..Balechand vs ITO (1969) 72 ITR 197 (SC)  Whether a return filed after cancellation of Best judgement assessment (within one year from the end of the relevant AY) is a valid return ?  Yes ……………………………… Ram Bilas Kedarnath vs ITO (1963) 47 65 ITR 586 (All)

.

Assessment Procedure

RETURN OF INCOME  Can assessee revise his return whenever he wishes to do so ?  No ; He can only revise if there was an omission or error in the original return and the same was due to a bonafide inadvertence or mistake on the part of the assessee …………………………………… Sunanda Ram Deka vs CIT (1994) 210 ITR 988, 990 (Gauh)  Can assessee file a revised return in case where his original return was based on his own books of accounts which he claims are correct ?  No …………………… CIT vs India’s Hobby Centre (P) Ltd [(1995) 78 Taxman 377, 384 (Cal)  The circular no. 653 dated 15-6-1993 issued in connection with section 80D say: when the Act permits the filing of revised return, it is expected to be considered by the assessing authority, if the same is filed before the assessment order is made by it; otherwise, the very purpose of giving such a right would be frustrated.  Is it mandatory to file a return in case of loss ?  No  Can a revised return be filed in a case of return filed u/s 139(4) ?  No ……………………………………….. Kumar Jagdish Chandra Sinha v. CIT [(1996) 220 ITR 67, 75, 74(SC) ?  Can a revised return be revised again 66  YES ………………….. Niranjan Lal Ram Chandra v. CIT, (1982) 134 ITR

.

Assessment Procedure

RETURN OF INCOME  Can assessee file a return of income after assessment is completed?  No ; …………………………………… Balchand vs. ITO(1969) 72 ITR 197 (SC)  Can assessee file a return after a notice for reassessment of income has been issued to him ?  Yes …………………… CIT vs B v R Glucose Products Ltd (2001) 250 ITR 512 (AP)  Can an assessee file a revised return u/s 139(4) to revise a return in which income was willfully evaded or concealed ?  No ……………………..Sunanda Ram Deka vs. CIT (1994) 210 ITR 988 (Gau)  Will an application to the AO disclosing some additional income will amount to a revised return ?  No ……………………..Gopaldas Parshottamdas vs. CIT (1941) 9 ITR 130 (All)  Can a revised return be filed to change the status ? Can a revised return be filed to change the accounting method ?  No ……………………………………….. Deep Narain Nagu & Co. v. CIT [(1986) 157 ITR 37 (MP) 67  Can a return filed u/s 139(3) be revised ?  YES ………………….. CIT v. Periyar Dist Coop Milk Producers Union Ltd

.

Assessment Procedure

P.A.N. Sec 139A. (1) Every person,  (i) if his total income or the total income of any other person in respect of which he is assessable under this Act during any previous year exceeded the maximum amount which is not chargeable to incometax; or  (ii) carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year; or  (iii) who is required to furnish a return of income under sub-section (4A) of section 139; or  (iv) being an employer, who is required to furnish a return of fringe benefits under section 115WD,

31stMay

Before the end of the accounting year Before the end of the accounting year

Rule 114

.

Assessment Procedure

P.A.N. Sec 139A. (1A) Notwithstanding anything contained in subsection (1), the Central Government may, by notification in the Official Gazette, specify, any class or classes of persons by whom tax is payable under this Act or any tax or duty is payable under any other law for the time being in force including importers and exporters whether any tax is payable by them or not and such persons shall, within such time as mentioned in that notification, apply to the Assessing Officer for the allotment of a permanent account number.  

.

Assessment Procedure

P.A.N. The Central Govt. by notification no. 11468, dated 29.8.2000 has notified the following class or classes of persons who shall apply to the A.O. for allotment of PAN • Exporters and Importers as defined in section 2(20) and section 2(26) of the Customs Act, 1961, who are required to obtain an importer-exporter code under section 7 of the Foreign Trade (Development and Regulation)Act, 1992. • Assessees as defined in rule 2(3) of Central Excise Rules, 1944. • Persons who issue invoices under rule 57AE i.e. traders, etc, requiring registration under Central Excise Rules, 1944. • Persons who are assessees under service tax. The above persons shall apply for allotment of PAN within 15 days of the date of publication of the notification in the Official Gazette. However, persons who may fall in the above category, after the date of the above notification, shall apply for allotment of PAN: • (a) in case of (I) above, before making an import or export; • (b) in case of (ii) and (iii) above, before making am application for registration under central excise;

.

Assessment Procedure

P.A.N. •

The Central Govt. by notification no. 355/2001, dated 11-122001 has further notified the following class or classes of persons:

•

Persons registered under the Central Sales Tax Act, 1956 or the general sales tax law of the appropriate State or Union Territory, as the case may be. As on the date of this notification, a person falling within a class or classes of persons referred to in paragraph I, shall apply for the allotment of PAN within thirty days of the date of publication of this notification in the Official Gazette. A person who may fall within such class or classes of persons after the date of this notification, as is referred to in paragraph (I), shall apply for the allotment of (PAN) before making any application for registration under the Central Sales Tax Act, 1956 or the general sales tax law of the appropriate State or Union Territory, as the case may be.

•

•

.

Assessment Procedure

P.A.N. Sec 139A. (1A) Notwithstanding anything contained in subsection (1), the Central Government may, by notification in the Official Gazette, specify, any class or classes of persons by whom tax is payable under this Act or any tax or duty is payable under any other law for the time being in force including importers and exporters whether any tax is payable by them or not and such persons shall, within such time as mentioned in that notification, apply to the Assessing Officer for the allotment of a permanent account number.  (1B) Notwithstanding anything contained in sub-section (1), the Central Government may, for the purpose of collecting any information which may be useful for or relevant to the purposes of this Act, by notification in the Official Gazette, specify, any class or classes of persons who shall apply to the Assessing Officer for the allotment of the permanent account number and such persons shall, within such time as mentioned in that notification, apply to the Assessing Officer for the allotment of a permanent account number.  (2) The Assessing Officer, having regard to the nature of

.

Assessment Procedure

P.A.N. Sec 139A.   (3) Any person, not falling under sub-section (1) or sub-section (2), may apply to the Assessing Officer for the allotment of a permanent account number and, thereupon, the Assessing Officer shall allot a permanent account number to such person forthwith.  (4) For the purpose of allotment of permanent account numbers under the new series, the Board may, by notification in the Official Gazette, specify the date from which the persons referred to in sub-sections (1) and (2) and other persons who have been allotted permanent account numbers and residing in a place to be specified in such notification, shall, within such time as may be specified, apply to the Assessing Officer for the allotment of a permanent account number under the new series and upon allotment of such permanent account number to a person, the permanent account number, if any, allotted to him earlier shall cease to have effect :  Provided that the persons to whom permanent account number

.

PAN 139A.   (5) Every person shall  (a) quote such number in all his returns to, or correspondence with, any income-tax authority;  (b) quote such number in all challans for the payment of any sum due under this Act;  (c) quote such number in all documents pertaining to such transactions as may be prescribed by the Board in the interests of the revenue, and entered into by him: Rule 114 B  Provided that the Board may prescribe different dates for different transactions or class of transactions or for different class of persons:  Provided further that a person shall quote General Index Register Number till such time Permanent Account Number is allotted to such person;  (d) intimate the Assessing Officer any change in his address or in the name and nature of his business on

PAN

Rule 114 B

Rule-114B Categories of transactions and/or document where quoting of PAN made compulsory • sale/purchase of any immovable property value at Rs.5 lakhs or more; • sale/purchase of motor vehicle (other than two wheeled vehicles) which requires registration under Motor vehicles Act, 1988; • Time deposit exceeding Rs.50,000/- with a bank/banking company/banking institution; • Deposits exceeding Rs.50,000/- in Post Office Savings Bank. • Contract for sale/purchase of securities exceeding Rs.1,00,000/• Opening an account with a bank/banking company/banking institution. Where the person opening a bank account is a minor and does not have any income chargeable to income-tax, he shall quote the PAN/GIR number of his father or mother or guardian as the case may be. • Application for installation of a telephone connection including cellular connection. • Payment to hotels/restaurants of bills exceeding Rs.25,000/- at any time. • Payment in cash for purchase of bank draft or pay orders or banker's cheques from a banking company to which the Banking Regulation Act,

PAN

Rule 114 B

Rule-114B Categories of transactions and/or document where quoting of PAN made compulsory -----------contd. • deposit in cash aggregating to Rs.50,000/- or more, with a banking company to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in sec. 51 of that Act) during any one day; • payment in cash in connection with travel to any foreign country of an amount exceeding Rs.25,000/- at any one time. Such payment shall include payment in cash towards fare, or to a travel agent or a tour operator, or for the purchase of foreign currency. However, travel to any foreign country does not include travel to the neighbouring countries or to such places of pilgrimage as may be specified by the Board under Explanation 3 of section 139(1). • Making an application to any banking company to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in section 51 of that Act) or to any other company or institution, for issue of a credit card; • payment of an amount of Rs.50,000/- or more to a Mutual Fund for purchase of its units • payment of an amount of Rs.50,000/- or more to a company for acquiring shares issued by it;

Assessment Procedure

P.A.N. Sec 139A.    (5A) Every person receiving any sum or income or amount from which tax has been deducted under the provisions of Chapter XVIIB, shall intimate his permanent account number to the person responsible for deducting such tax under that Chapter :  Provided further that a person referred to in this sub-section shall intimate the General Index Register Number till such time permanent account number is allotted to such person.  (5B) Where any sum or income or amount has been paid after deducting tax under Chapter XVIIB, every person deducting tax under that Chapter shall quote the permanent account number of the person to whom such sum or income or amount has been paid by him  (i) in the statement furnished in accordance with the provisions of sub-section (2C) of section 192;  (ii) in all certificates furnished in accordance with the provisions of section 203;  (iii) in all returns prepared and delivered or caused to be delivered in accordance with the provisions of section 206 to

.

Assessment Procedure

P.A.N. Sec 139A.  (5B) Where any sum or income ................... Provided that the Central Government may, by notification in the Official Gazette, specify different dates from which the provisions of this sub-section shall apply in respect of any class or classes of persons:  Provided further that nothing contained in sub-sections (5A) and (5B) shall apply in case of a person whose total income is not chargeable to income-tax or who is not required to obtain permanent account number under any provision of this Act if such person furnishes to the person responsible for deducting tax, a declaration referred to in section 197A in the form and manner prescribed thereunder to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil.

.

Assessment Procedure

P.A.N. Sec 139A. (5D) Every person collecting tax in accordance with the provisions of section 206C shall quote the permanent account number of every buyer or licensee or lessee referred to in that section  (i) in all certificates furnished in accordance with the provisions of sub-section (5) of section 206C;  (ii) in all returns prepared and delivered or caused to be delivered in accordance with the provisions of sub-section (5A) or sub-section (5B) of section 206C to an income-tax authority;]  (iii) in all quarterly statements prepared and delivered or caused to be delivered in accordance with the provisions of sub-section (3) of section 206C.  (6) Every person receiving any document relating to a transaction prescribed under clause (c) of sub-section (5) shall ensure that the Permanent Account Number or the General Index Register Number has been duly quoted in the document.

.

Assessment Procedure

P.A.N. Sec 139A.  (7) No person who has already been allotted a permanent account number under the new series shall apply, obtain or possess another permanent account number.

 Explanation. For the removal of doubts, it is hereby declared that any person, who has been allotted a permanent account number under any clause other than clause (iv) of sub-section (1), shall not be required to obtain another permanent account number and the permanent account number already allotted to him shall be deemed to be the permanent account number in relation to fringe benefit tax.  (8) The Board may make rules providing for  (a) the form and the manner in which an application may be made for the allotment of a permanent account number and the particulars which such application shall contain;  (b) the categories of transactions in relation to which Permanent Account Numbers or the General Index Register Number shall be quoted by every person in the documents pertaining to such transactions;  (c) the categories of documents pertaining to business or

.

Assessment Procedure

P.A.N. Sec 139A.  (8) The Board may make rules providing for  (d) class or classes of persons to whom the provisions of this section shall not apply; (e) the form and the manner in which the person who has not been allotted a Permanent Account Number or who does not have General Index Register Number shall make his declaration; (f) the manner in which the Permanent Account Number or the General Index Register Number shall be quoted in respect of the categories of transactions referred to in clause (c); (g) the time and the manner in which the transactions referred to in clause (c) shall be intimated to the prescribed authority. Explanation. For the purposes of this section, (g)Assessing Officer includes an income-tax authority who is assigned the duty of allotting permanent account numbers; (b) permanent account number means a number which the

.

Assessment Procedure

P.A.N. Sec 139A.  Explanation. For the purposes of this section, (c)Assessing Officer includes an income-tax authority who is assigned the duty of allotting permanent account numbers; (b) permanent account number means a number which the Assessing Officer may allot to any person for the purpose of identification and includes a permanent account number allotted under the new series; (c) permanent account number under the new series means a permanent account number having ten alphanumeric characters and issued in the form of a laminated card; (d) General Index Register Number means a number given by an Assessing Officer to an assessee in the General Index Register maintained by him and containing the designation and particulars of the ward or circle or range of the Assessing Officer.

.