WHO SHOULD FILE THE INCOME TAX RETURN? :- Every person, whose income is taxable, must file the income tax return with income tax authorities within the stipulated time. The following persons will have to file income tax return:-

  1. All Individuals Hindu Undivided Family (HUF), Association of Persons (AOP)/Body of Individuals (BOI) (where individual shares of the members are known) And artificial juridical persons (such as deities of temples) (a)   whose gross total income before making deduction under chapter VI-A and under section 10A or 10B or 10BA is above exemption limit, or  (b) who are having taxable income exceeding the basic exemption limit for the year. Basic exemption limit for financial year 2016-17 is Rs.250000/= , for senior citizen the Rs.300000/= and for very senior citizens Rs. 500000/=. Senior citizen means a person who completes 60 years of age during relevant financial year and very senior citizen means who completes 80 years of age during relevant financial year. Please note that the filing of return is compulsory if the income exceeds exemption limit event the there is no tax payable.
  2. Non-resident Indians except those covered u/s 115AC and 115G, having taxable income exceeding Rs.250000/=.
  3. All individuals/HUF who want to carry forward their losses to claim in next year.
  4. All Individuals/HUF whose Tax has been deducted at source and who want to claim the refund against TDS.
  5. All Individuals/HUF who want to claim any refund of income tax paid by them.
  6. All partnership firms including Limited Liabilities Partnership firms irrespective of any income/loss.
  7. All Companies irrespective of their income.
  8. Co-operative Societies and local authority, irrespective of income.
  9. Association of Persons/Body of Individuals where shares of member are indeterminate of unknown, irrespective of income.
  10. All societies and Trusts deriving income from property held for charitable or religious purposes or receiving voluntary contribution for such purposed, and having total income (before giving effect of Section 11 and 12, exceeding Rs.250000/= during financial year 2015-16.
  11. A research institution, news agency, association or institution, fund or trust or other university or other educational institution or any hospital or other medical institution, mutual fund, secularization trust, venture capital company or fund or trade union, claiming exemption under section 10(21), (22B), (23A), (23B), (23C), (iiiab), (iiiac) (iiiad), (iiiae), (iv), (v), (vi), (via), (23D), (23DA), (23FB) or (24) or body/authority/board/trust/commission claiming exemption under section 10(46) or infrastructure debt funds claiming exemption under section 10(47), whose total income income, before claiming exemption, exceeds Rs.250000/= during financial year 2015-16.
  12. A business trust, not otherwise required to furnish return of income.
  13. An investment fund, not otherwise required to furnish its return of income.
  14. Any other persons whose accounts are subject to audit.
  15. Any person who has suffered a loss from business or profession or speculative business or capital loss, or loss from the activity of maintaining race horses, should furnish his return of income by the due date specified under section 139(1) otherwise the facility of set off any carry forward of loss shall not be allowed
  16. Units/undertakings claiming deduction under section 10A or 10B are also required to furnish their return of income before the due date specified under section 139(1).
  17. Units/undertakings claiming deduction under section 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID or 80-IE are also required to furnish their return of income before the due date.
  18. Any persons who have not filed their return an have received a notice for assessment under section 142(1) or reassessment under section 148.

 WHEN INCOME TAX RETURN SHOULD BE FILED?

 

Type of Assessee Due date for filing
Companies 30th  September
Assessees other than companies whose accounts are to be audited 30th  September
A working partner of a firm whose accounts are to be audited 30th  September
All other assessees 31stJuly

Note: Income Tax authorities can change the last date of submission of income tax return after issuing a notification.

Aadhaar No. Mandatory w.e.f. 01.07.17

W.e.f. 01.07.17, it shall be mandatory for a person furnishing his return of income, to quote his/her Aadhaar Number in the return. Where a person has applied for Aadhaar but the same is not allotted to him/her, he/she may quote the Enorlment ID of Aadhaar application form issued to him/her.

Penalty/Prosecution for Not Filing/Late Filing of Return

If a person who is required to file a return, fails to file the return before the end of the relevant assessment year, a penalty of Rs.5000/= shall be charged if he files the return in next assessment year.

In case a person required to furnish a return of income u/s 139, in respect of A.Y. 2018-19 and onwards, fails to do so by the specified due date, he shall be liable to pay a fee as under:-

  • In case the total income of the person is up to Rs. 5 Lakh                                 Rs.1000/=
  • In other cases:-
    1. if return is furnished by 31st December of the assessment year                 Rs.5000/=
    2. if return is furnished after 31st December of the assessment year              Rs.10000/=

Note:-

  1. If any person files the return after due date of filing of return, he can not carry forward any loss for claiming in next assessment years.
  2. Belated return can be filed after due date up to one year from the end of the relevant assessment year.
  3. No return is possible in case of assessment year 2018-19 after 31st March. It means return relating to financial year 2017-18 can not be filed after 31.03.19.

Filing of Revised Return

  1. If the mistake is noticed by assessee, within one year from the end of the relevant assessment year or before the assessment has been made, whichever is the earlier, he can file the revised return. For example, Mr. A filed his income tax return for assessment  year 2017-18 on 15.07.17. He can file his revised return up to 31.03.19. However, if the the assessment for Assessment Year 2017-18 is completed before 31.03.19, he should file the revised return before completion of assessment.
  1. In case the defect is pointed out by the assessing officer, he has to file return within 15 days of receiving the information.

Note: A revised return cannot be filed in a case where the original return has been filed late i.e. after the due date. 

Interest for Late Filing of Income Tax Return

If any person does not file  income tax return on or before due date, then he has to pay simple interest @ 1 % per month on amount of tax payable from the due date of filing of return to the date of filing of return (u/s 234 A) of Indian Income Tax Act.

Interest For Short Payment/Non Payment Of Advance Tax

If the short payment is more than 10% of total tax payable or failure to pay the advance tax, 1% interest will be paid from 1st April to the date of payment of tax u/s 234-B of Indian Income Tax Act.

Forms of Return For Financial year 2016-17 (A.Y.2017-18)

S.N.

Type of Assessee

Form No.
(i) Individual having income from salaries, one house property, other sources (interest etc.) and having total income up to 50 Lakh. ITR_1 SAHAJ
(ii) Individual (other than those included in (i) above and HUF not having any income from business/profession under any proprietorship. ITR-2
(iii) Individuals/HUFs,having a income from proprietary  business/profession ITR – 3
(iv) Individuals/HUFs having business income computed  under Estimated Income Scheme u/s 44AD or 44 AE ITR-4
(v) For persons other than Individuals,HUF,Company, and person filing ITR7. ITR – 5
(vi) Companies (other than those covered under (vii) below ITR-6
(vii) Any person who is claiming exemption u/s 11 i.e. income from properties held for religious purpose/charitable purpose or political parties etc. ITR-7

MANDATORY e-FILING OF INCOME TAX RETURNS

Following persons are required to file income tax return online:-

  • An Individual whose accounts are subject to tax audit u/s 44AB, has to file his/her income tax return electronically under digital signature.
  • Any Hindu Undivided Family (HUF) whose accounts are subject to audit u/s 44AB, has to file its return electronically under digital signature.
  • Any partnership firm whose accounts are subject to audit u/s 44AB, has to file its return electronically under digital signature. In case the accounts of a firm are not audited under section 44AB then the return can be filed electronically with or with out digital signature.
  • Every company has to file its income tax return electronically under digital signature in all cases.
  • 3) A resident  Indian or Hindu Undivided Family (HUF) who is having any assets located out of India will furnish income tax return electronically with or with our digital signature.
  • A resident Indian or Hindu Undivided Family (HUF) has any authority to sign any account, located out of India has to furnish income tax return electronically with or with our digital signature.
  • Any person whose total income exceeds Rupees five lakhs has to file income tax return electronically with or without digital signature. Total income means Gross Total Income minus deduction under Chapter VI-A.
  • Any person who is claiming relief under section 90, 90A and 91, has to furnish income tax return electronically with or with out digital signature.
  • A tax payer who is required to furnish audit report under section 10 (23C)(iv), 10(23C)(v), 10 (23C)(vi), 10(23C)(via) 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80IB, 80-IC,80ID, 80JJAA, 80LA, 92E, 115JB, or 115W must file income tax return electronically with or without digital signature.
  • A political party who is liable to file income tax return shall furnish the return in electronically mode with digital signature.
  • Any person other than above mentioned, can also file his/her return electronically with or without digital signature.

Note: If any assessee has filed the income tax return without digital signature then the tax payer should take print out two copies of form ITR-V. One copy of ITR-V, duly signed should be sent by tax payer to “Income Tax Department – CPC, Post Bag No.1, Elecronic City Post Office, Bengaluru – 560100 (Karnataka) through ordinary post or speed post within a specified period. Currently the specified period is 120 days from the date of filing the return. Other copy should be retained by the assessee for his record.

 

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