AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
Return of income
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....owing conditions, namely :- (i) 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 provisio....
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....is sub-section, and who during the previous year-- (i) has deposited an amount or aggregate of the amounts exceeding one crore 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). ^102[Explanation 2.-For the purposes of this sub-section, "due date" in respect of the persons mentioned in column B of the Table below, subject to the conditions as mentioned in column C of the said Tabl....
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.... of the Explanation to section 269SS.] ^9[(1A) Without prejudice to the provisions of sub-section (1), any person, being an individual who is in receipt of income chargeable under the head "Salaries" may, 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 notification in the Official Gazette, and subject to such conditions as may be specified therein, and such employer shall furnish all returns of income received by him on or before 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 furnished a 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....
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....ome for this purpose being computed under this Act without giving effect to the provisions of sections 11 and 12) 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).]] ^20[(4B) The chief executive officer (whether such chief executive officer is known as Secretary 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 fu....
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....bed 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).] ^24[(4D) Every university, college or other institution referred to in clause (ii) and clause (iii) of sub-section (1) of section 35, which is not required to furnish return of income or loss under any other provision of this section, shall furnish the return 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).] ^70[(4E) Every business trust, 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, ....
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....is not furnished, then [whether or not the ^36[Assessing] Officer has extended the date for furnishing the return under sub-section (1) or sub-section (2)], the assessee shall be liable to pay simple interest at ^37[fifteen] per cent per annum, reckoned from the day immediately following the specified date to the date of the furnishing of the return or, where no return has been furnished, the date of completion of the assessment under section 144, on the amount of the tax payable on the total income as determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted at source : Provided that the ^38[Assessing] Officer may, in such cases and under such circumstances as may be prescribed, reduce 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 pr....
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....is sub-section shall not apply, if the updated return,- (a) is a return of a loss ^104[except in a case referred to in the sixth proviso]; or (b) has the effect of decreasing the total tax liability determined on the basis of return furnished under sub-section (1) or sub-section (4) or sub-section (5); or (c) results in refund or increases the refund due on the basis of return furnished under sub-section (1) or sub-section (4) or sub-section (5), of such person under this Act for the relevant assessment year: Provided further that a person shall not be eligible to furnish an updated return under this sub-section, where- (a) a search has been initiated under section 132 or books of account or other documents or any assets are requisitioned under section 132A in the case of such person; or (b) a survey has been conducted under section 133A, 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 pe....
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....t the fourth proviso shall not apply where an order is passed under sub-section (3) of section 148A determining that it is not a fit case to issue notice under section 148:] Provided also that if any person has sustained a loss in any previous year and has furnished a return of loss in the prescribed form within the time allowed under sub-section (1) and verified in the prescribed manner and containing such other particulars as may be prescribed, he shall be allowed to furnish an updated return where such updated return is a return of income ^106[or such updated return has the effect of reducing the loss]: Provided also that if the loss or any part thereof carried forward under Chapter VI or unabsorbed depreciation carried forward under sub-section (2) of section 32 or tax credit carried forward under section 115JAA or under section 115JD is to be reduced for any subsequent previous year as a result of furnishing of return of income under this sub-section for a previous year, an updated return shall be furnished for each such subsequent previous year.] ^107[Provided also that an updated return may be furnished by a person for the relevant assessment year in pursuance of a ....
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....source, the return of income shall not be regarded as defective if- ^54[(a) a certificate for tax deducted or collected was not furnished under section 203 or section 206C to the person furnishing his return of income;] (b) such certificate is produced within a period of two years specified under sub-section (14) of section 155;] (ii) the amount of compulsory deposit, if any, claimed to have been made under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 (38 of 1974); ^98[(ca) the return is accompanied by the proof of payment of tax as required under section 140B, if the return of income is a return furnished under sub-section (8A);] (d) where regular books of account are maintained by the assessee, the return is accompanied by copies of- (i) manufacturing account, trading account, profit and loss account or, as the case may be, income and expenditure account or any other similar account and balance sheet; (ii) in the case of a proprietary business or profession, the personal account of the proprietor; in the case of a firm, association of persons or body of individuals, personal accounts of the partners or ....
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....ear fulfils any one of the following conditions, namely :- (i) 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) is a subscriber to a telephone; or (iv) has incurred expenditure for himself or any other person on travel to any foreign country; (v) is the holder of the 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 during the previous year, 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 ....
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....89 w.e.f. 01-04-1989 And was Amended vide Section 34 of the Finance Act, 1990 w.e.f. 01-04-1991 And was Amended vide Section 59 of the Finance Act, 1992 w.e.f. 01-04-1993 And was Amended vide Section 36 of the Finance Act, 1994 w.e.f. 01-04-1994 And was Amended vide Section 42 of the Finance (No. 2) Act, 1996 w.e.f. 01-04-1997 And was Amended vide Section 42 of the Finance Act, 1997 w.e.f. 01-04-1997 And was Amended vide Section 40 of the Finance (No. 2) Act, 1998 w.e.f. 01-08-1998 And was Amended vide Section 62 of the Finance Act, 1999 w.e.f. 01-06-1999 2. Inserted vide Section 40 of the Finance Act, 2005 w.e.f. 01-04-2006 3. Inserted vide Section 40 of the Finance Act, 2005 w.e.f. 01-04-2006 4. Inserted vide Section 40 of the Finance Act, 2005 w.e.f. 01-04-2006 5. Omitted vide Section 40 of the Finance Act, 2005 w.e.f. 01-04-2006 before it was read as, "(iii) is a subscriber to a cellular telephone not being a wireless in local loop telephone; or" Earlier, Amended vide Section 59 of the Finance Act, 2002 w.e.f. 01-04-2002 6. Substituted v....
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....nder 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. Omitted vide Section 25 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-04-1985 before it was read as, "Explanation.- For the purposes of this sub-section, "salary" shall have the meaning assigned to it in clause (1) of section 17." 11. Inserted vide Section 62 of the Finance Act, 2003 w.e.f. 01-04-2003 12. Omitted vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(2) In the case of any person who, in the Assessing Officer's opinion, is assessable under this Act, whether on his own total income or on the total income of any other person during the previous year, the Assessing Officer may, before the end of the relevant assessment year, issue a notice to him and serve the same upon him requiring him to furnish, within thirty days from the date of service of the notice, a return of his income or the income of such other person during the previous year, in the prescribed form an....
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....encing on or before the 1st day of April, 1967, four years from the end of such assessment year; (ii) where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1968, three years from the end of the assessment year; (iii) where the return relates to a previous year rele­vant to any other assessment year, two years from the end of such assessment year." Earlier, Substituted vide Third Schedule of the Finance Act, 1968 w.e.f. 01-04-1968 before it was read as, "(4) Any person who has not furnished a return within the time allowed to him under sub-section (1) or sub-section (2) may before the assessment is made furnish the return for any previous year at any time before the end of four assessment years from the end of the assessment year to which the return relates, and the provisions of sub-clause (iii) of the proviso to sub-section (1) shall apply in every such case." And was Amended vide Section 26 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1971 18. Restored vide Section 20 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read a....
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....scribed 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)." Earlier, Inserted vide Section 20 of the Finance Act, 1970 w.e.f. 01-04-1971 20. Inserted vide Section 2 of the Taxation Laws (Amendment) Act, 1978 w.e.f. 01-04-1979 21. Inserted vide Section 59 of the Finance Act, 2002 w.e.f. 01-04-2003 22. Inserted vide Section 12 of the Taxation Laws (Amendment) Act, 2006 w.e.f. 01-04-2006 23. Inserted vide Section 12 of the Taxation Laws (Amendment) Act, 2006 w.e.f. 01-04-2006 24. Inserted vide Section 12 of the Taxation Laws (Amendment) Act, 2006 w.e.f. 01-04-2006 25. Substituted vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(5) If any person having furnished a return under sub-section (1) or sub-section (2), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the assessment is made." 26. Su....
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.... interest payable by any person under any provision of this section." Earlier, Inserted vide Section 8 of the Finance Act, 1963 w.e.f. 28-04-1963 35. Substituted vide Section 26 of the Finance Act, 1972 w.e.f. 01-04-1972 before it was read as, "Where the return under sub-section (1) or sub-section (2) or sub-section (4) for an assessment year is furnished after the 30th day of September of the assessment year or is not furnished, then [whether or not the Income-tax Officer has extended the date for furnishing the return under sub-section (1) or sub-section (2)], the assessee shall be liable to pay simple interest at nine per cent per annum, reckoned from the 1st day of October of the assessment year to the date of the furnishing of the return or, where no return has been furnished, the date of completion of the assessment under section 144, on the amount of the tax payable on the total income as determined on regular assessment as reduced by the advance tax. if any, paid and any tax deducted at source : Provided that in the case of any person whose total income includes any income from business or profession the previous year in respect of which....
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....Substituted vide Section 29 of the Finance Act, 1995 w.e.f. 01-07-1995 before it was read as, "(bb) the return is accompanied by the report of the audit obtained under section 44AB;" Earlier, Inserted vide Section 35 of the Finance Act, 1988 w.e.f. 01-04-1989 49. Inserted vide Section 31 of the Finance Act, 2006 w.e.f. 01-04-2007 50. Omitted vide Section 30 of the Finance Act, 2008 w.e.f. 01-04-2008 before it was read as, "before the 1st day of April, ^51[2008]]" Earlier, Inserted vide Section 32 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2005 51. Substituted vide Section 31 of the Finance Act, 2006 w.e.f. 01-04-2006 before it was read as, "2006" Earlier, Substituted vide Section 40 of the Finance Act, 2005 w.e.f. 01-04-2005 before it was read as, "2005" 52. Inserted vide Section 59 of the Finance Act, 2002 w.e.f. 01-06-2002 53. Inserted vide Section 31 of the Finance Act, 2006 w.e.f. 01-04-2007 54. Substituted vide Section 31 of the Finance Act, 2006 w.e.f. 01-04-2007 before it was read as, "(a) a certificate for tax deducted was not furnished u....
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....59A. Substituted vide Section 32 of the Finance Act, 2010 w.e.f. 01-04-2011 before it was read as, "scientific research association" 60. Omitted vide Section 59 of the Finance Act, 2012 w.e.f. 01-04-2012 before it was read as, "other than a company referred to in clause (aa)" Earlier, Inserted vide Section 24 of the Finance Act, 2011 w.e.f. 01-04-2011 61. Inserted vide Section 24 of the Finance Act, 2011 w.e.f. 01-04-2011 62. Inserted vide Section 24 of the Finance Act, 2011 w.e.f. 01-04-2011 63. Inserted vide Section 24 of the Finance Act, 2011 w.e.f. 01-06-2011 64. Inserted vide Section 24 of the Finance Act, 2011 w.e.f. 01-06-2011 65. Inserted vide Section 59 of the Finance Act, 2012 w.e.f. 01-04-2012 66. Substituted vide Section 59 of the Finance Act, 2012 w.e.f. 01-04-2012 before it was read as, "being a company, which" 67. Inserted vide the Section 36 of the Finance Act 2013 w.e.f. 01-06-2013 68. Inserted vide Section 49 of the Finance (No. 2) Act 2014 w.e.f. 01-04-2015 69. Inserted vide Section 49 of the Finance (No. 2) Act 2014 w.e.f. 01-04-2....
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....he Finance Act 2016 w.e.f. 01-04-2017 before it was read as, ^"25[(5) If any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of section 142, discovers 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. Omitted vide Section 67 of the Finance Act 2016 w.e.f. 01-04-2017 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 Section 55 of the Finance Act 2017 w.e.f. 01-04-2018 83. Inserted vide Section 55 of the ....