FILING OF RETURNS

[Section 139]

By-Mohan Patel
MBA 3rd Sem.
MONIRBA
 Who Will File Return[Sec.139(1)]
a) Every person being a company or firm; whether it has any
income or loss during the previous year or not ; or

b) Every person other than a company or a firm whose total

income or total income of any other person in respect of which
he is assessable under the act, exceeds the exempted limit ; or

c) If gross total income (total income before allowing

deductions u/s 80C to 80U of an individual or HUF without
giving effect to exemption u/s 10A of tax free zones or u/s 10B
under 100% EOU or u/s 10BA for export of certain special
goods), exceeds the exempted limit , he shall be required to file
is return of income before due date prescribed u/s 139(1).
 Due Dates Of Filing Returns
The return should be filed before due date.
assessment year
For Company Assesses • By 30th day of September of the

For all non-corporate persons

whose accounts are subject assessment year
to audit and working • By 30th day of September of the
partners of a firm whose
accounts are subject to audit

year
For all other persons • By 31st day of July of the assessment
 In case last date of filing of return is a holiday (office closed)
then the next working shall be deemed as due date for filing of
return (circular No.639 dt.13.11.92)

Compulsory filing of return (sec.139(1) provision)

The 1/6 Scheme has been abolished w.e.f. assessment year

2007-08.
 Filing of return by employee with his
employer{139(1A)}

With effect from 1-4-2002 by a retrospective amendment the

Finance Act 2002 has made the following amendment

 Any person who is an individual;

 Who in receipt of income chargeable under the head
“salaries”;
 At his option , furnish a return of his income for any previous
year to his employer.
 In accordance with such scheme as may be specified by the
board in this behalf, by notifications in the Official Gazette,
and subject to such conditions as may be specified therein;
Continued…..

 Such employer shall furnish all returns of income received

by him on or before due date, in such form (including on a
floppy, diskette, magnetic cartridge tape .CDROM or
any other computer readable media) and manner as may
be specified in that scheme ; and
 In such case, any employee who has field a return of his
income to his employer shall be deemed to have furnished
a return of income u/s(1).
Filing of return in computer media [section 139(1B)]
 Any person whether a company or any other person ;

 Who is required to furnish a return of its income u/s 139 (1) ;

 In accordance with the notified scheme and subject to the

conditions as may be specified ;

 May at his option and before the due date of filing of return
submit its return of income for any previous year ;

 In such form or manner such as on floppy ; diskette ,

magnetic cartage tape, CD –ROM or any other computer
readable media
Interest chargeable [section 234 A]
In case assessee has failed to file the return or has filed the return late , interest
@ 1 % p.m or part thereof is to be charged .Sec 234 A has made the imposition
of interest mandatory

Penalty for non filing of Return [Sec 271 f ]

Incase a person failed to submit his return u/s 139 (1) or under one by six
scheme on or before due date , a penalty of rs 5000 shall be imposed on such
person

Return of loss [Sec 139 (3)]

In case a person suffers loss in any previous year under the head ‘ business or
profession’ or ‘capital gains’ and the person intends to carry it forward such loss
can be carried forward only if such person files a voluntary return of his loss in
the prescribed form and verified in the prescribed manner . The loss u/s 72(1),
73 (2), 74 (3) and 74 A (3) .
Belated return {Section 139(4)}

In case an assessee has not furnished a return within the allowed

to him or within the time allowed under a notice served u/s
142(1), he may furnish the return for any previous year at any
time before the expiry of 1 year from the end of relevant
assessment year or before the completion of the assessment
which ever the earlier

Revised return {Section 139 (5)}

If any person who has furnished return u/s 139 (1) or in response
to a notice u/s 142 (1) discovers any omission or any other wrong
statements there in 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 assessment
,whichever is earlier.
Information to accompany the return [sec 139 (6a)]
 Location and style of the principal place and all the branches of
business and profession ;

 Name and address of all partners and individuals forming

association ,etc .;

 Share of each partner , individuals forming an association or a

body of individuals ;

 The report of any audit obtained u/s 44 AB or where the report

has been furnished prior to the furnishing of return , a copy of such
report together with proof of furnishing of report .
Forms of returns of income
Form No. ITR -1 For individuals having income from salary and interest

Form No. ITR -2 For individuals and HUFs not having Income from business or
professions
Form No. ITR -3 For individuals /HUFs being partners in firms and not carring out
business or professions under any proprietorship
Form No. ITR -4 For individuals and HUFs having income from a proprietary business or
profession
Form No. ITR -5 ( including fringe benefit tax return )
For firms APOs and BIOs
Form No. ITR -6 ( including fringe benefit tax return )
For companies other than companies claiming exemption u/s 1
Form No. ITR -7 ( including fringe benefit tax return )
For persons including companies required to furnish return u/s139 (4A)
or sec 139 (4B) of sec 139 (4C) or sec 139 (4D)

Form No. ITR -8 Return of fringe benefits

Form No. ITR -V Where the data of the return income/fringe benefitin form of ITR -1 .ITR
-2 , ITR -3 ,ITR-4 ,ITR-5 ,ITR -6 and ITR -8 transmitted electronically
without digital signature .
Rectification of defective returns sec [139 (9)]
Provides the if the assessing officer finds that the return of income
furnished by assessee is defective, he may intimate the defect to the
assessee and give him one opportunity to rectify such defects
within 15 days from the date of such intimation .
THANK YOU