PROVISIONS FOR FILING RETURN OF INCOME

COMPULSORY FILING OF RETURN OF INCOME UNDER SECTION 139(1)

  • As per this section, organizations and firms must file a return of income or loss for every previous year on or before the due date in the prescribed manner.
  • A person other than a company or a firm, filing of return of income on or before the due date is compulsory if his total income is assessable under this Act during the previous year surpasses the basic exemption limit.
  • Every person, being a resident other than not ordinarily resident in India, who is not required to furnish a return under the section 139(1), would be required to file a return of income or loss for the previous year in the prescribed form and confirmed in the prescribed manner on or before the due date, if such person, at any time during the previous year, –

However, an individual being a beneficiary of any asset located outside India would not be required to file a return of income under this clause, where income.

  • Further, all person, being an individual or a HUF or an AOP/BOI, whether incorporated or not or an artificial juridical person –
    1. whose total income of any other person in respect
    2. of which he is assessing during the previous year
    3. without giving effect to the provisions of under Chapter VI-A or section   54/54B/54D/54EC or 54F1
    4. exceeded the basic exemption limit.is required to file a return of his income on or before the due date in the prescribed mode and manner and setting forth the prescribed particulars.
  • Any person other than a company or a firm, who is not required to furnish a return under section 139(1), is required to file income-tax return in the prescribed manner on or before the due date, during the previous year, such person –
    1. has deposited an amount or aggregate of the amounts exceeding crore in one or more current accounts maintained with a banking      company or a co-operative bank; or
    2. has incurred an expenditure of an amount or aggregate of the amounts exceeding 2 lakhs for himself or any other person for travel to a foreign country; or
    3. has incurred an expenditure of an amount or aggregate of the amounts exceeding ` 1 lakh towards consumption of electricity; or
    4. fulfills such other prescribed conditions

All such persons mentioned in (1) to (5) above should, on or before the due date, furnish a return of his income or the income of such other person during the previous year.

Meaning of due date:

‘Due date’ means –

  • 30th September of the A.Y (assessment year), where the assessee, other than an assessed referred to in (ii) below, is –
    1. a company,
    2. a person (other than a company) whose accounts are required to be audited under the Income-tax Act, 1961 or any other law for the time being in force; or
    3. a working partner of a firm whose accounts are required to be audited under the Income-tax Act, 1961, or any other law for the time being in force.
  • 30th November of the A.Y (assessment year), in the case of an assessee who is required to furnish a report referred to in section 92E.
  • 31st July of the A.Y, in the case of any other assessee

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