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Who is required to file an Income tax return?
The provisions relating to filing of return of income depend upon the status of the taxpayer.
In the case of companies: It is mandatory for every company to file a 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 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 10(38) , 10A, 10B, 10BA 54, 54B, 54D, 54EC, 54F, 54G, 54GA, or 54GB 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 basic exemption limit.
For further details, please refer to the tutorial on "Return of Income".
Which form shall be used for filing of return of income?
Which ITR Form has to be used for filing of return shall depend on the class of taxpayer and income that taxpayer earns during the relevant previous year. The following ITR Forms have been notified by the CBDT:
(a) ITR 1 to ITR 3 (For Individual and HUF);
(b) ITR 4 (For Individual, HUF, and Partnership Firms);
(c) ITR 5 (For Partnership Firms/LLP, AOP, BOI, Local Authority, etc.);
(d) ITR 6 (For Companies); and
(e) ITR 7 (For Charitable Trusts, Political Parties, etc.)
What are the due dates for filing an income tax return?
The return of income has to be filed on or before the due dates as prescribed in the Income-tax Act. The due date applicable for a taxpayer shall depend on the category to which it belongs and its obligation to get the books of account audited under the Income-tax Act or any other law. The due dates for filing original return for a different class of taxpayers are as below:
| Situations | Due date for filing of return |
| If the assessee is required to furnish a report of transfer pricing (TP) Audit in Form No. 3CEB | 30th November |
| If the assessee is a partner in a firm who is required to furnish a report of Transfer Pricing (TP) Audit in Form No. 3CEB | 30th November |
| If an Individual is a spouse of a person, being a partner in a firm required to furnish a report of Transfer Pricing (TP) Audit in Form No. 3CEB, and the provisions of section 5A apply to such spouse. | 30th November |
| Company assessee not required to furnish a transfer pricing audit report in Form No. 3CEB | 31st October |
| If the assessee is required to get its accounts audited under Income-tax Act or any other law | 31st October |
| If the assessee is a partner in a firm whose accounts are required to be audited | 31st October |
| If an Individual is the spouse of a person, being a partner in a firm whose accounts are required to be audited, and the provisions of section 5A apply to such spouse. | 31st October |
| In any other case | 31st July |
How to file an income tax return?
Return of income can be filed through the following modes:
(a) E-filing with a Digital Signature (DSC);
(b) E-filing without a Digital Signature (DSC);
(c) Paper Filing.
Paper filing is allowed only in the case of a super senior citizen. Further, the option to file returns in paper format is available only for ITR 1 (Sahaj) and ITR 4 (Sugam).
What are the consequences of default in filing an income tax return?
Where an assessee fails to furnish his return of Income on or before the due date or doesn't furnish it, he has to face various consequences, inter-alia, carry forward of losses are not allowed, various exemptions and deductions are withdrawn, interest levied under section 234A for the delay in filing of the return, penalties, and late fee under section 234F may be charged from the assessee, etc.