TaxTMI 
TaxTMI 
TaxTMI 
Return of income.
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.... (vi) a business trust; (vii) an investment fund as referred to in section 224; (viii) a person who has sustained a loss in the tax year under the head "Profits and gains of business or profession" or under the head "Capital gains" and who intends to claim that such loss, or any part thereof, is to be carried forward as per this Act; (ix) a person, who is a resident, other than not ordinarily resident, and who at any time during the tax year,-- (A) holds, as a beneficial owner or otherwise, any asset (including any financial interest in an entity) located outside India, or has signing authority in any account located outside India; or (B) is a beneficiary of any asset (including any financial interest in an entity) located outside India, except where any income arising from such asset is includible in the income of person referred to in item (A); (x) a person, other than a company or firm, who during the tax year, fulfils such conditions as may be prescribed; (b) the persons referred in clauses (a)(i), (a)(ii), (a)(v), (a)(vi), (a)(vii) and (a)(ix) shall furnish return on or before the due date regardless of income o....
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....as a beneficial owner or otherwise or in which he is a beneficiary; (iii) bank account and credit card held by the assessee; (iv) expenditure exceeding the prescribed limit incurred by the assessee under prescribed heads; (v) such other outgoings as may be prescribed; (vi) the report of any audit referred to in section 63 or a copy thereof; (vii) the particulars of the location and style of the principal place of the business or profession and all the branches thereof; (viii) the names and addresses of the partners, if any, in the business or profession; (ix) the names of the other members of the association of person or the body of individuals and the extent of the share of the assessee and the shares of all such members in the profits of the business or profession and any branches thereof. (3) The Central Government may, by notification, exempt any class or classes of persons, from the obligation to file a return of income under this section, subject to the conditions specified therein. (4) Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for ....
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....ax year ^6[except in a case referred to in sub-section (6)(b)(ii)]; or (vi) the Assessing Officer is in the possession of information in respect of such person for the said tax year regarding violation of specified laws and the same has been communicated to him prior to the date of furnishing of updated return; or (vii) information for the said tax year has been received under an agreement referred to in section 90 or 90A of Income-tax Act, 1961 (43 of 1961) or section 159 of this Act in respect of such person and the same has been communicated to him, prior to the date of furnishing of updated return; or (viii) any prosecution proceedings under the Chapter XXII have been initiated for the said tax year in respect of such person, prior to the date of furnishing of updated return; or (ix) thirty-six months have expired from the end of the financial year succeeding the relevant tax year, and any notice to show-cause under section 281 has been issued in his case, except where an order has been passed under section 281(3) determining that it is not a fit case to issue notice under section 280; or (x) he is such person or belongs to such clas....
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....is section shall not apply to a specified senior citizen, as referred to in section 402(39), for the relevant tax year in which tax has been deducted at source under section 393(1) [Table: Sl. No. 8 (iii)]. (9) For the purposes of this section,-- (a) "beneficial owner", in respect of an asset means an individual who has provided, directly or indirectly, consideration for the asset for the immediate or future benefit, direct or indirect, of himself or any other person; (b) "beneficiary", in respect of an asset means an individual who derives benefit from the asset during the tax year and the consideration for such asset has been provided by any person other than such beneficiary; (c) "specified entity" means-- (i) research association referred to in Schedule III (Table: Sl. No. 23); (ii) association or institution referred to in Schedule III (Table: Sl. No. 24); (iii) person referred to in Schedule VII (Table: Sl. No. 2); (iv) institution referred to in Schedule III (Table: Sl. No. 25); (v) any University or other educational institution or any hospital or other medical institution referred to in Schedule VII....