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Filing of Return
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Interest and fee for default in furnishing
return of income
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Other Provisions
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Compulsory filing of Return of Income [Section 139(1)]
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Interest for default in furnishing return of income [Section
234A]
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Permanent Account Number [Section 139A]
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Return of Loss [Section 139(3)]
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Fee
for default in furnishing return of income [Section 234F]
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Quoting
of Aadhar Number [Section 139AA]
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Belated Return [Section 139(4)]
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Submission of returns through Tax Return
Preparers [Section 139B]
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Revised Return [Section 139(5)]
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Person authorized to verify return of income [Section 140]
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Defective Return [Section 139(9)]
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Self-Assessment [Section 140A]
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COMPULSORY FILING
OF RETURN OF INCOME [SECTION 139(1)]
(1) As per section 139(1), it is compulsory for companies and firms to file a return of income or loss for every previous year on or before the due date in the prescribed form.
(2) In case of a person other than a company or a firm, filing of return of income on or before the due date is mandatory, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeds the basic exemption limit.
(4) Further, every person, being an individual or a HUF or an AOP/BOI, whether incorporated or not, or an artificial juridical person -
whose total income or the total income of any other person in respect of which he is assessable under this Act during the previous year
without giving effect to the provisions of Chapter VI-A or section 54/54B/54D/54EC/54F1 exceeded the basic exemption limit.
is required to file a return of his income or income of such other person on or before the due date in the prescribed form and manner and setting forth the prescribed particulars.
(5) 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 form and manner on or before the due date if, during the previous year, such person –
(a) has deposited an amount or aggregate of the amounts exceeding
` 1 crore in one or more current accounts maintained with a banking company or a co-operative bank; or
(b) has incurred expenditure of an amount or aggregate of the amounts exceeding ` 2 lakh for himself or any other person for travel to a foreign country; or
(c) has incurred expenditure of an amount or aggregate of the amounts exceeding ` 1 lakh towards consumption of electricity; or
(d) fulfils such other prescribed conditions
(3) Every person, being a resident other than not ordinarily resident Resident (other then RNOR) in India within the meaning of section 6(6), who is not required to furnish a return under section 139(1), would be required to file a return of income or loss for the previous year in the prescribed form and verified in the prescribed manner on or before the due date, if such person, at any time during the previous year, -
(a)
holds,
as
a
beneficial
owner
or
otherwise,
any
asset
(including
any
financial interest
in any entity)
located outside India or has a
signing authority in any account located
outside
India;
or
(b)
is a beneficiary of
any asset (including any financial interest in any entity) located
outside India.
However, an individual being a beneficiary of any asset
(including any financial interest
in any entity) located outside
India would not be required to file return of income under this clause, where, income, if any, arising from such asset
is includible in the income of the person.
(6) 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 in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.
Meaning of due date:
‘Due date’ means -
(i) 31st October of the assessment year, where the assessee, other than an assessee referred to in (ii) below, is -
(a) a company,
(b) 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
(c) a 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.
(ii) 30th November of the assessment year, in the case of an assessee who is required to furnish a report referred to in section 92E.
(iii) 31st July of the assessment year, in the case of any other assessee
3. INTEREST FOR DEFAULT IN FURNISHING RETURN OF INCOME [SECTION 234A]
(1) Interest under section 234A is attracted for failure to file a return of income on or before the due date under section 139(1) i.e., interest is payable where an assessee furnishes the return of income after the due date or does not furnish the return of income.
(2) Simple interest @1% per month or part of the month is payable for the period commencing from the date immediately following the due date and ending on the following dates -
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Circumstances
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Ending
on the following dates
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Where the return is furnished after
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the date
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of
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furnishing of
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the
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due date
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return
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Where no return is furnished
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the date assessment
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of
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completion
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of
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(3) The interest has to be calculated on the amount of tax on total income as determined under section 143(1) or on regular assessment as reduced by the advance tax paid and any tax deducted or collected at source, any relief of tax allowed under section 89 and any tax credit allowed to be set-off in accordance with section 115JD.
(4) No interest under section 234A shall be charged on self-assessment tax paid by the assessee on or before the due date of filing of return.
(5) The interest payable under section 234A shall be reduced by the interest,
if any, paid on self-assessment under section 140A towards interest
chargeable under section
234A.
4. FEE FOR DEFAULT IN FURNISHING RETURN OF INCOME [SECTION 234F]
Where a person, who is required to furnish a return of income under section 139, fails to do so within the prescribed time limit under section 139(1), he shall pay, by way of fee, a sum of –
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Fee
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Circumstances
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` 5,000
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If the
return is furnished on or before
the 31st December of the assessment year;
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` 10,000
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In any other case
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However, if the total income
of the person
does not exceed
` 5 lakhs, the fees
payable shall not exceed ` 1,000
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6. RETURN OF LOSS [SECTION 139(3)]
(1) This section requires the assessee to file a return of loss in the same manner as in the case of return of income within the time allowed u/s 139(1).
(2) Section 80 requires mandatory filing of return of loss u/s 139(3) on or before the due date specified u/s 139(1) for carry forward of the following losses -
(a) Business loss u/s 72(1)
(b) Speculation business loss u/s 73(2)
(c) Loss from specified business u/s 73A(2)
(d) Loss under the head “Capital Gains” u/s 74(1)
(e) Loss from the activity of owning and maintaining race horses u/s 74A(3)
(3) Consequently, section 139(3) requires filing of return of loss mandatorily within the time allowed u/s 139(1) for claiming carry forward of losses mentioned in (2) above.
(4) However, 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.
(5) A return of loss has to be filed by the assessee in his own interest and the non- receipt of a notice from the Assessing Officer requiring him to file the return cannot be a valid excuse under any circumstances for the non-filing of such return.
7. BELATED RETURN [SECTION 139(4)]
Any person who has not furnished a return within the time allowed to him under section 139(1) may furnish the return for any previous year at any time -
(i) before the end of the relevant assessment year; or
(ii) before the completion of the assessment, whichever is earlier.
8. REVISED RETURN [SECTION 139(5)]
If any person having furnished a return under section 139(1) or a belated return under section 139(4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time –
(i) before the end of the relevant assessment year; or
(ii) before completion of assessment, whichever is earlier.
