TaxTMI 
TaxTMI 
TaxTMI 
Return of income
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (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 provisions of the first proviso shall not apply: Provided also that every company 7....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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). Explanation 2.-In this sub-section, "due date" means,- (a) where the assessee 65[other than an assessee referred to in clause (aa)] is- (i) a company 60[****]; or (ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or (iii) a 90[****] par....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ceived 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 due date, furnish a return of his income for any previous year 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, in such form (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media) and in the manner as may be specified in that scheme, and in such case, the return of income furnished under such scheme shall be deemed to be a return furnished under sub-sect....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tive 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 furnished under sub-section (1).] 21[(4C) Every- (a) 59[research association] referred to in clause (21) of section 10; (b) news agency referred to in clause (22B) of section 10; (c) association or institution referred to in clause (23A) of section 10; 82[(ca) person referred to in clause (23AAA) of section 10;] (d) institution referred to in clause (23B) of section 10; (e) fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in 7....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ness 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, shall furnish the return of 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 as if it were a return required to be furnished under sub-section (1).] 80[(5) If any person, having furnished a return under sub-section (1) or sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time 95[before three months prior to the end] of the relevant assessment year or before the completion of the assessment, whichever is earlier.] 26[(6) The prescribed form of the returns referred to 27[in sub-sections (1) and (3) of this section, and in clause (i) of sub-sectio....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e 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 previous year or where there is more than one previous year, from the end of the previous year which expired last before the commencement of the assessment year or the 30th day of June of the assessment year, whichever is later; (b) in the case of every other assessee, the 30th day of June of the assessment year.] 39[Explanation 2.-Where, in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this sub-section.] 40[(b) Where as a result of an order under section 147 or section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 41[or an order of the Settlemen....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 person; or (d) a notice has been issued to the effect that any books of account or documents, seized or requisitioned under section 132 or section 132A in the case of any other person, pertain or pertains to, or any other information contained therein, relate to, such person, for the assessment year relevant to the previous year in which such search is initiated or survey is conducted or requisition is made and any assessment year preceding such assessment year: Provided also that no updated return shall be furnished by any person for the relevant assessment year, where- (a) an updated return has been furnished by him under this sub-section for the relevant assessment year; or (b) any proceeding for assessment or reassessment or recomputation or revision of income under this Act is pending or has been completed for the relevant assessment year in his case; or (c) the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.....] 44[(9) Where the 45[Assessing] Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the 46[Assessing] Officer may, in his discretion, allow; and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Act, the return shall be treated as an invalid return and the provisions of this Act shall apply as if the assessee had failed to furnish the return : Provided that where the assessee rectifies the defect after the expiry of the said period of fifteen days or the further period allowed, but before the assessment is made, the 47[Assessing] Officer may condone the delay and treat the return as a valid return. Explanation.-For the purposes of this sub-section, a return of income shall be regarded as defective unless all the following conditions are fulfilled, namely :- (a) the anne....
X X X X Extracts X X X X
X X X X Extracts X X X X
....loss account and balance sheet and the auditor's report 55[and, where an audit of cost accounts of the assessee has been conducted, under section 233B of the Companies Act, 1956 (1 of 1956), also the report under that section]; (f) where regular books of account are not maintained by the assessee, the return is accompanied by a statement indicating the amounts of turnover or, as the case may be, gross receipts, gross profit, expenses and net profit of the business or profession and the basis on which such amounts have been computed, and also disclosing the amounts of total sundry debtors, sundry creditors, stock-in-trade and cash balance as at the end of the previous year:] 56[****] 96[Provided that the Board may, by notification in the Official Gazette, specify that any of the conditions specified in clauses (a) to (f) to the Explanation shall not apply to such class of assessees or shall apply with such modifications, as may be specified in such notification.] 99[(9A) Where any return of income is furnished in pursuance of an order under clause (b) of sub-section (2) of section 119, the provisions of this section shall apply.] (10) 57[****] *****....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o be furnished under section 80HHC or section 80HHD or where the prescribed certificate is required to be furnished under section 80R or section 80RR or sub-section (1) of section 80RRA, or in the case of a co-operative society or in the case of a working partner of a firm whose accounts are required under this Act or any other law to be audited, the 31st day of October of the assessment year ; (ii) in a case where the total income referred to in this sub-section includes any income from business or profession, not being a case falling under sub- clause (i), the 31st day of August of the assessment year; (iii) in any other case, the 30th day of June of the assessment year. Explanation 2.-For the purposes of sub-clause (i) of clause (b) of Explanation 1, the expression "working partner" shall have the meaning assigned to it in Explanation 4 of clause (b) of section 40. Explanation 3.-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). Explanation 4.-For the purposes of this sub-section, the expression "travel to any foreign country" does not incl....
X X X X Extracts X X X X
X X X X Extracts X X X X
....4-1971 And was Amended vide Section 10 of the Finance Act, 1974 w.e.f. 01-04-1975 And was Amended vide Section 25 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-04-1985 And was Amended vide Section 29 of the Finance Act, 1985 w.e.f. 01-04-1986 And was Omitted vide Section 59 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, "(1A) Notwithstanding anything contained in sub-section (1), no person need furnish under that sub-section a return of his income or the income of any other person in respect of whose total income he is assessable under this Act, if his income or, as the case may be, the income of such other person during the previous year consisted only of income chargeable under the head "Salaries" or of income chargeable under that head and also income of the nature referred to in any one or more of clauses (i) to (ix) of sub-section (1) of section 80L and the following conditions are fulfilled, namely :- (a) where he or such other person was employed during the previous year by a company, he or such other person was at no time during the previous year a director of the company or a beneficial owner of shares in the compa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....aws (Amendment) Act, 1975 w.e.f. 01-04-1976 13. Omitted vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "has not been served with a notice under sub-section (2)," 14. Inserted vide Section 74 of the Finance Act, 1987 w.e.f. 01-04-1988 15. Inserted vide Section 10 of the Finance Act, 1974 w.e.f. 01-04-1975 16. Omitted vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "or by the thirty-first day of July of the assessment year relevant to the previous year during which the loss was sustained" Earlier, Inserted vide Section 26 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1971 And was Substituted vide Section 12 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-04-1987 before it was read as, "within such further time which, on an application made in the prescribed manner, the Income-tax Officer may, in his discretion allow" 17. Substituted vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it....
X X X X Extracts X X X X
X X X X Extracts X X X X
....irect Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(4A) Every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes, or of income being voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2, shall, if the total income in respect of which he is assessable as a representative assessee (the total income 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)." 19. Substituted vide Section 26 of the Finance Act, 1972 w.e.f. 01-04-1973 before it was read as, "(4A) Every person in receipt of income derived from property held under trust or other legal obligation who....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... and any branches thereof." 27. Substituted vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "in sub-sections (1), (2) and (3)" 28. Substituted vide Section 62 of the Finance Act, 1999 w.e.f. 01-06-1999 before it was read as, "and value and belonging to him" 29. Substituted vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "in sub-sections (1), (2) and (3)" 30. Omitted vide Section 29 of the Finance Act, 1995 w.e.f. 01-07-1995 before it was read as, "sub-sections (1) and (3) of" 31. Inserted vide Section 35 of the Finance Act, 1988 w.e.f. 01-04-1989 32. Substituted vide Section 29 of the Finance Act, 1995 w.e.f. 01-07-1995 before it was read as, "obtained under section 44AB" 33. Omitted vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(7) No return under sub-section (1) need be furnished by any person for any previous year if he has already furnished a return of income for such year in accordance with the provisions of sub....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Amendment) Act, 1984 w.e.f. 01-04-1985 before it was read as, "Explanation 2 : For the purposes of this sub-section, where the assessee is a registered firm or an unregistered firm which has been assessed under clause (b) of section 138, the tax payable on the total income shall be the amount of tax which would have been payable if the firm had been assessed as an unregistered firm." Earlier, Amended vide Section 26 of the Finance Act, 1972 w.e.f. 01-04-1972 40. Substituted vide Section 25 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-04-1985 before it was read as, 41. Inserted vide Section 126 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 42. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 43. Inserted vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 44. Inserted vide section 24 of the Finance (No. 2) Act, 1980 w.e.f. 01-09-1980 45. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 46. Substituted v....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ver to have been furnished: Provided that nothing hereinbefore contained shall apply to,- (a) a return furnished in response to a notice under sub-section (2) of section 148; (b) a return of a firm or a partner of a firm; (c) a return of loss which has been furnished in accordance with the provisions of sub-section (3); (d) a return of a person who has claimed exemption of income from property held for charitable or religious purposes; (e) a return furnished under sub-section (4B) in respect of a political party; and (f) a return furnished in support of a claim for refund under section 237." Earlier, Amended vide Section 12 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-04-1986 And was Amended vide Section 42 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 And was Amended vide Section 20 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 And was Amended vide Section 34 of the Finance Act, 1990 w.e.f. 01-04-1990 58. Substituted vide Section 30 of the Finance Act, 2008 w.e.f. 01-04-2008 before it was read as, "31st day of October" 59. Substituted vide Section 32 of th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....35 of the Finance Act 2015 w.e.f. 01-04-2016 before it was read as, "assets of the prescribed nature 28[, value and belonging to him" 77. Substituted vide Section 67 of the Finance Act 2016 w.e.f. 01-04-2017 before it was read as, "provisions of section 10A" 78. Inserted vide Section 67 of the Finance Act 2016 w.e.f. 01-04-2016 79. Substituted vide Section 67 of the Finance Act 2016 w.e.f. 01-04-2017 before it was read as, "17[(4) Any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year 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 a 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.]" 80. Substituted vide Section 67 of the&nb....