It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details are to be furnished in the prescribed form known as return of income. In this part, you can gain knowledge about the various provisions relating to return of income.
|Status||Condition for mandatory filing|
|Individual/HUF/AOP/BOI/Artificial Juridical Person:||Every Individual/HUF/AOP/BOI/artificial juridical person has to file the return of income if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or Chapter VIA (i.e., deduction under section 80C to 80U), exceeds the maximum amount which is not chargeable to tax i.e. exceeds the exemption limit|
|Partnership firms||Every person, being a partnership firm (including Limited Liability Partnership), has to file its return of income compulsorily, irrespective of its income being profit or loss. In other words, it is mandatory for every partnership firm to file the return of income irrespective of its income or loss.|
|Persons holding assets located outside India|
A person, being a resident in India (other than not ordinarily resident), who is not required to furnish a return under any of the above `and who 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 signing authority in any account located outside India; or [As amended by Finance Act, 2016]
(b) is a beneficiary (*) of any asset (including any financial interest in any entity) located outside India, shall furnish, on or before the due date, a return in respect of his income or loss for the previous year in such form and verified in such manner and setting forth such other particulars as may be prescribed.
However, above discussed provision will not apply to an individual, being a beneficiary of any asset (including any financial interest in any entity) located outside India where, income, if any, arising from such asset is includible in the income of the person referred to in (a) above.
|Companies||Every person, being a company, has to file its return of income compulsorily, irrespective of its income being profit or loss. In other words, it is mandatory for every company to file the return of income irrespective of its income or loss.|
|Charitable or religious trusts||Every person in receipt of income derived from property held under charitable or religious trusts/legal obligations or in receipt of income being voluntary contributions referred to in section 2(24)(iia), has to file the return of income if its total income without giving effect to the provisions of sections 11 and 12 exceeds the maximum amount not chargeable to income-tax.|
|Political parties||The Chief Executive Officer of every political party has to file the return of income of the party if the total income of the party without giving effect to the provisions of section 13A exceeds the maximum amount not chargeable to income-tax.|
|University, college or other institution||Every university, college or other institution referred to in clause (ii) and clause (iii) of section 35(1), which is not required to furnish return of income or loss under any other provision of the Act, shall furnish the return of income every year, irrespective of income (or) loss.|
|Business Trust||Every business trust, which is not required to furnish return of income or loss under any other provision of the Act, shall furnish the return of income every year, irrespective of income (or) loss.|
In order to ensure that return is filed within due date, CBDT has inserted a new section 234F in the Act (I-T Act) to provide that a fee for delay in furnishing of return shall be levid.
As per Section 234F. (1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of the said section, he shall pay, by way of fee, a sum of,—
(a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;
(b) ten thousand rupees in any other case:
Provided that if the total income of the person does not exceed five lakh rupees, the fee payable under this section shall not exceed one thousand rupees.
(2) The provisions of this section shall apply in respect of return of income required to be furnished for the assessment year commencing on or after the 1st day of April, 2018.
Penalty Chart if return filed on different dates:
|Total Income||Return Filed before due date||Return filed before 31st December||Return filed after 31st December or non-filing|
|Upto Rs 500000||NIL||1000||1000|
|Exceeds Rs 500000||NIL||5000||10000|
In terms of above provision it is advisable for all persons who are mandatory required to file income tax return to e-file their returns on time to avoid heavy penalties.
Due Dates for filing return
|S.No||Status of the taxpayer||Due Date|
|1||Any company other than a company who is required to furnish a report in Form No. 3CEB under section 92E (i.e. other than covered in 2 below)||September 30 of the assessment year|
|2.||Any person (may be corporate/noncorporate) who is required to furnish a report in Form No. 3CEB under section 92E||November 30 of the assessment year|
|3.||Any person (other than a company) whose accounts are to be audited under the Income-tax Law or under any other law||September 30 of the assessment year|
|4.||A working partner of a firm whose accounts are required to be audited under this Act or under any other law.||September 30 of the assessment year|
|5.||Any other assessee||July 31 of the assessment year|