Important Aspects Of Income Tax Return Filing

Important aspects related to filing of return of Income

Section 139(1) of the Income Tax Act.1961 requires that every person being a company or a firm or a person other than a company or a firm if his total income exceed the maximum amount which is not chargeable to income-tax, shall file return of income.

A person in addition to filing return of his own total income is under an obligation to file a return of income of another person in respect of whom he is assessable. These words are included to cover the cases of representative assessee and legal representatives who are under a liability to be assessed on income belonging to other persons e.g., guardian of a minor or idiot, trustee of a trust, legal heir of deceased.

Compulsory filing of return in relation to asset located outside India

A person, being a resident other than not ordinarily resident in India who is not required to furnish return of Income under section 139(1) and if such person at any time during the previous year

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; oris a beneficiary of any asset (including any financial interest in any entity) located outside India

shall furnish a return in respect of his income or loss for previous year in such form and manner as prescribed.

Other persons who are mandatorily required to file return of Income

A person shall be mandatorily required to file his return of Income, if during the previous year, he

has deposited an amount or aggregate of the amount exceeding INR 1 Crore in one or more current account maintained with a banking company or a co-operative bank or

has incurred expenditure of an amount or aggregate of the amount exceeding INR 2,00,000 for himself or any other person for travel to a foreign country or

has incurred expenditure of an amount or aggregate of the amount exceeding INR 1,00,000 towards electricity consumption.

Due Date of furnishing return of Income

The return of income must be filed in prescribed form and verified in the prescribed manner on or before the due date o filing of return u/s 139(1) which is as under:

       Particulars

Due Date for furnishing return

(a)    If the assessee is a company or a person whose accounts are required to be audited under Income Tax Act, 1961 or a working partner of a firm whose accounts are required to be audited under this act.

31st October of the assessment year

(b)   In case of the assessee who is required to furnish a transfer pricing report referred to in section 92E

30th November of the assessment year

      © In any other case

31st July of the assessment year

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