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October 9, 2013

INCOME TAX RETURNS

This Post would deal with five things:
1. Who are required to File Income Tax Return
2. Due Date to File the Return
3. Who will sign the return
4. Types of Income Tax Return
5. How to File the Income Tax Return

 1. WHO ARE REQUIRED TO FILE INCOME TAX RETURN

The Income Tax Act, 1961 has made mandatory for assesses having income above taxable limit to file their return before due date. The relevant section asking assesses to file their return is represented here below:

Section 139. [(1) Every person,—

(a)  being a company [or a firm]; or

(b)  being a person other than a company  [or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,

shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed

The above section thus makes it mandatory for Companies & Firms to file their return and for others if their income exceeds maximum amount which is not chargeable to tax.
 

2. DUE DATE TO FILE THE INCOME TAX RETURN

30th September-  
1. Companies
2. Assesse who is required to get his Books of Accounts Audited
3. A working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,

30th November-
Assessee who is required to furnish a report referred to in section 92E

31st July-
Assessee other than above, the 31st day of July of the assessment year.

3. RETURN TO BE SIGNED BY WHOM

In the case of an individual-

 (i)  by the individual himself;
 (ii)  where he is absent from India, by the individual himself or by some person duly authorised by him in this behalf;
(iii) where he is mentally incapacitated from attending to his affairs, by his guardian or any other person competent to act on his behalf; and
(iv) where, for any other reason, it is not possible for the individual to sign the return, by any person duly authorised by him in this behalf:
Provided that in a case referred to in sub-clause (ii) or sub-clause (iv), the person signing the return holds a valid power of attorney from the individual to do so, which shall be attached to the return]

In the Case of HUF-

In the case of a Hindu undivided family, by the karta, and, where the karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of such family;

In the Case of Company 

In the case of a company, by the managing director thereof, or where for any unavoidable reason such managing director is not able to sign and verify the return, or where there is no managing director, by any director thereof 

In the Case of Firm

 In the case of a firm, by the managing partner thereof, or where for any unavoidable reason such managing partner is not able to sign and verify the return, or where there is no managing partner as such, by any partner thereof, not being a minor;

In the Case of LLP 

In the case of a limited liability partnership, by the designated partner thereof, or where for any unavoidable reason such designated partner is not able to sign and verify the return, or where there is no designated partner as such, by any partner thereof;]

In the case of a local authority

In the case of Local Authority by the principal officer thereof;

In the Case of Political Party 


In the case of a political party referred to in sub-section (4B) of, by the chief executive officer of such party (whether such chief executive officer is known as secretary or by any other designation);]

In the case of any other association, by any member of the association or the principal officer thereof; and

In the case of any other person, by that person or by some person competent to act on his behalf.

 

4. TYPES OF RETURN 

Please click on each link to go to relevant forms and to know which form is applicable to you:
a) ITR 1
b) ITR 2
c) ITR 3
d) ITR 4
e) ITR 4S
f) ITR 5
g) ITR 6
h) ITR 7

To know which return is applicable to you please go to Income Tax Returns

5.HOW TO FILE THE INCOME TAX RETURN

This is discussed in our next post. Please click on below link to be redirected to ITR filing link:

CLICK HERE




Author
Akshay Jain
Chartered Accountant
Varanasi (U.P.)
Contact Me at: ngoandtaxconsultant@gmail.com for any query
or Ask your query at
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