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-: INDIAN INCOME TAX :-
-: RETURNS OF INCOME :-
-: Complied By :-
Prof. Rajesh Jain, CA
rmjainca@gmail.com
-: Returns of Income :-
[A] VOLUNTARY RETURN
[ U/s 139 (1) ]
(a) Firms/Companies : Every companies & partnership firm should
furnish return of income in respect of income or loss for every
previous year.
(b) Others : [ Individual, HUF, AOP, BOI & AJP ]
Required to file the return of income, if the total income before
giving exemption u/s 10A/ 10B/10BA, or deductions under Chapter
VI-A (Sec 80C to Sec 80 U ), exceeds the maximum amount not
chargeable to tax.
The return of income should be filled in the prescribed form containing
particulars within the prescribed time.
-: Returns of Income :-
[B] LOSS RETURN
[ U/s 139 (3) ]
If any person has suffered a loss in any previous year under the head “
Profit & Gains from Business & Profession” or under the head “Capital
Gains” and claims that the loss be carried forward and set off against
the profit under the same head for the subsequent year, then, he
must file the return of income showing the loss within the time
allowed under Sec 139(1), failing to which he would forfeit his right to
carry forward of the loss to succeeding year(s).
-: Returns of Income :-
[ c ] Belated Return
[ U/s 139 (4) ]
If an assessee has not furnished a return of income in time as mentioned
u/s 139(1) or in response to notice u/s 142(1)(i), he may furnish the
return at any time before the expiry of one year from the end of the
relevant previous year or before the completion of assessment,
whichever is earlier.
-: Returns of Income :-
[ d ] Revised Return
[ U/s 139 (5) ]
If after furnishing a return u/s 139(1) or in response to notice u/s
142(1)(i), any omission or wrong statement is discovered, a revised
return can be filed under section 139(5) at any time before the expiry
of the one year from the end of the relevant assessment year or
before the completion of the assessment , whichever is earlier.
-: Returns of Income :-
[ e ] Defective Return
[ U/s 139 (9), 139C & 139D ]
Where the Assessing Officer considers that the return of income
furnished by the assessee is defective, he may intimate the defect to
the assessee for rectifying the same within 15 days from the date of
such intimation or within such extended period officer may grant, on
an application made in this behalf.
If the defect is not rectified within the period allowed, the return filed
will be treated as invalid and the assessee would render himself liable
to the resultant consequences such as ex-parte assessment , interest
penalty etc.
------
-: Various ITR Forms :-
:Prescribed Forms :
Forms Applicability
ITR-1 SAHAJ Return of Income for Individuals having Salary , One Property Income
& other sources income.
ITR-2 Return of income for Individuals and HUFs, having income from any
other source except from business or profession.
ITR-3 Return of income for Individuals and HUFs, being partner in FIRM, but
not having proprietary business or profession.
ITR-4 Return of income for Individuals and HUFs, having proprietary
business or profession.
ITR -4 SUGAM For presumptive business income covered u/s 44AD/44AE
ITR -5 For Firms, Local Authority, Co-operative Banks, other Co-op Socieities,
LLP, any other AOP/BOI & Artificial Juridical Person.
ITR -6 For a Company other than a company claiming exemption u/s 11
ITR-7 For a Trust, Political Parties, Notified Hospitals, University College &
Institutions, covered u/s 139(4A), 139(4B), 139(4C) & 139(4D).
ITR-V Verification Form. This is to be used where
-: Due Dates for Filing ITRs :-
Prescribed Time Limit for filing Returns :
Assessee Due Dates
1. Where the assessee is
(i) A Company (Other than a company
referred in Point 2 )
(ii) A Persons whose Accounts are required
to be Audited.
(iii) A working partner of a firm whose
accounts are required to be audited.
30th September of the A.Y..
2. In case of assessee required to furnish a
report of C.A. u/s 92E ( Transfer Pricing ) 30th November of the A.Y.
3. In case of any other Assessee. 31ST July of the A.Y.
Various Returns of income

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Various Returns of income

  • 1. -: INDIAN INCOME TAX :- -: RETURNS OF INCOME :- -: Complied By :- Prof. Rajesh Jain, CA rmjainca@gmail.com
  • 2. -: Returns of Income :- [A] VOLUNTARY RETURN [ U/s 139 (1) ] (a) Firms/Companies : Every companies & partnership firm should furnish return of income in respect of income or loss for every previous year. (b) Others : [ Individual, HUF, AOP, BOI & AJP ] Required to file the return of income, if the total income before giving exemption u/s 10A/ 10B/10BA, or deductions under Chapter VI-A (Sec 80C to Sec 80 U ), exceeds the maximum amount not chargeable to tax. The return of income should be filled in the prescribed form containing particulars within the prescribed time.
  • 3. -: Returns of Income :- [B] LOSS RETURN [ U/s 139 (3) ] If any person has suffered a loss in any previous year under the head “ Profit & Gains from Business & Profession” or under the head “Capital Gains” and claims that the loss be carried forward and set off against the profit under the same head for the subsequent year, then, he must file the return of income showing the loss within the time allowed under Sec 139(1), failing to which he would forfeit his right to carry forward of the loss to succeeding year(s).
  • 4. -: Returns of Income :- [ c ] Belated Return [ U/s 139 (4) ] If an assessee has not furnished a return of income in time as mentioned u/s 139(1) or in response to notice u/s 142(1)(i), he may furnish the return at any time before the expiry of one year from the end of the relevant previous year or before the completion of assessment, whichever is earlier.
  • 5. -: Returns of Income :- [ d ] Revised Return [ U/s 139 (5) ] If after furnishing a return u/s 139(1) or in response to notice u/s 142(1)(i), any omission or wrong statement is discovered, a revised return can be filed under section 139(5) at any time before the expiry of the one year from the end of the relevant assessment year or before the completion of the assessment , whichever is earlier.
  • 6. -: Returns of Income :- [ e ] Defective Return [ U/s 139 (9), 139C & 139D ] Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee for rectifying the same within 15 days from the date of such intimation or within such extended period officer may grant, on an application made in this behalf. If the defect is not rectified within the period allowed, the return filed will be treated as invalid and the assessee would render himself liable to the resultant consequences such as ex-parte assessment , interest penalty etc. ------
  • 7. -: Various ITR Forms :- :Prescribed Forms : Forms Applicability ITR-1 SAHAJ Return of Income for Individuals having Salary , One Property Income & other sources income. ITR-2 Return of income for Individuals and HUFs, having income from any other source except from business or profession. ITR-3 Return of income for Individuals and HUFs, being partner in FIRM, but not having proprietary business or profession. ITR-4 Return of income for Individuals and HUFs, having proprietary business or profession. ITR -4 SUGAM For presumptive business income covered u/s 44AD/44AE ITR -5 For Firms, Local Authority, Co-operative Banks, other Co-op Socieities, LLP, any other AOP/BOI & Artificial Juridical Person. ITR -6 For a Company other than a company claiming exemption u/s 11 ITR-7 For a Trust, Political Parties, Notified Hospitals, University College & Institutions, covered u/s 139(4A), 139(4B), 139(4C) & 139(4D). ITR-V Verification Form. This is to be used where
  • 8. -: Due Dates for Filing ITRs :- Prescribed Time Limit for filing Returns : Assessee Due Dates 1. Where the assessee is (i) A Company (Other than a company referred in Point 2 ) (ii) A Persons whose Accounts are required to be Audited. (iii) A working partner of a firm whose accounts are required to be audited. 30th September of the A.Y.. 2. In case of assessee required to furnish a report of C.A. u/s 92E ( Transfer Pricing ) 30th November of the A.Y. 3. In case of any other Assessee. 31ST July of the A.Y.