Income Tax Return

Under the Income Tax Act of 1961, individuals and businesses are required to file an income tax return with the tax authorities in India. The income tax return must include details of the taxpayer’s income earned during the financial year, which runs from April 1 to March 31 of the following year. The Income Tax Act specifies different types of returns that taxpayers are required to file, based on their income and other factors.

Return Under Section 139(1)

Every person

• (a) being a company or a firm; or
• b) being a person other than a company or a firm,

if his total income during previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income in prescribed format.

Total income here will mean without giving effect to the Section 10(38),10A, 10B, 10BA, 54, 54B, 54D, 54EC, 54F, 54G, 54GA, 54GB OR Chapter VIA

person referred to in clause (b), who is not required to furnish a return under this sub-section, and who during the previous year:

• (i) has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank;
• (ii) has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or
• (iii) has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or
• (iv) fulfils such other conditions as may be prescribed (see Rule 12AB)

shall furnish a return of his income on or before the due date in such form and verified in such manner and setting forth such other particulars, as may be prescribed.

“Due date” means
(a) where the assessee other than an assessee referred to in clause (aa) is—
(i) a company; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force

the 31st day of October of the assessment year;

In the case of an assessee , including the partners of the firm who is required to furnish a report referred to in section 92E the 30th day of November of the assessment year;
(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;
(c) in the case of any other assessee, the 31st day of July of the assessment year.

Belated Return[Section 139(4)]

Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before three months prior to the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.

Revised Return[ section 139(5): If any person, having furnished a return under section139 (1) or section 139(4), 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 or before the completion of the assessment, whichever is earlier.

Updated Return [Section 139(8A):

Any person, whether or not he has furnished a return under section139 (1) or section 139(4) or section139 (5), for an assessment year, may furnish an updated return of his income or the income of any other person in respect of which he is assessable under this Act, for the previous year relevant to such assessment year, in the prescribed form61, verified in such manner and setting forth such particulars as may be prescribed, at any time within 24 months from the end of the relevant assessment year:

Provided that the provision of this sub-section shall not apply, if the updated return,—

(a) is a return of a loss; or

(b) has the effect of decreasing the total tax liability determined on the basis of return furnished under sub-section (1) or sub-section (4) or sub-section (5); or

(c) results in refund or increases the refund due on the basis of return furnished under sub-section (1) or sub-section (4) or sub-section (5),

of such person under this Act for the relevant assessment year:

Return of Trust Claiming Exemption under section 11and 12 [Section 139 4A]

if the total income without giving effect to section 11 and 12 exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form. [ Form -7]