Direct Taxes

Return of Income

Obligation to file Return of Income

Sr. No.	Assessee	Conditions
1.	Firm (including LLP)	Every Firm irrespective of earning income or incurring loss
2.	Company	Every Company irrespective of earning income or incurring loss
3.	Assessee other than Company or Firm	If his or its total income during the previous year exceeds maximum amount not chargeable to tax (see note below for Maximum Amount not chargeable to tax for A.Y. 2019-20), without considering deduction under sections 54, 54B, 54EC, 54F, 54G, 54GA and 54GB.
4.	Charitable or religious trust	If the total income in the previous year exceeds the maximum amount not chargeable to tax without giving effect to section 11 and section 12
5.	Research Association under section 10(21) News Agency under section 10(22B) Association/Institution referred under sections 10(23A) and 10(23B) Universities/Hospitals/Medical institutions referred under various sub-clauses of Section 10(23C) i.e.. (iiiad) or (iiiae) or (iv) or (v) or (vi) or (via) Mutual Fund referred under section. 10(23D) Securitisation Trust referred under section. 10(23DA) Venture Capital Company or Venture Capital Fund under section 10(23FB) Trade Union referred under sections 10(24)(a) and 10(24)(b) Board/Trust/Commission referred under section 10(46) Infrastructure Debt Fund referred under section 10(47) Fund referred under section 10(23AAA) Investor Protection Fund referred under section 10(23EC) or 10(23ED) Core Settlement Guarantee Fund referred under section 10(23EE) Board or Authority referred under section 10(29A)	If the income exceeds maximum amount not chargeable to tax without considering exemptions under respective provisions of section 10
6.	University, college or any other institution referred to under section 35(1))(ii)/(iii)	Required to furnish return of income/loss even if not required to furnish return of income under any other provisions
7.	Business Trust and Investment Fund	Required to furnish return of income/loss even if not required to furnish return of income under any other provisions
8.	Political Party	Total income in the previous years without giving effect to section 13A exceeds the maximum amount not chargeable to income tax
9.	Every person	To whom notice under section 142(1) or 148 is issued
10.	Any resident person other than not ordinary resident	Who has any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India

Maximum amount not chargeable to tax for A.Ys 2020-2021 & 2021-22

Nature of assessee	Amount ( ₹ )
Individual being resident in India and less than 60 years, NRI, HUF, AOP, BOI, Artificial Juridical Person	2,50,000
Individual being Senior Citizen resident in India (Completed 60 years or more but less than 80 years any time during the previous year i.e. born after 1-4-1939 and before 2-4-1959)	3,00,000
Very Senior Citizen (Completed 80 years or more any time during the previous year i.e. born before 2-4-1939)	5,00,000

No Obligation to File Return of Income

No obligation is incurred on the assessee referred in sections 115A(1), 115AC(1), 115BBA or 115D to file Return under section 139(1), if he derives no other income other than those specified in the above Sections. Further, tax deductible at source should be deducted thereon from such income.

Due Dates for filing Return of Income for A.Y. 2020-21 (Please refer to the stop press for amended dates)

Sr. No.	Nature of Assessee	Due Date
1	Every assessee who is required to furnish Transfer Pricing Audit Report under section 92E in respect of international and specified domestic transactions	30th November
2	Company other than company who is required to furnish Transfer Pricing Audit Report under section 92E Every assessee who is required to get accounts audited under Income-tax Act/any other laws (other than those assessee who is required to furnish Transfer Pricing Audit Report under section 92E) Any partner of the Firm (including partner of LLP), where accounts of such firm are subjected to audit under any law	31st October
3	Other assessee not referred above	31st July

Return of Income to be verified by

Sr. No.	Nature of Assessee	Return of Income to be verified by
1	Individual	Individual himself In case individual is not within India – by himself or by any other person authorised through power of attorney In case individual is mentally incapacitated from attending of his affairs – by his guardian or any person competent to act on his behalf For any other reason individual is unable to sign/verify return — by any person authorised through power of attorney
2	HUF	Karta In case Karta is not within India or is mentally incapacitated from attending the affairs – by any other adult member of such family
3	Indian resident Company	Managing director In case managing director is not able to sign/verify for any unavoidable reasons or where there is no managing director – by any other director or any other person as prescribed under the Rules In case company is being wound up – by Liquidator In case management has been taken over by the Central or State Government – by Principal Officer of the company In case of company whose application for Insolvency resolution has been accepted – then by Insolvency Professional appointed by such adjudicating authority
4	Non-resident Company	By any person holding valid power of attorney from a company to sign/verify
5	Firm	Managing partner In case managing partner is not able to sign/verify for any unavoidable reasons or where there is no managing partner – by any other partner, not being a minor
6	LLP	Designated Partner In case designated partner is not able to sign/verify for any unavoidable reasons or where there is no designated partner – by any other partner or any other person as prescribed under the Rules
7	Local Authority	Principal Officer
8	Political Party	Chief Executive Officer
9	Any other Association	Any member of Association or the Principal Officer
10	Any other person	By that person or some person competent to act on his behalf

Forms for Return of Income for A.Y. 2020-21

ITR	Applicable to
ITR 1 SAHAJ	An individual (ordinarily resident in India) whose total income for the assessment year 2020-21 includes: Income from Salary/Pension Income from One House Property (excluding brought forward and carried forward losses). Income from Other Sources (excluding winning from lottery and income from Race Horses or losses under this head) Other conditions: Not having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India Has not claimed any relief u/s. 90 or 90A or has not claimed deduction u/s. 91 Not having agriculture income in excess of ₹ 5,000/- Not having income from any source outside India Other than person claiming deduction under section 57 from income taxable under the head other sources (other than deduction allowed from family pension) Total income not exceeding ₹ 50 lakh Not for an individual who is either Director in a company or has invested in unlisted equity shares Not owning a house property in joint-ownership with two or more persons Not required to furnish a return of income under seventh proviso to Section 139(1)
ITR 2	For individuals and HUFs not having Income from Business and Profession and are not partners in any firm.
ITR 3	For individuals and HUFs having Income from Business and Profession and are partners in any firm
ITR 4	For Individuals, HUFs and Firms (other than LLP) being a resident : having total income up to ₹ 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE] Not for an individual who is either Director in a company or has invested in unlisted equity shares.
ITR 5	Form firms (including LLPs), AOPs, BOI, Business trust and Investment fund and other persons not being HUF, company or persons filing ITR 7
ITR 6	Companies other than companies claiming exemption u/s. 11
ITR 7	For persons including companies required to furnish return u/ss. 139(4A), 139(48), 139(4C), 139(4D), 139(4E) and 139(4F)

Mode of Filing of return

Person	Mode of filing
Company Political party Individual/HUF, Firm, LLP or any Person filing ITR 5 whose accounts are required to be audited under sec. 44AB	Electronically under digital signature
Any other Person	Electronically under digital signature or Transmitting the data in the return electronically under electronic verification code; or Transmitting the data in the return electronically and Submitting the verification of the form in ITR V
Where total income assessable under the Act during the previous year of a person – being an individual of the age of 80 years or more at any time during the previous year if he furnishes return in ITR 1 or in ITR 4.	Physical form

Electronic Verification Code (EVC) is a 10 digit alphanumeric code which can be generated through e-filing portal and is valid for 72 hours. Following are the modes to E-verify Return

EVC received in Registered Mobile number and e-mail. This option would be available for taxpayer whose total income is Less than ₹ 5 lakh and there is no refund.
Aadhaar OTP i.e. Mobile number registered with Aadhaar card is linked and OTP is sent to that Mobile number and e-mail ID
Login to e-Filing through Net Banking facility
Download the ITR-V, sign it manually and send it to CPC through post within the time limit of 120 days from date of upload for your return to be treated as a valid return

From May 22, 2016 Electronic Verification Code (EVC) can be generated by pre-validating your bank account on the e-Filing website. All major banks have launched this facility which will facilitate its customers, who may not have a net-banking account, to e-verify their return.

Return of income claiming certain deductions or certain loss

Return furnished after due date, the deductions/benefits may not be available—
1. Deductions under sections 10A, 10B, and section covered under Part C of Chapter VIA of the Act.
2. Allowability of losses incurred under business (other than unabsorbed depreciation), capital gains and/or from owning and maintaining race horses. However, Carry forward of losses under the head House property and unabsorbed depreciation is not affected even if the return is not filed within due date.
3. Losses of specified business (Sec. 35AD) and Speculation Business.
Where any loss has been duly carried forward in accordance with the provisions of section 139(3) in earlier years, there is no obligation to file the intermediary return in which the benefit of set off is claimed or loss is required to be carried forward, to be filed within the due date.
Section 119(2)(b) empowers the CBDT to authorise any Income Tax Authority to admit an application or claim for any exemption, deduction, refund or any other relief under the Act after the expiry of the period specified under the Act, to avoid genuine hardship in any case or class of cases. The claim for carry forward of loss in case of a loss return is relatable to a claim arising under the category of any other relief available under the Act. Refer Cir. No. 9/2015 DATED 9-6-2015.

Belated Return

Return can be filed belatedly before the end of the relevant assessment year or before completion of assessment, whichever is earlier.
In case return, as required by sections 139(4A) (Trusts)/139(4C) (specified Trusts, Institutions, Political Parties, etc.) is not filed on or before due date (31st July in case income before claiming exemption under section 11 exceeds maximum amount not chargeable to tax or 30th September where accounts are subject to audit), penalty of ₹ 100/- per day may be imposed under section 272A(2)(e).

Revised Return

Return can be revised anytime before the end of assessment year or before completion of assessment whichever is earlier
Even Belated Return can be Revised.

Defective return

S. 139(9) lays that return of income would be defective in case not accompanied by the relevant annexure. W.e.f.
1-6-2013. A return which has been filed without payment of self-assessment tax along with interest shall be treated as a valid return.
However annexure less return scenario, return would be treated as defective in case return is not filed completely in the manner specified in the return form.
If the assessee fails to rectify the defects in the return of income within 15 days of intimation of defects by the Assessing Officer or specified period, the return will be treated as invalid return and the provisions of Income-tax Act will apply as if the assessee has failed to furnish the return.