B. — ASSESSMENT PROCEDURE
Self-reporting of tax bases.
144. (1) Every person shall furnish a return of tax bases on or before the due date to the Assessing Officer or such other authority or agency as may be prescribed.
(2) The person referred to in sub-section (1) shall-—
(a) in relation to income, be the following, namely:—
(i) an individual or Hindu undivided family or an artificial juridical person, if the gross total income from ordinary sources exceeds the threshold limit;
(ii) a company;
(iii) an unincorporated body;
(iv) a non-profit organisation;
(v) a co-operative society;
(vi) a society other than a co-operative society;
(vii) a local authority;
(viii) a political party;
(ix) any person who intends to carry forward the loss or any part thereof in accordance with the provisions of this Code;
(x) any person who derives any income from special sources and such income is chargeable to tax;
(xi) any other person liable to pay tax under this Code, and (xii) any class or classes of persons as may be prescribed;
(b) in relation to dividend or income distributed, be the following, namely:—
(i) a company resident in India which distributes the dividend;
(ii) a mutual fund which distributes the income to the unit holders of equity oriented fund;
(iii) a life insurer who distributes the income to the policy holders of an approved equity oriented life insurance scheme;
(c) in relation to net wealth, be any person, other than a non-profit organisation, if the net wealth exceeds the maximum amount which is not chargeable to wealth-tax.
(3) The return of tax bases referred to in sub-section (1) shall be a return in respect of the tax bases of the person referred to in sub-section (2) or the tax bases of any other person in respect of which such person is assessable for the relevant financial year.
(4) The return of tax bases shall be furnished in such form, verified in such manner and setting forth such other particulars, as may be prescribed.
(5) A person may, if he discovers any omission or any wrong statement in the return of tax bases furnished by him under sub-section (1) or under section 146, revise such return at any time before the expiry of one year from the end of the financial year in which the return was due or before the completion of the assessment, whichever is earlier.
(6) A person may furnish the return for any financial year at any time before the expiry of one year from the end of the financial year in which the return was due or before the completion of the assessment, whichever is earlier, if—
(a) such person has not furnished a return by the due date; and
(b) no notice under sub-section (1) of section 146 has been served on him.
(7) The Assessing Officer may, if he finds that the return has not been furnished by any person in the prescribed form and manner or does not contain the particulars as required under sub-section (4), intimate to such person the deficiency and allow him an opportunity to remove the deficiency within a period of thirty days from the service of the intimation.
(8) The Assessing Officer shall treat the return filed by a person as invalid, if the deficiency referred to in sub-section (7) is not removed within the time allowed and the provisions of the Code shall apply as if the person had failed to furnish the return.
(9)
The return of tax bases of a person specified in column (2) of the Table given below shall be signed and verified by a person specified in column (3) of the said Table:
|
Serial
number |
Person furnishing the return
or tax bases |
Person required to sign and
verify the return of tax bases |
|
(1) |
(2) |
(3) |
|
1
|
Individual being mentally incapacitated from attending to his affairs
|
(a) guardian of the individual; or
(b) any other person duly competent to act on his behalf.
|
|
2
|
Any other individual
|
(a) individual himself; or
(b) any person duly authorised by a valid power of attorney by the individual in this regard, if the individual is not in India or for some other reason it is not possible for him to sign the return.
|
|
3
|
Hindu undivided family
|
(a) Karta of the family; or
(b) any other adult member of the family if the Karta is not in India or is mentally incapacitated from attending to his affairs.
|
|
4
|
Company not being resident in India |
Any person who holds a valid power of attorney from the company to do so. |
|
5
|
(a) Company which is being wound up by court or otherwise; or
(b) Company where any person has been appointed as the receiver of any assets of the company
|
Liquidator referred to in clause (g) of sub-section (1) of section 164.
|
|
6
|
Company whose management has been taken over by the Central Government or any State Government under any law
|
Principal officer of the company.
|
|
7
|
Any other company
|
(a) Managing director of the company; or (b) any director of the company if there is no managing director or the managing director, for any unavoidable reason, is not able to sign and verify the return.
|
|
8
|
Firm
|
(a) managing partner of the firm; or
(b) any partner (not being a minor) of the firm if there is no managing partner or the managing partner, for any unavoidable reason, is not able to sign and verify the return.
|
|
9
|
Limited liability partnership
|
(a) designated partner of the limited liability partnership; or
(b) any partner (not being a minor) of the limited liability partnership if there is no designated partner or the designated partner, for any unavoidable reason, is not able to sign and verify the return.
|
|
10 |
Local authority |
Principal officer of the local authority |
|
11
|
Political party
|
Chief executive officer (whether such Chief executive officer is known as secretary or by any other designation) of the party
|
|
12
|
Any other association of persons
|
Any member or the principal officer of the association.
|
|
13
|
Any other person
|
(a) person himself; or
(b) any person competent to act on his behalf. |
(10) Any person who is otherwise not required to furnish a return of tax bases under sub-section (1) may furnish such return before the expiry of one year from the end of the financial year to which it pertains and all the provisions of this Code shall, as far as may be, apply as if it is a return furnished under that sub-section.
