Income Tax Return (ITR)

Income Tax Return

Section 139(1) of Income Tax Act, 1961

Section 139(1) states that every person-

Being a Company or a Firm
Being a person other than a Company or Firm if his income exceeds the maximum amount not chargeable to income tax
Being an individual/ HUF/AOP/BOI whether incorporated or not /artificial judicial person if his income exceeds the maximum amount not chargeable to income tax

must file return on or before the due date in the prescribed forms

A person who is a resident (but not ordinary resident) and who is not required to furnish return, if at any time during the previous year-

holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India
is a beneficiary of any asset (including any financial interest in any entity) located outside India,

has to furnish return on or before the due date in respect of his income or loss for the previous year in such form and in such manner as may be prescribed.

Provided a person referred to in b) above, who is not required to furnish a return and who during the previous year has –

has deposited an amount or aggregate of amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or
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
has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or
fulfils such other conditions as may be prescribed,

shall furnish a return of his income on or before the due date and in such manner as may be prescribed.

Due Date:

Due Date
Assessee is a company person other than a company whose accounts are required to be audited partner of a firm whose accounts are required to be audited(or spouse if provisions of Section 5A are applicable to spouse)	31st October of the A.Y.
Assessee: including partners of a firm or spouse of such partner if the provisions of Section 5A are applicable to spouse and who are required to furnish a Report under Section 92E	30th November of the A.Y.
Assessee is a person other than a Company(Individual / HUF / AOP / BOI and, Books of Accounts required to be Audited)	31st October of the A.Y.
In case of any other assessee(Assessee is Individual / HUF / AOP / BOI and, Books of Accounts not required to be Audited)	31st July of the A.Y.

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