9911796707
TMI BlogReturn of incomeX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 proviso shall not apply: Provided also that every company 7 [or a firm] s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or ( iii ) a 90 [**** ] partner of a firm whose a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, magnetic cartridge tape, CD-ROM or any other computer readable media) and in the manner as may be specified in that scheme, and in such case, the return of income furnished under such scheme shall be deemed to be a return furnished under sub-section (1), and the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry 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 ) of section 10; 82 [(ca) person referred to in clause (23AAA) of section 10;] ( d ) institution referred to in clause ( 23B ) of section 10; ( e ) fund or institution referred to in sub-clause ( iv ) or trust or institution referred to in sub-clause ( v ) or any university or other educational institution referred to in 73 [sub-clause (iiiab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time 95 [ before three months prior to the end ] of the relevant assessment year or before the completion of the assessment, whichever is earlier.] 26 [(6) The prescribed form of the returns referred to 27 [in sub-sections (1) and (3) of this section, and in clause (i) of sub-section (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce 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 of every other assessee, the 30th day of June of the assessment year.] 39 [ Explanation 2. - Where, in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this sub-section.] 40 [(b) Where as a result of an order under section 147 or section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 41 [or an order of the Settlem ..... 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A, 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 which such search is initiated or survey is conducted or requisition is made and any assessment year preceding such assessment year: Provided also that no updated return shall be furnished by any person for the relevant assessment year, where- (a) an updated return has been furnished by him under this sub-section for the relevant assessment year; or (b) any proceeding for assessment or reassessment or recomputation or revision of income under this Act is pending or has been completed for the relevant assessment year in his case; or (c) the Assessing Officer has informat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Explanation .-For the purposes of this sub-section, a return of income shall be regarded as defective unless all the following conditions are fulfilled, namely :- (a) the annexures, statements and columns in the return of income relating to computation of income chargeable under each head of income, computation of gross total income and total income have been duly filled in; 81 [(aa) ***] (b) the return is accompanied by a statement showing the computation of the tax payable on the basis of the return; 48 [(bb) the return is accompanied by the report of the audit referred to in section 44AB, or, where the report has been fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fession 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. ] 99 [ (9A) Where any return of income is furnished in pursuance of an order under clause (b) of sub-section (2) of section 119, the provisions of this section shall apply. ] (10) 57 [Omitted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1991.] ------------------------------------------ Notes :- 1. Substituted by the Finance Act, 2001, w.e.f. 1-4-2001. Prior to its substitution, sub-section (1), as amended by the Finance Act, 1963, w.r.e.f. 1-4-1962, Taxation Laws (Amendment) Act, 1967, w.e.f. 1-10-1967, Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971, Finance Act, 1972, w.e.f. 1-4-1972, Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re 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 income referred to in this sub-section includes any income from business or profession, not being a case falling under sub- clause (i), the 31st day of August of the assessment year; (iii) in any other case, the 30th day of June of the assessment year. Explanation 2.- For the purposes of sub-clause (i) of clause (b) of Explanation 1, the expression working partner shall have the meaning assigned to it in Explanation 4 of clause (b) of section 40. Explanation 3.- 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, 198 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 section 192 from the income chargeable under the head Salaries has been deducted from that income.' 10. Explanation omitted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. Omitted Explanation read as under : 'Explanation.- For the purposes of this sub-section, salary shall have the meaning assigned to it in clause (1) of section 17.' 11. Inserted by the Finance Act, 2003, w.e.f. 1-4-2003 . 12. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its omission, sub-section (2) was amended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971, Finance Act, 1972, w.e.f. 1-4-1972 and Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 13. has not been serve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. 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. 35. Substituted for portion beginning with Where the return and ending with under this sub-section by the Finance Act, 1972, w.e.f. 1-4-1972. 36. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 37. Substituted for twelve by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. Section 84 of the Amendment Act has clarified that the increase in the rate of interest will apply in respect of any period falling after 30-9-1984, also in those cases where the interest became chargeable or payable from an earlier date. 38. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 39 . Substituted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. Earlier it was amended by the Finance Act, 1972, w.e.f. 1-4-1972. 40. Substituted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -1989 and Finance Act, 1990, w.e.f. 1-4-1990. 58. Substituted for 31st day of October , by Finance Act, 2008, w.e.f. 1.4.2008. 59. In sub-section (4C), for the words scientific research association at both the places where they occur, the words research association has been substituted vide Finance Act, 2010, with effect from the 1st day of April, 2011. 60. Inserted vide Finance Act, 2011 w.e.d. 1.4.2011. Further Amended vide Finance Act, 2012, w.e.f. 01-04-2012. sub-clause (i), has been Omitted, before it was read as:- other than a company referred to in clause (aa) 61. Inserted vide Finance Act, 2011 w.e.d. 1.4.2011 62. Inserted vide Finance Act, 2011 w.e.d. 1.6.2011 63. Inserted vide Finance Act, 2011 w.e.d. 1.6.2011 64. Inserted vide Finance Act, 2011 w.e.d. 1.6.2011 65. Inserted vide Finance Act, 2012, w.e.f. 01-04-2012. 66. Substituted vide Finance Act, 2012, w.e.f. 01-04-2012., before it was read as:- being a company, which 67. Inserted vide the Finance Act 2013, w.e.f. 1st day of June, 2013. 68. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 69. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015 70. Inserted vide THE FINANCE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... covers any omission or any wrong statement therein, he may furnish a revised return 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 the 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.] 81. Clause (aa) omitted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 before it was read as, 67 [(aa) the tax together with interest, if any, payable in accordance with the provisions of section 140A, has been paid on or before the date of furnishing of the return;] 82. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. 83. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. 84. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. 85. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018. 86. Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018, before it was read as, the exp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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