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:
|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."