TMI BlogReturn of incomeX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 furnishe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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. Explana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uals, 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urn, 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 inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elonging 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 un ..... X X X X Extracts X X X X X X X X Extracts X X X X
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