Income Tax returns

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Income Tax returns

Sec-139- Return of Income

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

File a return of income or loss for every previous year on or before the
due date in the prescribed form.

 Companies
 Firms
 Others if Total Income exceed basic exemption limit without
giving effect to the provisions of Chapter VI-A or section
54/54B/54D/54EC/54F
 Every person, being a resident (Not RNOR)-
o holds, as a beneficial owner or otherwise, any asset located
outside India or has a signing authority in any account
located outside India; or
o Is a beneficiary of any asset located outside India.
 Any person Other than company or a firm-
o Has deposited an amount or aggregate of the amounts
exceeding Rs 1 crore in one or more current accounts
maintained with a banking company or a co-operative bank;
or
o has incurred expenditure of an amount or aggregate of the
amounts exceeding Rs. 2 lakh for himself or any other
person for travel to a foreign country; or
o has incurred expenditure of an amount or aggregate of the
amounts exceeding Rs. 1 lakh towards consumption of
electricity;

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Income Tax returns

Rule 12AA
 Any person Other than company or a firm-
o If his total sales, turnover or gross receipts, as the case may
be, in the business > Rs.60 lakhs during the previous year;
or
o If his total gross receipts in profession > Rs.10 lakhs during
the previous year; or
o If the aggregate of TDS and TCS during the previous year,
in the case of the person, is ` 25,000 or more; or for senior
citizens > Rs.50,000 or more.
o The deposit in one or more savings bank account of the
person, in aggregate, is Rs. 50 lakhs or more during the
previous year.

‘Due date’
31st October-
o Company
o Person other than company, whose accounts are required
to be audited
o A working partner of a firm, whose accounts are required
to be audited
30th November-
Persons required to furnish a report referred to in section 92E
(international transaction or specified domestic transaction.)
31st July – any other assesse not mentioned assesse.

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Income Tax returns

Section 234A- Interest for default in furnishing return of Income.

1% per month or part of the month from the due date of furnishing the
return to the date of furnishing of the return in case of where the return
is furnished after due date.
If no return is filed- the date of completion of assessment.
No Interest is payable if no tax is due.

Section 234F- Default in furnishing return of income

If total Income exceed 5L- Rs.5000
If Total income Exceed 2.5L- Rs.1000
If Less than 2.5L- Nil

Central Government has been empowered to notify the class or

classes of persons who will be exempted from the requirement of filing
of return of income, subject to satisfying the prescribed conditions.

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Income Tax returns

Sec 139(3) - Return of Loss

Mandatory to file return to carry forward losses within due date
(a) Business loss
(b) Speculation business loss
(c) Loss from specified business
(d) Loss under the head “Capital Gains”
(e) Loss from the activity of owning and maintaining race horses

Loss under the head “Income from house property” u/s 71B and
unabsorbed depreciation u/s 32 can be carried forward for set-off
even though return of loss has not been filed before the due date.

Sec 139(4)-Belated return

If a person not filed return within due date- He can furnish return before
three months prior to the end of the relevant assessment year. I.e. is 31st
December of the AY or before the completion of the assessment
whichever is earlier.

Sec-139(5) - Revised return

If a person discovers any omission or any wrong statement therein, he
may furnish a revised return at any time before three months prior to the
end of the relevant assessment year. I.e. is 31st December of the AY or
before the completion of the assessment whichever is earlier.

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Income Tax returns

Section 139(8A) - Updated return

Any person may furnish an updated return for the previous year relevant
to the assessment year at any time within 24 months from the end of the
relevant assessment year whether or not he has furnished a return.
PY-2021-22------AY-2022-23-----31.03.2025
Not applicable if
o Return of loss
o has the effect of decreasing the total tax liability
o results in refund or increases the refund due

Sec 140B- Payment of tax for furnishing Updated return

Assesse would be liable to pay such tax together with interest payable
under any provision of this Act.
If the return of income is filed within 12 months from the end of relevant
assessment year, then additional tax shall be equal to 25% of aggregate
of the aggregate of the tax and interest payable.

If the return of income is filed after 12 months from the end of relevant
assessment year but before 24 months from the end of relevant
assessment year, then additional tax shall be equal to 50% of aggregate
of the aggregate of the tax and interest payable.
.

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Income Tax returns

Section 139(9)- Defective return

Assessing Officer has the power to call upon the assesse to rectify a
defective return within 15 days of such intimation. Can extend the time
if application made by assesse. If not rectified within the date, the return
is treated as invalid.

Sec 139AA- Mandatory quoting of Aadhar Number in return of income and

PAN.

If a person does not have Aadhar Number, he is required to quote

Enrolment ID of Aadhar application (28 digits)

Not applicable
o Residing in Assam, Jammu & Kashmir and Meghalaya;
o A non-resident as per Income-tax Act, 1961;
o A person of the age of 80 years or more at any time during the
previous year;
o Not a citizen of India
234H- Fine upto 1000- Not furnishing aadhar number.

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Income Tax returns

Sec 140A - Self-Assessment

Where any tax payable by the assesse after adjusting TDS, TCS,
Advance tax, any relief etc. the assesse shall be liable to pay such tax
together with interest and fee payable. IF any amount fall short, the
amount paid first be adjusted towards the fee payable and thereafter,
towards interest and the balance shall be adjusted towards the tax
payable.

Types of return

Website for filing Income tax return

www.incometax.gov.in

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 Income Tax returns

Salary HP B/s / Prof CG OS Not Opt

Agricultural income
exceeding Rs. 5,000
Residents not ordinarily
resident (RNOR) and
Income from non-residents.
other sources Income from Lottery,
ONE
(excluding Racehorses, Legal
UPTO House
ITR-1 NA NA winning from gambling, etc.
50L Property
lottery and Director of a company.
Income
income from Individual held any
race horses) unlisted equity shares at
any time during the
financial year.

ITR-2 Having business

Yes Yes NA Yes Yes Income.

ITR-3
YES YES YES YES YES
Presumptive
Scheme Total Income greater
ITR-4 (44AD, than 50L
44ADA or Agricultural income
Yes Yes 44AE ) No Yes exceeding Rs. 5,000

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 Income Tax returns

Individual,
Partnership Firm, HUF,
Body of Individuals (BOIs), Company
Limited Liability Partnerships (LLPs), Person filing Form ITR-7
Artificial Juridical Person (AJP),
ITR-5 Association of Persons (AOPs),
The estate of insolvent,
The estate of deceased,
Investment fund,
Business trust,
Local authority,
and co-operative society

ITR-6 Companies claiming exemption

Companies under section 11
ITR 7 u/s 139 (4A)-Charitable Companies
ITR 7 u/s 139 (4B) -Political parties
ITR 7 u/s 139 (4C) -
Association that is conducting scientific
research.
News agency
ITR-7
Association u/s 10 (23A)
Other enlisted institutes u/s 10 (23B)

ITR 7 u/s 139 (4D) -Schools, colleges, and

institutions
.

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Income Tax returns

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