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Submission of Compulsory Filing of 'Return of Income' as a Statutory Obligation (Section 139)

  1. Table Showing Compulsory Filing of 'Return of Income' by various Persons with Sectionwise (Section 139)

  2. Various "Return Forms" for filing Return of Income

  3. Mode of "Submission of Income-Tax Return" for the Assessment year 2019-20 is as follows–

  4. Due Date or Time for Filing Return of Income [Section 139(1)]

Section 139(1) requires that every person,—

  1. being a company or a firm; or

  2. being a person other than a company or a firm, if (i) his total income or (ii) the total income of any other person in respect of which he is assessable under the Income-tax Act, during the previous year, exceeded the maximum amount which is not chargeable to income-tax.

shall, furnish a return of his income or the income of such other person.

Such return of income must be furnished on or before the due date, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.

1. Table Showing Compulsory Filing of 'Return of Income' by various Persons with Sectionwise (Section 139)

Section

Different Situations

139(1)(a)

A company/firm is required to submit its return of income (regardless of the quantum of income or loss).

139(1)(b)

A person (other than an individual/ HUF/company/firm) is required to submit his/its return of income, if income exceeds exemption Iimit.

139(1)(b), read with fifth proviso

Individual/HUF is required to submit his/its return of income, if income [without claiming deduction under sections 10A, 10B, 10BA, 80C to 80U and under section 10(38)] exceeds the amount of exemption limitt.

139(4A)

A person in receipt of income derived from property held under a trust for charitable or religious purposes is required to submit return of income if its income (without giving exemption under section 11 or 12) exceeds exemption Iimitt.

139(4B)

Chief executive officer of every political party is required to submit income-tax return if income of the political party (without giving exemption under section 13A) exceeds exemption limit.

139(4C)

 

If total income (without claiming any exemption given below) of the assessee (who is qualified to claim exemption under the following sections) exceeds the exemption limitt -

- Section 10(21)
- Section 10(22B)
- Section 10(23A)
- Section 10(23AAA)
- Section 10(23B)
- Section 10(23C)(iiiab)/(iiiac)/(iiiad)/ (iiiae)/(iv)/(v)/(vi)/(via)
- Section 10(23D)
- Section 10(23DA)

- Section 10(23EC)
- Section 10(23ED)
- Section 10(23EE)
- Section 10(23FB)
- Section 10(24)(a)/(b)
- Section 10(29A)
- Section 10(46)
- Section 10(47)

139(4D)

Any university/college/other institution referred to in section 35(1)(ii)/ (iii) is required to submit return of income (return has to be submitted whether there is income or loss. Such return has to be submitted even if it is not required by any other provision)

139(4E)/(4F)

These sub-sections cover submimion of return by business trust/investment fund.

2. Various "Return Forms" for filing Return of Income

ITR Forms

Subject

ITR-1
(i.e., SAHAJ)

For an individual who is resident and ordinarily resident (total income does not exceed Rs. 50 lakh) having income from salary/one house property (not being brought forward loss or loss to be carried forward)/income from other sources (not being loss and not being winning from lottery/income from race horses)

ITR-2

For an individual/HUF where the total income does not include income under the head business or profession

ITR-3

For an mdividual/HUF having income under the head business or profession

ITR-4 (i.e., Sugam)

For an individual/HUF/firm (other than LLP) deriving business income and such income is cornputed in accordance with special provisions referred to in section 44AD, 44ADA or 44AE

ITR-5

For firms, AOPs and BOIs or any other person (not being individual or HUF or company or to whom ITR-7 is applicable)

ITR-6

For companies other than companies claiming exemption under section 11

ITR-7

For persons including companies required to furnish return under section 139(4A)/(4B)/(4C)/(4D)

ITR-V

Where the data of the return of income in Forms ITR-1, ITR-2, ITR-3, ITR-4 and ITR-5 transmitted electronically without digital signature

 

3. Mode of "Submission of Income-Tax Return" for the Assessment year 2019-20 is as follows–

Person

Conditions

Mode of Furnishing Return

Individual / HUF

Case 1 - Accounts are required to be audited under HUF section 44AB Electronically with digital signature

Case 2- Return is submitted in ITR-1 or ITR-4 and the individual/HIJF satisfies at least one of the following two conditions-

  • the individual was born before April 2, 1937; or

  • the total income of the individual/l-IUF does not exceed Rs. 5 lakh and no refund is claimed in the return of income

  • Electronic mode given in Case 3; or

  • Paper format

 

Case-3 – Any other Case

Return can be submitted by using any one
of the following electronic modes -

  1. Electronically under digital signature;
    or

  2. Transmitting the data in the return
    electronically under electronic verifi catio code; or

  3. Transmitting the data in the return
    electronically and thereafter submit tin the verification of the return in
    Form ITR-V

Company

Case 4- Any company

Electronically with digital signature

Person required to Furnish Return in ITR-7 Case 5 - Political Party Electronically with digital signature
Case 6 - Any other case Electronic mode given in Case 3
Firm, LLP or any Person (not mentioned above) required to Furnish Return in ITR-5 Case 7- Accounts are required to be audited under Section 44AB Electronically with digital signature
Case 8- Any other case Electronic mode given in Case 3

 

Note - For the aforesaid table “electronic verification code” means a code generated for the purpose of electronic verification of the person furnishing the return of income as per the data structure and standards specified by Principal Director General (Systems) or Director General (Systems).

MODE OF SUBMISSION OF AUDIT REPORT -

No document, audit report, statement, accounts, etc., can be attached with return forms. However, where an assessee is required to furnish a report of audit specified under section 10(23C)(iv)/(v)/(vi)/(via), section 10A, section 10AA, section 12A(1)(b), section 44AB, section 44DA, section 50B, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E, section 115JB or section 115VW or to give a notice under section 11(2)(a), he shall furnish the same electronically.

 

4. Due Date or Time for Filing Return of Income [Section 139(1)]

Different Situations Due Date of Submission of Return of Income

1. Where the assessee is required to furnish a report under section 92E pertaining to international or specified domestic transaction(s)

(i.e. where a person has entered into an international transaction or specified domestic transaction aggregating to an amount exceeding Rs. 5 crore/ 20 crore as the case may be)

November 30
2. Where the assessee is a company [not having international or specified domestic transaction(s)] September 30
3. Where the assessee is a person other than a company [not having international or specified domestic transaction(s)]  
  • In case where accounts of the assessee are required to be audited under any law
September 30
  • Where the assessee is a “working partner” in a firm whose accounts are required to be audited under any law
September 30
  • In any other case
July 31

Note:

  1. Where the last day for filing return of income or loss is a day on which the office is closed, the assessee can file the return on the next day afterwards on which the office is open and, in such cases, the return will be considered to have been filed within the specified time limit—

  2. Due date of furnishing return of income in case of a non-working partner shall be 31st July of the assessment year whether the accounts of the firm are required to be audited or not.

  3. A working partner for the above purpose shall mean an individual who is actively engaged in conducting the affairs of the business or profession of the firm of which he is a partner and is drawing remuneration from the firm.

  4. In case of firm whose accounts are not required to be audited under this Act or any other law, the last date for furnishing the return by the firm as well as partners (whether working or non-working) shall be 31st July of the assessment year.

CONTENT : Return of Income and Procedure of Assessment (Section 139 to 154)

Related Topics... Return of Income and Procedure of Assessment

 
 
 
 
 
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