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Defective income tax returns

Once you file your income tax return, it is checked, assessed and processed by the income tax department. It matches the information that the assessee provides—income from different sources, tax deducted at source, self-assessment tax paid, among others—with data available to the department, and then intimates the assessee accordingly. If the information provided by an assessee in her return matches with what the tax department has, a final intimation is sent (under Section 143(1) of the Income-tax Act, 1961). It contains details of return filed by the assessee and the information available with the tax authority. But if there is a mistake or some information is missing, you may get a notification, which would be under Section 139(9) of the Act. This means that the return filed is defective. Here’s what a defective return means and what an assessee should do in case she receives such an intimation. WHEN IS A RETURN DEFECTIVE? An income tax return will be considered defective if y

Updates for Week ended 04-07-2015

S.No. Message 1 TOMORROW (30-06-15) is LAST DATE for banks to file Return for interest upto Rs.10000 without TDS for Mar 2015 quarter in Form No. 26QAA. 2 Secretarial standards SS-1(Meeting of BODs) & SS-2(General Meetings) shall become mandatory from 1st July,2015 . 3 TODAY (30-06-15) is LAST DATE for banks to file Return for interest upto Rs.10000 without TDS for Mar 2015 quarter in Form No. 26QAA. 4 Extension to 31.08.15 of last date to file DP-1 (online submission of Dealer profile).Notification dated 30.06.15. 5 CBDT notifies 30.09.15 as last date to make a declaration for undisclosed asset located outside India under the compliance provisions of the Black Money Act. 6 CBDT notifies 31.12.15 as last date to pay tax & penalty in respect of undisclosed foreign assets under Black Money Act.Press release of 01.07.15.