Return of Income - Who is required to file ITR and when? - Income Tax - Ready Reckoner - Income Tax

Return of Income - Section 139(1) Tax Payer Minimum income required for filing Return of Income Company or firm [sec. 139(1)] Any income or loss Other than a company or firm [sec. 139(1)] If the total income is in excess of maximum amount not chargeable to tax Such return must be furnished on or before the due date in a prescribed form . Note:- Every company or a firm shall furnish on or before the due date the return in respect of its income or loss in every previous year a person, being a resident who is not required to furnish a return and who at any time during the previous year holds, as a beneficial owner any asset (including financial interest) located outside India or has signing authority in any account outside India or is a beneficiary of any asset (including financial interest) located outside India, shall furnish, on or before the due date, a return in respect of his income or loss Every person being - Individual HUF AOP or BOI or an artificial juridicial person if his total income without giving effect to provisions of section 10(38) , 10A , 10B or 10BA or provisions of Chapter VIA (deductions u/s 80C to 80U ) or before claiming exemption u/s 54 , 54B , 54D , 54EC , 54F , 54G , 54GA , 54GB exceeded the maximum amount not chargeable to tax, shall on or before the due date furnish his return of income in the prescribed form and manner. A person can file his return of income even if his total income dose not exceed the maximum exemption limit. Assessee has deposited an aggregate amount exceeding ₹1 crore rupees in one or more current accounts maintained with a bank or a co-operative bank or deposited ₹50 lakhs or more in one or more savings accounts. Assessee has incurred foreign travel expenditure of an aggregate amount exceeding ₹2 lakhs for himself or any other person. Assessee has incurred expenditure of an aggregate amount exceeding ₹1 lakh towards consumption of electricity. Assessee's total sales, turnover or gross receipts, as the case may be, in the business exceeds ₹60 lakhs during the PY or total gross receipts in profession exceeds ₹ 10 lakhs during the PY. Assessee's aggregate of TDS/TCS during the PY, is ₹ 25,000 or more (in case of senior citizen ₹50,000). Exemption from filing of ITR - Section 139(1C) :- NR/Foreign Co., having income only from Investment fund set up in IFSC are exempted from furnishing return provided tax on such income has been deducted u/s 194LBB and remitted to CG. However, no exemption will be available where a notice u/s 142(1) or sec 148 has been issued by the AO for filing a return of income. NR/Foreign Co., having income only from Specified fund referred u/s 10(4D) provisions of obtain PAN not applicable for such assessee. NR, being an eligible foreign investor having income only from transfer of capital asset referred to in section 47(viiab) of the said Act, which are listed on a recognised stock exchange located in IFSC and the consideration is paid or payable in foreign currency provisions of obtain PAN not applicable for such asessee. Belated Return Any person who has not furnished a return within the time allowed to him under section 139(1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. [ Section 139(4) ] For more details, visit this page Requirement of filing of ITR in specific cases A person in receipt of income derived from property held under a trust for charitable or religious purposes [sec. 139(4A)] If the income (without giving exemption u/s 11 or 12 ) exceeds the maximum amount not chargeable to tax. Chief executive officer of every political party [sec . 139(4B)] If the income (without giving exemption u/s 13A ) exceeds the maximum amount not chargeable to tax. Every- [sec. 139(4C)] Research association, news agency, association for control or supervision of a profession, person referred u/s 10(23AAA) institution for development of khadi and village industries, fund referred u/s 10(23C)(iv), (v), educational/medical institution, trade union, mutual fund or securitization trust or Investor protection fund u/s 10(23EC), (23ED) Core Settlement Guarantee Fund u/s 10(23EE) venture capital company or venture capital fund) Board of authority u/s 10(29A) If the income (without giving exemption u/s 10) exceeds the maximum amount not chargeable to tax. University/educational institution existing solely for educational purposes and not for the purpose of profit if the aggregate annual receipt does not exceed ₹ 1 crore [sec. 139(4C)(e)] If income without giving exemption u/s 10 exceeds the exemption limit. Hospital/other institution existing solely for medical purposes and not for the purpose of profit if the aggregate annual receipt does not exceed ₹ 1 crore [ sec. 139(4C)(e) ] If income without giving exemption under section 10 exceeds the exemption limit. Any body or authority or board or trust referred u/s 10(46) [sec. 139(4C)(g)] If income without giving exemption under section 10 exceeds the exemption limit. Infrastructure debt fund referred u/s 10(47) [sec. 139(4C)(h)] If income without giving exemption under section 10 exceeds the exemption limit. Any university/college/other institution referred to in section 35(1)(ii)/ (iii) [sec. 139(4D)] Any income or loss (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). Any business trust (which is not required to furnish return of income/loss under any other provision) Section 139(4E) Any income or loss Any investment fund referred u/s 115UB (which is not required to furnish return of income/loss under any other provision) Section 139(4F) Any income or loss Revised Return - Section 139(5) If any person, having furnished a return under section 139(1) or (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. For more details: visit this page Requirement of Audit Every Assessee who is required to get his accounts audited as per section 44AB or under any other provision of law shall has to submit such audit report (Tax Audit Report) one month prior to due date of filing of return u/s 139(1) For more details: visit this page