Section 139(4A) to 139(4F) of the Income Tax Act

Section 139(4A) to 139(4F) of the Income Tax Act

Section 139(4A)

Every person receiving any income resulted from property held under trust or other statutory obligation wholly for charitable/religious purposes or in part only for such purposes, or of income being voluntary contributions as referred in sub-clause (iia) of section 2(24), shall, if the total income in regard of which he is assessable as a representative assessee (the aggregate income for this purpose being calculated under this Act without giving effect to the provisions of sections 11 & 12) surpasses the maximum income which is not chargeable to income-tax, provide a return of such income of the PY in the prescribed form & verified in the prescribed manner & setting forth such other particulars as may be specified & all the prerequisites of this Act shall, so far as may be, apply as if it were a return needed to be furnished under section 139(1).

Section 139(4B)

The chief executive officer (whether such CEO is known as Secretary or by any other designation) of all political party shall, if the total income in regard of which the political party is assessable (the aggregate income for this purpose being calculated under this Act without giving effect to the provisions of section 13A) surpasses the maximum amount which is not liable to income-tax, provide a return of such income of the PY in the prescribed form & verified in the prescribed manner & setting forth such other particulars as may be specified & all the provisions of aforementioned Act, shall apply as if it were the return needed to be furnished under section 139(1).

Section 139(4C)

Every,

  • research association as referred in clause (21) of section 10;
  • news agency referred to in clause (22B) of section 10;
  • association or institution as referred in clause (23A) of section 10;
  • person referred to in clause (23AAA) of section 10 (w.e.f. 1/4/2018);
  • an institution as referred in clause (23B) of section 10;
  • fund or institution as referred in sub-clause (iv) or trust or an institution as referred in sub-clause (v) or an university or other educational establishment as referred in 44[sub-clause (iiiab) or] sub-clause (iiiad) or sub-clause (vi) or a hospital or other medical establishment as referred in 44[sub-clause (iiiac) or] sub-clause (iiiae) or sub-clause (via) of clause (23C) of section 10;
  • Mutual Fund as referred in clause (23D) of section 10;
  • securitization trust referred to in clause (23DA) of section 10;
  • Investor Protection Fund referred to in clause (23EC) or clause (23ED) of section 10 (w.e.f. 1/4/2018);
  • Core Settlement Guarantee Fund as referred in clause (23EE) of section 10 (w.e.f. 1/4/2018);
  • venture capital company or venture capital fund as referred in clause (23FB) of section 10;
  • trade union referred to in sub-clause (a) or association referred to in sub-clause (b) of clause (24) of section 10;
  • Board or Authority as referred to in clause (29A) of section 10 (w.e.f. 1/4/2018);
  • body/authority/Board/Trust/Commission (by whatever name called) as referred in clause (46) of section 10;
  • infrastructure debt fund as referred in clause (47) of section 10,

shall, if the total income in respect of which such research association, news agency, association or institution, 45[person or] fund or trust or university or other educational establishment or any hospital or other medical establishment or trade union or body/authority/Board/Trust or Commission or infrastructure debt fund or Mutual Fund or securitization trust or venture capital company/venture capital fund is assessable, without giving effect to the provisions of section 10, surpasses the highest amount which is not chargeable to income-tax, provide a return of such income of the PY in the prescribed form & verified in the prescribed manner & setting forth such other particulars as may be specified & all the provisions of the Act shall, so far as may be, apply as if it were a return needed to be furnished U/S 139(1).

Section 139(4D)

Every university, college or other institution as referred in clause (ii) & (iii) of section 35(1), which is not needed to furnish a return of income or loss under any other provision of this section, shall provide the return in regard of its income or loss in every PY & all the provisions of this Act shall, so far as may be, apply as if it was a return needed to be furnished under sub-section (1).

Section 139(4E)

Every business trust, which is not obligated to furnish a return of income or loss under any other provisions of section 139, shall provide the return of its income in regard of its income or loss in every PY & all the provisions of this Act shall, so far as may be, apply if it was a return needed to be furnished under section 139(1).

Section 139(4F)

Every investment fund as referred in section 115UB, which is not obligated to furnish a return of income or loss under any other provisions of section 139, shall furnish the return of income in regard of its income or loss in every PY & all the provisions of this Act shall, so far as may be, apply as if it was a return needed to be furnished under section 139(1).

 

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