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TDS/TCS - Income Tax Returns and Due Date for Asstt. Year 2016-17

It is mandatory for every taxpayer to communicate the details of his income to the Income-tax Department. These details  are to be furnished in the prescribed form known as return of income. In this part, you can gain knowledge about the various provisions relating to return of income.

Person required to file the return of income
The provisions relating to filing of return of income depend upon the status of the taxpayer. The position in this regard is given below:

In the case of companies:
Every person, being a company, has to file its return of income compulsorily, irrespective of its income being profit or loss. In other words, it is mandatory for every company to file the return of income irrespective of its income or loss.

In the case of partnership firms:
Every person, being a partnership firm (including Limited Liability Partnership), has to file its return of income compulsorily, irrespective of its income being profit or loss. In other words, it is mandatory for every partnership firm to file the return of income irrespective of its income or loss.

In the case of an Individual / HUF / AOP / BOI / Artificial Juridical Person :
Every individual/HUF/AOP/BOI/artificial juridical person has to file the return of income if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10A, 10B or 10BA or Chapter VIA (i.e., deduction under section 80C to 80U), exceeds the maximum amount which is not chargeable to tax i.e. exceeds the exemption limit.

In the case of charitable or religious trusts:
Every person in receipt of income derived from property held under charitable or religious trusts/legal obligations or in receipt of income being voluntary contributions referred to in section 2(24)(iia), has to file the return of income if its total income without giving effect to the provisions of sections 11 and 12 exceeds the maximum amount not chargeable to income-tax.

In the case of political parties:
The Chief Executive Officer of every political party has to file the return of income of the party if the total income of the party without giving effect to the provisions of section 13A exceeds the maximum amount not chargeable to income-tax.

In the case of certain associations :
Following entities are liable to file the return of income if their total income without giving effect to the provisions of section 10 exceeds the maximum amount not chargeable to tax:
  • Research association referred to in section 10(21)
  • News agency referred to in section 10(22B)
  • Association or institution referred to in section 10(23A)
  • Institution referred to in section 10(23B)
  • Fund/institution/trust/university/other educational institution/any hospital/medical institution referred to in sub-clause (iiiad), (iiiae), (iv), (v), (vi) or (via) of section 10(23C)
  • Mutual Fund referred to in clause (23D) of section 10
  • Securitisation trust referred to in clause (23DA) of section 10
  • Venture capital company or venture capital fund referred to in clause (23FB) of section 10;
  • Trade union/association referred to in sub-clause (a) or (b) of section 10(24)
  • Body/authority/Board/Trust/Commission referred to in section 10(46)
  • Infrastructure debt fund referred to in section 10(47)
In the case of certain university, college or other institution:
Every university, college or other institution referred to in clause (ii) and clause (iii) of section 35(1), which is not required to furnish return of income or loss under any other provision of the Act, shall furnish the return of income every year, irrespective of income (or) loss.

In the case of Business Trust
Every business trust, which is not required to furnish return of income or loss under any other provision of the Act, shall furnish the return of income every year, irrespective of income (or) loss.

In the case of persons holding assets located outside India:
Every person being a resident [other than not ordinarily resident in India], has to furnish his return of income even if he is not required to furnish a return of income as per the provisions discussed above, if during the year he has any asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India.

Due date of filing of return of income