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
