Its past 31st March, 2017 and its time to know if you will need to file income tax returns for the income earned by you in the previous year. Read on to know more.Also link to download the latest income tax return utilities as provided by the government is provided. If you are still confused and think you need professional guidance you may get in touch with us.

Who is required to file return?

Every person, being a company or a firm

Every person (being an individual/HUF/AOP/BOI/artificial juridical person) shall furnish his return of income, if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds the maximum amount which is not chargeable to income-tax. Total income for this purpose is calculated without giving effect to deduction/exemption available under sections 10(38) [with effect from assessment year 2017-18] 10A, 10B, 10BA, 80C to 80U.

Every resident [other than not ordinarily resident in India under section 6(6)], even if he is not required to furnish a return under section 139(1) (i.e., irrespective of whether the resident taxpayer has any taxable income or not), if during the previous year he has any asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India1.

A person who has suffered a loss under the head 'Profits and gains of business or profession' or under the head 'Capital gains' and claims that the loss should be carried forward u/s 72(1), 73(2), 73A(2) (with effect from assessment year 2016-17) 74(1), 74(3) or 74A(3).

Every person to whom a notice has been issued u/s 142(1) or section 148 requiring him to file a return.

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

The chief executive officer of every political 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.

Every (a) research association referred to in section 10(21), (b) news agency referred to in section 10(22B), (c) association or institution referred to in section 10(23A), (d) institution referred to in section 10(23B), (e) fund/institution/trust/university/other educational institution/medical institution referred to in sub-clause (iiiab), (iiiac), (iiiad), (iiiae), (iv), (v), (vi) or (via) of section 10(23C), (ea) mutual fund referred to in section 10(23D), (eb) securitisation trust referred to in section 10(23DA),(eba)Investor Protection Fund referred to in clause (23EC) or clause (23ED) of section 10;(ebb)Core Settlement Guarantee Fund referred to in clause (23EE) of section 10;(ec) venture capital company or venture capital fund referred to in section 10(23FB), (f) trade union/association referred to in sub-clause (a) or (b) of section 10(24),Board or Authority referred to in clause (29A) of section 10(g) body/authority/Board, etc., referred to in section 10(46) and (h) infrastructure debt fund referred to in section 10(47) is liable to file return if the total income without giving effect to the provisions of section 10 exceeds the maximum amount not chargeable to tax.

Every university, college or other institution referred 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).

Every business trust, irrespective of amount of income or loss, which is not required to furnish return of income or loss under any other provision.

Every investment fund referred to in section 115UB, which is not required furnish return of income or loss under any other provisions of this section.

Due date of filing of return?

(a) Filing of return by any company other than covered in (c) below

September 30 of the assessment year

(b) Filing return of income by any non-corporate assessee other than covered in (c) below :

-in the case where accounts are to be audited or where accounts of the firm in which assessee is a working partner are required to be audited
-in other cases



September 30 of relevant assessment year
July 31 of relevant assessment year

(c) Filing of return where an assessee (corporate/non-corporate) is required to furnish a report in Form No. 3CEB under section 92E

September 30 of the assessment year

By when is a loss return to be filed?

Within the time allowed u/s 139(1), i.e., due date for filing return. [Companies or a firm are required to file a return of income by the due date even if they have a loss]

By when can a belated return of income be filed?

(W.e.f. 1-6-2016) Any person who not filed a return within time allowed u/s 139(1) may furnish return for any previous year at any time before the end of the relevant assessment year or before completion of assessment, whichever is earlier.

By when can a revised return be filed?

Within one year from the end of the relevant assessment year or before completion of assessment, whichever is earlier (with effect from assessment year 2017-18 return filed u/s 139(4) can also be revised)

Procedure where return filed is found by Assessing Officer to be defective?

Assessing Officer must intimate the defect to the assessee and give the assessee an opportunity to rectify the defect.

Assessee must rectify defect in return within 15 days of such intimation or within such further period as the Assessing Officer may allow.

Who is to sign the return?

With effect from 1-10-2014 requirement of signing the return has been omitted. Only the condition of verifying of the income-tax return will apply.

Penalty?

Failure to comply with provisions of section 139(1) : Rs. 5,000 (Section 271F). Failure to comply with provisions of section 139(4A) or 139(4C) : Rs. 100 per day of default [Section 272A(2)(e)]

Income Tax Return Utility Downloads for AY 2017-2018

ITR 1For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh
ITR 2For Individuals and HUFs not carrying out business or profession under any proprietorship
ITR 3For individuals and HUFs having income from a proprietary business or profession
ITR 4
(SUGAM)
For presumptive income from Business & Profession
ITR 5For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR 7For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
https://incometaxindiaefiling.gov.in/#

Checklist of documents and prerequisites to keep handy while filing return

  • A copy of last year's tax return
  • Bank Statement
  • TDS certificates
  • Savings certificates/Deductions
  • Interest statement showing interest paid to you throughout the year.
  • Balance Sheet, P&L Account Statement and other Audit Reports wherever applicable.

For further queries you may mail us on

contactus@madhuvridhi.com
9322893101/9769717389

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