Section 139 of the Income Tax Act 1961 (the Act) require the following persons (Assessees) to submit or file their Income Tax Return (ITR) in paper or e-Form (as issued and prescribed for the relevant Assessment Year and Assessee) and manner, on or before the stated ‘due date’ —
- Company or a Firm
- Any other ‘Person‘ with a total income* (or that of any other person in respect of which he/she/it is assessable under the Act during the relevant previous year) exceeding the maximum amount not chargeable to Income Tax
- ‘Resident’ Person (other than ‘not ordinarily resident in India’ under section 6(6) of the Act) who is otherwise not required to furnish an ITR return, but at any time during the previous year holds (as a beneficial owner or otherwise) any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India, or is a beneficiary of any asset (including any financial interest in any entity) located outside India
ITR Filing ‘due dates’
30 September of the relevant Assessment year for the following Assessees —
- Company; or
- Person (other than a Company) whose accounts are required to be audited under the Act or under any other law for the time being in force; or
- Working partner of a Firm whose accounts are required to be audited under the Act or under any other law for the time being in force,
31 July of the relevant Assessment year for the following Assessees —
ITR e-Filing and TDS/TCS Compliance
The Act requires prescribed Assessees to submit or electronically file their Income Tax Returns (ITRs) and/or TDS/TCS statements (as the case may be) via the use of the correct/applicable e-Forms and the Income Tax Department’s e-portal for e-filing the same in the required manner.
> Income Tax Department e-Filing portal
*Total Income generally comprises of the aggregate of taxable income (if any) under the various ‘heads’ of income, reduced by any ‘Set-off’ of allowed losses (under the same or other head(s), as the case may be) and/or ‘Deductions’ under Chapter VIA, in accordance with the relevant provisions of the Act.
CBDT notifies latest Income Tax Return (ITR) Forms – Assessment Year (AY) 2017-18
The Central Board of Direct Taxes (CBDT) has notified Income-tax Return (ITR) Forms for the Assessment Year 2017-18, and with a focus on increased compliance through ease and simplicity for the assessee, the major highlights of the said forms are —
- Simplified ‘1-page’ ITR Form-1 (Sahaj) (image provided below courtesy Income Tax Department, CBDT) which is expected to make up the volume of ITRs filed
- Consolidation of some previous ITR forms and overall reduction in the total number of ITR Forms to 7 to cover the spectrum of assessees
- ITR Forms are required to be e-filed in the prescribed manner (subject to below following exception as an option)
- ‘Paper form’ submission of ITR available as an option to an individual assessee of age 80 years or more (at any time during the previous year), and persons (Individual or HUFs) whose total income did not exceed Rs.5 lacs and no refund is claimed in the return of income (using Form No. ITR-1 SAHAJ or Form No. ITR-4 SUGAM)
Form No.ITR-1 SAHAJ
Form ITR-1 (image provided below) is for ‘Individual’ assessees drawing income under the following heads of income (subject to a maximum total income upto Rs.50 lacs in the Previous year 2016-17); ‘Salaries’, ‘Income from House Property’ from one such house property and ‘Income from Other Sources’ such as interest income etc.
Download Latest Income Tax Return (ITR) Forms – Assessment Year 2017-18
- Form No.ITR-1 SAHAJ (pdf)> For Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lacs
- Form No.ITR-2 (pdf)> For Individuals and HUFs not carrying out business or profession under any proprietorship
- Form No.ITR-3 (pdf)> For individuals and HUFs having income from a proprietary business or profession
- Form No.ITR-4 Sugam (pdf)> For Presumptive Income from Business & Profession
- Form No.ITR-5 (pdf)> For persons other than- (i) individual (ii) HUF (iii) Company and (iv) person filing Form ITR-7
- Form No.ITR-6 (pdf)> For Companies (other than Companies claiming exemption under section 11)
- Form No.ITR-7 (pdf)> For persons including Companies required to furnish return under sections 139(4A) to (4F)
ITR Issues and Compliances
Belated Returns and Time Limit
Any Person who has not furnished an ITR within the time allowed, may furnish the return for any Previous year at any time before the end of the relevant Assessment year or before the completion of the assessment (whichever is earlier).
Discovery of any omission or any wrong statement in the already furnished ITR, the concerned Person (ITR filer) may furnish a ‘revised return’ at any time before the expiry of 1 year from the end of the relevant Assessment year or before the completion of the Assessment (whichever is earlier).
Defective/Invalid Return and Rectification
Where the relevant Assessing Officer (AO) considers that the return of income as furnished by the concerned assessee is ‘defective’, such AO may intimate the defect (types listed by section 139(9) of the Act) and provide an opportunity to rectify the same within 15 days of such intimation (or further period allowed pursuant to an application in that respect).
- Failure to so rectify the defect within the said period(s) would result in the relevant ITR being treated as an ‘invalid’ return and the provisions of the Act will apply as if the concerned Assessee had failed to furnish the ITR.
- Where the said Assessee rectifies the defect after the expiry of the said period(s) but before the relevant Assessment is made, the AO may condone the delay and treat the ITR as a valid return.
Penalty for Failure to furnish Return of Income (ITR)
Section 271F of the Act imposes a penalty of Rs.5000 on a person who fails to furnish his/her/its ITR before the end of the relevant Assessment year, when required by the Act to do so.
Penalty for Under-reporting and Misreporting of Income
From Assessment year 2017-18 onwards, section 270A of the Act empowers the relevant Assessing Officer (AO) or the Commissioner (Appeals) or the Principal Commissioner or Commissioner (as the case may be) to impose a penalty in addition to tax (if any) during the course of any proceedings under the Act, on any person who has under-reported income, which also include the following —
- The income assessed is greater than the income determined in the return processed;
- The income assessed is greater than the maximum amount not chargeable to tax, where no return of income has been furnished;
- The income reassessed is greater than the income assessed or reassessed immediately before such reassessment.
The cases of ‘Misreporting‘ of income referred to above would also include —
- Misrepresentation or suppression of facts
- Claim of expenditure not substantiated by any evidence
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