Section 139 - Return of income - Income-tax Act, 1961

CHAPTER XIV PROCEDURE FOR ASSESSMENT Return of income. 139. 1 [(1) Every person,- ( a ) being a company 2 [or a firm]; or ( b ) being a person other than a company 3 [or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the 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 or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed : Provided that a person referred to in clause ( b ), who is not required to furnish a return under this sub-section and residing in such area as may be specified by the Board in this behalf by notification in the Official Gazette, and who 4 [during the previous year incurs an expenditure of fifty thousand rupees or more towards consumption of electricity or] at any time during the previous year fulfils any one of the following conditions, namely :- ( i ) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified by the Board in this behalf; or ( ii ) is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or ( iii ) 5 [***] ( iv ) has incurred expenditure for himself or any other person on travel to any foreign country; or ( v ) is the holder of a credit card, not being an add-on card, issued by any bank or institution; or ( vi ) is a member of a club where entrance fee charged is twenty-five thousand rupees or more, shall furnish a return, of his income 6 [during any previous year ending before the 1st day of April, 2005], 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 : Provided further that the Central Government may, by notification in the Official Gazette, specify the class or classes of persons to whom the provisions of the first proviso shall not apply: Provided also that every company 7 [or a firm] shall furnish on or before the due date the return in respect of its income or loss in every previous year : 71 [ Provided also that a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6, who is not required to furnish a return under this sub-section 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 (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: Provided also that nothing contained in the fourth proviso shall 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 clause (a) of that proviso in accordance with the provisions of this Act:] 8 [ Provided also that every person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year, without giving effect to the 77 [provisions of clause (38) of section 10 or section 10A ] or section 10B or section 10BA 87 [ or section 54 or section 54B or section 54D or section 54EC or section 54F or section 54G or section 54GA or section 54GB ] or Chapter VI-A exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.] 88 [Provided also that a 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; or (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, 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. ] Explanation 1. - For the purposes of this sub-section, the expression motor vehicle shall have the meaning assigned to it in clause ( 28 ) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988). Explanation 2. - In this sub-section, due date means,- ( a ) where the assessee 65 [ other than an assessee referred to in clause ( aa ) ] is- ( i ) a company 60 [******] ; 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 90 [**** ] 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 92 [ or the spouse of such partner if the provisions of section 5A applies to such spouse ] , the 91 [ 31st day of October ] of the assessment year; 61 [(aa) in the case of an assessee 93 [ , including the partners of the firm or the spouse of such partner (if the provisions of section 5A applies to such spouse) being such assessee, ] 66 [ 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. Explanation 3. - For the purposes of this sub-section, the expression travel to any foreign country does not include travel to the neighbouring countries or to such places of pilgrimage as the Board may specify in this behalf by notificationin the Official Gazette.] 72 [ Explanation 4. - For the purposes of this section beneficial owner in respect of an asset means an individual who has provided, directly or indirectly, consideration for the asset for the immediate or future benefit, direct or indirect, of himself or any other person. Explanation 5. - For the purposes of this section beneficiary in respect of an asset means an individual who derives benefit from the asset during the pervious year and the consideration for such asset has been provided by any person other than such beneficiary.] 89 [ Explanation 6. - For the purposes of this sub-section,- (a) banking company shall have the meaning assigned to it in clause (i) of the Explanation to section 269SS; (b) co-operative bank shall have the meaning assigned to it in clause (ii) of the Explanation to section 269SS. ] 9 [(1A) Without prejudice to the provisions of sub-section (1), any person, being an individual who is in receipt of income chargeable under the head Salaries may, at his option, furnish a return of his income for any previous year to his employer, in accordance with such scheme as may be specified by the Board in this behalf, by notification in the Official Gazette, and subject to such conditions as may be specified therein, and such employer shall furnish all returns of income received by him on or before the due date, in such form (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media) and manner as may be specified in that scheme, and in such case, any employee who has filed a return of his income to his employer shall be deemed to have furnisheda return of income under sub-section (1), and the provisions of this Act shall apply accordingly.] 10 [***]] 11 [(1B) Without prejudice to the provisions of sub-section (1), any person, being a company or being a person other than a company, required to furnish a return of income under sub-section (1), may, at his option, on or before the due date, furnish a return of his income for any previous year in accordance with such scheme as may be specified by the Board in this behalf by notification in the Official Gazette and subject to such conditions as may be specified therein, in such form (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media) and in the manner as may be specified in that scheme, and in such case, the return of income furnished under such scheme shall be deemed to be a return furnished under sub-section (1), and the provisions of this Act shall apply accordingly.] 62 [( 1C) Notwithstanding anything contained in sub-section (1), the Central Government may, by notification in the Official Gazette, exempt any class or classes of persons from the requirement of furnishing a return of income having regard to such conditions as may be specified in that notification. ] 12 [***] (3) If any person who 13 [***] has sustained a loss in any previous year under the head Profits and gains of business or profession or under the head Capital gains and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72, or sub-section (2) of section 73, 78 [ or sub-section (2) of section 73A ] or sub- section (1) 14 [or sub-section (3)] of section 74, 15 [or sub-section (3) of section 74A], he may furnish, within the time allowed under sub-section (1) 16 [***], a return of loss in the prescribed formand verified in the prescribed manner and containing such other particulars as may be prescribed, and all the provisions of this Act shall apply as if it were a return under sub-section (1). 79 [(4) Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the 94 [ 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. ] 18 [ 19 [(4A) Every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes, or of income being voluntary contributions referred to in sub-clause ( iia ) of clause ( 24 ) of section 2, shall, if the total income in respect of which he is assessable as a representative assessee (the total income for this purpose being computed under this Act without giving effect to the provisions of sections 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 and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).]] 20 [(4B) The chief executive officer (whether such chief executive officer is known as Secretary or by any other designation) of every political party shall, if the total income in respect of which the political party is assessable (the total income for this purpose being computed under this Act without giving effect to the provisions of section 13A) 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 and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of this Act, shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).] 21 [(4C) Every- ( a ) 59 [research association] referred to in clause ( 21 ) of section 10; ( b ) news agency referred to in clause ( 22B ) of section 10; ( c ) association or institution referred to in clause ( 23A ) of section 10; 82 [(ca) person referred to in clause (23AAA) of section 10;] ( d ) institution referred to in clause ( 23B ) of section 10; ( e ) fund or institution referred to in sub-clause ( iv ) or trust or institution referred to in sub-clause ( v ) or any university or other educational institution referred to in 73 [sub-clause (iiiab) or] 22 [ sub-clause ( iiiad ) or ] sub-clause ( vi ) or any hospital or other medical institution referred to in 74 [sub-clause (iiiac) or] 23 [ sub-clause ( iiiae ) or ] sub-clause ( via ) of clause ( 23C ) of section 10; 68 [(ea) Mutual Fund referred to in clause (23D) of section 10; (eb) securitisation trust referred to in clause (23DA) of section 10; 83 [(eba) Investor Protection Fund referred to in clause (23EC) or clause (23ED) of section 10; (ebb) Core Settlement Guarantee Fund referred to in clause (23EE) of section 10;] (ec) venture capital company or venture capital fund referred to in clause (23FB) of section 10;] (f) trade union referred to in sub-clause (a) or association referred to in sub-clause (b) of clause (24) of section 10, 84 [ (fa) Board or Authority referred to in clause (29A) of section 10; ] 63 [(g) body or authority or Board or Trust or Commission (by whatever name called) referred to in clause (46) of section 10; (h) infrastructure debt fund referred to in clause (47) of section 10,] shall, if the total income in respect of which such 59 [research association], news agency, association or institution, 85 [ person or ] fund or trust or university or other educational institution or any hospital or other medical institution or trade union 64 [or body or authority or Board or Trust or Commission or infrastructure debt fund] 69 [or Mutual Fund or securitisation trust or venture capital company or venture capital fund] is assessable, without giving effect to the provisions of section 10, 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 and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).] 24 [(4D) Every university, college or other institution referred to in clause (ii) and clause (iii) of sub-section (1) of section 35, which is not required to furnish return of income or loss under any other provision of this section, shall furnish the return in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).] 70 [(4E) Every business trust, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of its income in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply if it were a return required to be furnished under sub-section (1).] 75 [(4F) Every investment fund referred to in section 115UB, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of income in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1). ] 80 [ (5) If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time 95 [ before three months prior to the end ] of the relevant assessment year or before the completion of the assessment, whichever is earlier.] 26 [(6) The prescribed form of the returns referred to 27 [in sub-sections (1) and (3) of this section, and in clause (i) of sub-section (1) of section 142] shall, in such cases as may be prescribed, require the assessee to furnish the particulars of income exempt from tax, 76 [assets of the prescribed nature and value, held by him as a beneficial owner or otherwise or in which he is a beneficiary], his bank account and credit card held by him], expenditure exceeding the prescribed limits incurred by him under prescribed heads and such other outgoings as may be prescribed. (6A) Without prejudice to the provisions of sub-section (6), the prescribed form of the returns referred to 29 [in 30 [***] this section, and in clause (i) of sub-section (1) of section 142] shall, in the case of an assessee engaged in any business or profession, also require him to furnish 31 [the report of any audit 32 [referred to in section 44AB, or, where the report has been furnished prior to the furnishing of the return, a copy of such report together with proof of furnishing the report], the] particulars of the location and style of the principal place where he carries on the business or profession and all the branches thereof, the names and addresses of his partners, if any, in such business or profession and, if he is a member of an association or body of individuals, the names of the other members of the association or the body of individuals and the extent of the share of the assessee and the shares of all such partners or the members, as the case may be, in the profits of the business or profession and any branches thereof.] (7) 33 [***] 34 [(8)(a) 35 [Where the return under sub-section (1) or sub-section (2) or sub-section (4) for an assessment year is furnished after the specified date, or is not furnished, then [whether or not the 36 [Assessing] Officer has extended the date for furnishing the return under sub-section (1) or sub-section (2)], the assessee shall be liable to pay simple interest at 37 [fifteen] per cent per annum, reckoned from the day immediately following the specified date to the date of the furnishing of the return or, where no return has been furnished, the date of completion of the assessment under section 144, on the amount of the tax payable on the total income as determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted at source : Provided that the 38 [Assessing] Officer may, in such cases and under such circumstances as may be prescribed, reduce or waive the interest payable by any assessee under this sub-section. Explanation 1 . - For the purposes of this sub-section, specified date , in relation to a return for an assessment year, means,- (a) in the case of every assessee whose total income, or the total income of any person in respect of which he is assessable under this Act, includes any income from business or profession, the date of the expiry of four months from the end of the previous year or where there is more than one previous year, from the end of the previous year which expired last before the commencement of the assessment year or the 30th day of June of the assessment year, whichever is later; (b) in the case of every other assessee, the 30th day of June of the assessment year.] 39 [ Explanation 2. - Where, in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this sub-section.] 40 [(b) Where as a result of an order under section 147 or section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 41 [or an order of the Settlement Commission under sub-section (4) of section 245D], the amount of tax on which interest was payable under this sub-section has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and- (i) in a case where the interest is increased, the 42 [Assessing] Officer shall serve on the assessee, a notice of demand in the prescribed form specifying the sum payable, and such notice of demand shall be deemed to be a notice under section 156 and the provisions of this Act shall apply accordingly; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded.]] 43 [(c) The provisions of this sub-section shall apply in respect of the assessment for the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, and references therein to the other provisions of this Act shall be construed as references to the said provisions as they were applicable to the relevant assessment year.] 97 [ (8A) Any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment year (herein referred to as the relevant 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 form, verified in such manner and setting forth such particulars as may be prescribed, at any time within twenty-four 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: Provided further that a person shall not be eligible to furnish an updated return under this sub-section, where- (a) a search has been initiated under section 132 or books of account or other documents or any assets are requisitioned under section 132A in the case of such person; or (b) a survey has been conducted under section 133A, other than sub-section (2A) of that section, in the case such person; or (c) a notice has been issued to the effect that any money, bullion, jewellery or valuable article or thing, seized or requisitioned under section 132 or section 132A in the case of any other person belongs to such person; or (d) a notice has been issued to the effect that any books of account or documents, seized or requisitioned under section 132 or section 132A in the case of any other person, pertain or pertains to, or any other information contained therein, relate to, such person, for the assessment year relevant to the previous year in which such search is initiated or survey is conducted or requisition is made and any assessment year preceding such assessment year: Provided also that no updated return shall be furnished by any person for the relevant assessment year, where- (a) an updated return has been furnished by him under this sub-section for the relevant assessment year; or (b) any proceeding for assessment or reassessment or recomputation or revision of income under this Act is pending or has been completed for the relevant assessment year in his case; or (c) the Assessing Officer has information in respect of such person for the relevant assessment year in his possession under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (13 of 1976.) or the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988.) or the Prevention of Money-laundering Act, 2002 (15 of 2003.) or the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015.) and the same has been communicated to him, prior to the date of furnishing of return under this sub-section; or (d) information for the relevant assessment year has been received under an agreement referred to in section 90 or section 90A in respect of such person and the same has been communicated to him, prior to the date of furnishing of return under this sub-section; or (e) any prosecution proceedings under the Chapter XXII have been initiated for the relevant assessment year in respect of such person, prior to the date of furnishing of return under this sub-section; or (f) he is such person or belongs to such class of persons, as may be notified by the Board in this regard: Provided also that if any person has sustained a loss in any previous year and has furnished a return of loss in the prescribed from within the time allowed under sub-section (1) and verified in the prescribed manner and containing such other particulars as may be prescribed, he shall be allowed to furnish an updated return where such updated return is a return of income: Provided also that if the loss or any part thereof carried forward under Chapter VI or unabsorbed depreciation carried forward under sub-section (2) of section 32 or tax credit carried forward under section 115JAA or under section 115JD is to be reduced for any subsequent previous year as a result of furnishing of return of income under this sub-section for a previous year, an updated return shall be furnished for each such subsequent previous year. ] 44 [(9) Where the 45 [Assessing] Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the 46 [Assessing] Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, the return shall be treated as an invalid return and the provisions of this Act shall apply as if the assessee had failed to furnish the return : Provided that where the assessee rectifies the defect after the expiry of the said period of fifteen days or the further period allowed, but before the assessment is made, the 47 [Assessing] Officers may condone the delay and treat the return as a valid return. Explanation .-For the purposes of this sub-section, a return of income shall be regarded as defective unless all the following conditions are fulfilled, namely :- (a) the annexures, statements and columns in the return of income relating to computation of income chargeable under each head of income, computation of gross total income and total income have been duly filled in; 81 [(aa) ***] (b) the return is accompanied by a statement showing the computation of the tax payable on the basis of the return; 48 [(bb) the return is accompanied by the report of the audit referred to in section 44AB, or, where the report has been furnished prior to the furnishing of the return, by a copy of such report together with proof of furnishing the report;] (c) the return is accompanied by proof of- (i) the tax, if any, claimed to have been deducted 49 [or collected] at source 50 [****] and the advance tax and tax on self-assessment, if any, claimed to have been paid : 52 [ Provided that where the return is not accompanied by proof of the tax, if any, claimed to have been deducted 53 [or collected] at source, the return of income shall not be regarded as defective if- 54 [(a) a certificate for tax deducted or collected was not furnished under section 203 or section 206C to the person furnishing his return of income;] (b) such certificate is produced within a period of two years specified under sub-section (14) of section 155;] (ii) the amount of compulsory deposit, if any, claimed to have been made under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 (38 of 1974); 98 [ (ca) the return is accompanied by the proof of payment of tax as required under section 140B, if the return of income is a return furnished under sub-section (8A); ] (d) where regular books of account are maintained by the assessee, the return is accompanied by copies of- (i) manufacturing account, trading account, profit and loss account or, as the case may be, income and expenditure account or any other similar account and balance sheet; (ii) in the case of a proprietary business or profession, the personal account of the proprietor; in the case of a firm, association of persons or body of individuals, personal accounts of the partners or members; and in the case of a partner or member of a firm, association of persons or body of individuals, also his personal account in the firm, association of persons or body of individuals; (e) where the accounts of the assessee have been audited, the return is accompanied by copies of the audited profit and loss account and balance sheet and the auditor's report 55 [and, where an audit of cost accounts of the assessee has been conducted, under section 233B of the Companies Act, 1956 (1 of 1956), also the report under that section]; (f) where regular books of account are not maintained by the assessee, the return is accompanied by a statement indicating the amounts of turnover or, as the case may be, gross receipts, gross profit, expenses and net profit of the business or profession and the basis on which such amounts have been computed, and also disclosing the amounts of total sundry debtors, sundry creditors, stock-in-trade and cash balance as at the end of the previous year.] 96 [Provided that the Board may, by notification in the Official Gazette, specify that any of the conditions specified in clauses (a) to (f) to the Explanation shall not apply to such class of assessees or shall apply with such modifications, as may be specified in such notification. ] (10) 57 [Omitted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.] ------------------------------------------ Notes :- 1. Substituted by the Finance Act, 2001, w.e.f. 1-4-2001. Prior to its substitution, sub-section (1), as amended by the Finance Act, 1963, w.r.e.f. 1-4-1962, Taxation Laws (Amendment) Act, 1967, w.e.f. 1-10-1967, Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971, Finance Act, 1972, w.e.f. 1-4-1972, Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989, Finance Act, 1990, w.e.f. 1-4-1991, Finance Act, 1992, w.e.f. 1-4-1993, Finance Act, 1994, w.e.f. 1-4-1994, Finance (No. 2) Act, 1996, w.e.f. 1-4-1997, Finance Act, 1997, w.e.f. 1-4-1997, Finance (No. 2) Act, 1998, w.e.f. 1-8-1998 and Finance Act, 1999, w.e.f. 1-6-1999, read as under : '(1) Every person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the 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 or the income of such other person during the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed: Provided that a person, not furnishing return under this sub-section and residing in such area as may be specified by the Board in this behalf by a notification in the Official Gazette, and who at any time during the previous year fulfils any one of the following conditions, namely :- (i) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified by the Board in this behalf; or (ii) is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or (iii) is a subscriber to a telephone; or (iv) has incurred expenditure for himself or any other person on travel to any foreign country; (v) is the holder of the credit card, not being an add-on card, issued by any bank or institution; or (vi) is a member of a club where entrance fee charged is twenty-five thousand rupees or more, shall furnish a return, of his income during the previous year, 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: Provided further that the Central Government may, by notification in the Official Gazette, specify the class or classes of persons to whom the provisions of the first proviso shall not apply. Explanation 1.- In this sub-section, due date means- (a) where the assessee is a company, the 30th day of November of the assessment year; (b) where the assessee is a person, other than a company,- (i) in a case where the accounts of the assessee are required under this Act or any other law to be audited or where the report of an accountant is required to be furnished under section 80HHC or section 80HHD or where the prescribed certificate is required to be furnished under section 80R or section 80RR or sub-section (1) of section 80RRA, or in the case of a co-operative society or in the case of a working partner of a firm whose accounts are required under this Act or any other law to be audited, the 31st day of October of the assessment year ; (ii) in a case where the total income referred to in this sub-section includes any income from business or profession, not being a case falling under sub- clause (i), the 31st day of August of the assessment year; (iii) in any other case, the 30th day of June of the assessment year. Explanation 2.- For the purposes of sub-clause (i) of clause (b) of Explanation 1, the expression working partner shall have the meaning assigned to it in Explanation 4 of clause (b) of section 40. Explanation 3.- For the purposes of this sub-section, the expression motor vehicle shall have the meaning assigned to it in clause (28) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988). Explanation 4.- For the purposes of this sub-section, the expression travel to any foreign country does not include travel to the neighbouring countries or to such places of pilgrimage as the Board may specify in this behalf by notification in the Official Gazette.' 2. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 3. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 4. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 5. Omitted by the Finance Act, 2005, w.e.f. 1-4-2006. Prior to its omission, clause (iii), as amended by the Finance Act, 2002, w.e.f. 1-4-2002, read as under : (iii) is a subscriber to a cellular telephone not being a wireless in local loop telephone; or 6. Substituted for during the previous year by the Finance Act, 2006, w.e.f. 1-4-2006. 7. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 8. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006. 9. Inserted by the Finance Act, 2002, w.e.f. 1-4-2002. Earlier sub-section (1A) was amended by the Finance Act, 1963, w.r.e.f. 1-4-1962, the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971, the Finance Act, 1974, w.e.f. 1-4-1975, the Finance Act, 1982, w.e.f. 1-4-1983, the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985 and the Finance Act, 1985, w.e.f. 1-4-1986 and later on omitted by the Finance Act, 1992, w.e.f. 1-4-1993. Prior to omission sub-section (1A) read as under : '(1A) Notwithstanding anything contained in sub-section (1), no person need furnish under that sub-section a return of his income or the income of any other person in respect of whose total income he is assessable under this Act, if his income or, as the case may be, the income of such other person during the previous year consisted only of income chargeable under the head Salaries or of income chargeable under that head and also income of the nature referred to in any one or more of clauses (i) to (ix) of sub-section (1) of section 80L and the following conditions are fulfilled, namely :- (a) where he or such other person was employed during the previous year by a company, he or such other person was at no time during the previous year a director of the company or a beneficial owner of shares in the company (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits) carrying not less than twenty per cent of the voting power; (b) his income or the income of such other person under the head Salaries , exclusive of the value of all benefits or amenities not provided for by way of monetary payment, does not exceed twenty-four thousand rupees; (c) the amount of income of the nature referred to in clauses (i) to (ix) of sub-section (1) of section 80L, if any, does not, in the aggregate, exceed the maximum amount allowable as deduction in his case under that section; and (d) the tax deductible at source under section 192 from the income chargeable under the head Salaries has been deducted from that income.' 10. Explanation omitted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. Omitted Explanation read as under : 'Explanation.- For the purposes of this sub-section, salary shall have the meaning assigned to it in clause (1) of section 17.' 11. Inserted by the Finance Act, 2003, w.e.f. 1-4-2003 . 12. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its omission, sub-section (2) was amended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971, Finance Act, 1972, w.e.f. 1-4-1972 and Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 13. has not been served with a notice under sub-section (2), omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 14. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 15. Inserted by the Finance Act, 1974, w.e.f. 1-4-1975. 16. or by the thirty-first day of July of the assessment year relevant to the previous year during which the loss was sustained omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its omission, the said expression was substituted for within such further time which, on an application made in the prescribed manner, the Income-tax Officer may, in his discretion allow by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 1-4-1987. Original expression was inserted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971. 17. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its substitution, sub-section (4) was substituted by the Finance Act, 1968, w.e.f. 1-4-1968 and amended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971. 18. Restored to its original provision by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier it was substituted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date. 19 . Substituted by the Finance Act, 1972, w.e.f. 1-4-1973. Original sub-section was inserted by the Finance Act, 1970, w.e.f. 1-4-1971. 20. Inserted by the Taxation Laws (Amendment) Act, 1978, w.e.f. 1-4-1979. 21. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 22. Inserted by the Taxation Laws (Amendment) Act, 2006, w.r.e.f. 1-4-2006. 23. Inserted by the Taxation Laws (Amendment) Act, 2006, w.r.e.f. 1-4-2006. 24. Inserted by the Taxation Laws (Amendment) Act, 2006, w.r.e.f. 1-4-2006. 25. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 26. Substituted for sub-section (6) by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 27. Substituted for in sub-sections (1), (2) and (3) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 28. Substituted for and value and belonging to him by the Finance Act, 1999, w.e.f. 1-6-1999. 29. Substituted for in sub-sections (1), (2) and (3) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 30. Words sub-sections (1) and (3) of omitted by the Finance Act, 1995, w.e.f. 1-7-1995. 31. Inserted by the Finance Act, 1988, w.e.f. 1-4-1989. 32. Substituted for obtained under section 44AB by the Finance Act, 1995, w.e.f. 1-7-1995. 33. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 34. Substituted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971. Original sub-section was inserted by the Finance Act, 1963, w.e.f. 28-4-1963. 35. Substituted for portion beginning with Where the return and ending with under this sub-section by the Finance Act, 1972, w.e.f. 1-4-1972. 36. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 37. Substituted for twelve by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. Section 84 of the Amendment Act has clarified that the increase in the rate of interest will apply in respect of any period falling after 30-9-1984, also in those cases where the interest became chargeable or payable from an earlier date. 38. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 39 . Substituted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. Earlier it was amended by the Finance Act, 1972, w.e.f. 1-4-1972. 40. Substituted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. 41. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 42. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 43. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 44. Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-9-1980. 45. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 46. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 47. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 48. Substituted by the Finance Act, 1995, w.e.f. 1-7-1995. Prior to its substitution, clause (bb), as inserted by the Finance Act, 1988, w.e.f. 1-4-1989, read as under : (bb) the return is accompanied by the report of the audit obtained under section 44AB; 49. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 50. Omitted by the Finance Act, 2008, w.e.f. 1-4-2008. Prior to omission, as inserted vide by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005 it was read as under: before the 1st day of April, 51 [2008]] 51. Substituted for 2006 by the Finance Act, 2006, w.e.f. 1-4-2006. Earlier 2006 was substituted for 2005 by the Finance Act, 2005, w.e.f. 1-4-2005. 52. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002. 53. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 54. Substituted by the Finance Act, 2006, w.e.f. 1-4-2007. Prior to its substitution clause (a) read as under : (a) a certificate for tax deducted was not furnished under section 203 to the person furnishing his return of income; 55. Inserted by the Finance Act, 1985, w.e.f. 1-4-1985. 56. Omitted by the Finance Act, 2007, w.r.e.f. 1-6-2006. Prior to its omission, the proviso, as inserted by the Finance Act, 2006, w.e.f. 1-6-2006, read as under : Provided that the Board may, by rules made by it,- (a) dispense, for a class or classes of persons, with any of the conditions specified in clauses (a) to (f); or (b) include any of the conditions specified in clauses (a) to (f) of this Explanation in the form of return prescribed under sub-section (1) or sub-section (6) of this section. 57. Prior to omission sub-section (10) was amended by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 1-4-1986, Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and Finance Act, 1990, w.e.f. 1-4-1990. 58. Substituted for 31st day of October , by Finance Act, 2008, w.e.f. 1.4.2008. 59. In sub-section (4C), for the words scientific research association at both the places where they occur, the words research association has been substituted vide Finance Act, 2010, with effect from the 1st day of April, 2011. 60. Inserted vide Finance Act, 2011 w.e.d. 1.4.2011. Further Amended vide Finance Act, 2012, w.e.f. 01-04-2012. sub-clause (i), has been Omitted, before it was read as:- other than a company referred to in clause (aa) 61. Inserted vide Finance Act, 2011 w.e.d. 1.4.2011 62. Inserted vide Finance Act, 2011 w.e.d. 1.6.2011 63. Inserted vide Finance Act, 2011 w.e.d. 1.6.2011 64. Inserted vide Finance Act, 2011 w.e.d. 1.6.2011 65. Inserted vide Finance Act, 2012, w.e.f. 01-04-2012. 66. Substituted vide Finance Act, 2012, w.e.f. 01-04-2012., before it was read as:- being a company, which 67. Inserted vide the Finance Act 2013, w.e.f. 1st day of June, 2013. 68. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 69. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 70. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 71. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, 65 [Provided also that a person, being a resident other than not ordinarily resident in India within the meaning of clause ( 6 ) of section 6, who is not required to furnish a return under this sub-section and who during the previous year has any asset (including any financial interest in any entity) located outside India or signing authority in any account 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. ] 72. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 73. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 74. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 75. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016 76. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016, before it was read as, assets of the prescribed nature 28 [, value and belonging to him 77. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1 st day of April, 2017 before it was read as, provisions of section 10A 78. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2016 79. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 before it was read as, 17 [(4) Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier : Provided that where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year.] 80. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 before it was read as, 25 [(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier : Provided that where the return relates to the previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year.] 81. Clause (aa) omitted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 before it was read as, 67 [(aa) the tax together with interest, if any, payable in accordance with the provisions of section 140A, has been paid on or before the date of furnishing of the return;] 82. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. 83. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. 84. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. 85. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. 86. Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018, before it was read as, the expiry of one year from 87. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2020 88. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2020 89. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-04-2020 90. Omitted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as working 91. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as 58 [ 30th day of September ] 92. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 93. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 94. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as return for any previous year at any time before 95. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as before 86 [***] the end 96. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021. Earlier the proviso was inserted and then deleted - see Note 56 above. 97. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 98. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022