Income Tax Consultancy



Section 139 of Income Tax Act, 1961 deals with the provisions of mandatory filing of return of income within the prescribed time frame mentioned therein. Every person who is in receipt of income which exceeds the prescribed basic exemption limit are required to file his / her return of income for the relevant assessment year and pay income tax thereon.

Who is required to file Return of Income? :
Every person is required to file his / her return of income, if he / she is in receipt of income which exceeds the maximum amount not chargeable to income tax, within the prescribed due date of filing of return of income.

 

As per Section 2(31) of Income Tax Act, 1961, Person includes an individual, a Hindu undivided family, a company, a firm, an association of persons or body of individuals, whether incorporated or not, a local authority, and every artificial juridical person, not falling within any of the preceding sub-clauses.

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What is the due date of filing of tax returns?

Persons required to file their Return of Income
 (Explanation 2 to Section 139(1) of I.T. Act, 1961)
Due Date of Filing of Return of Income

In case of:

  • Company; or
  •  A person (other than company) whose accounts are required to be audited under I.T. Act, 1961 or under any other law for time being in force; or
  • A working partner of a firm whose accounts are required to be audited under I.T. Act, 1961 or under any other law for time being in force;
30th September of the assessment year
In case of an assessee who is required to furnish a report referred to in Section 92E of I.T. Act, 1961 30th November of the assessment year
In case of a person other than a company, referred to in first proviso to Section 139(1) of I.T. Act, 1961 31st October of the assessment year
In case of any other assessee 31st July of the assessment year

 

"Return of income is the only source document wherein assesse can make true and full disclosure of particulars of their income earned from different sourcesduring the year, therefore, it is necessary to file your return of income after proper consultation and in-depth verification of your financials."



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Contact Person : CA Kundan Wahi

Company Name : Kundan Wahi & CO.

Address : 110-B, 3rd Floor, Humayunpur, Behind Ncc Office, Safdarjung Enclave, Delhi - 110029, India

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Email Address : kundanwahico@gmail.com



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