Under Section 139(1), every person has to furnish a return of his income on or before the due date, if his total income exceeds the basic exemption limit. It is compulsory for companies and firms to file the return of income or loss for every previous year on or before the due date in the prescribed form.
In case of other persons, if the total income in that previous year of that person exceeds the basic exemption limit, then he has to file a return of income within the prescribed time.
As per the provisions of section 139 of the Income Tax Act, 1961 the due dates for filing of returns of income for different category of assessee are as under:
30th Sept. of Assessment Year:
• Company
• Any person (other than a company) whose accounts are required to be audited under Income tax Act or any other law
• Working partner of firm whose accounts are required to be audited
31st July of Assessment Year:
• Other assessees
Every resident and ordinarily resident having –
(i) any asset (including financial interest in any entity) located outside India or
(ii) Signing authority in any account located outside India is required to file a return of income in the prescribed form compulsorily, whether or not he has income chargeable to tax.
All such persons mentioned above should, on or before the due date, furnish a return of his income or the income of such other person during the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.
Related Cases:
S. 139(1), 148, 276cc, 278E of IT Act, 1961—Offence and prosecution—Three complaints were filed against the assessee for not filing the income tax returns before the statutory due date in accordance with S. 139(1) of the Act, 1961 and thereby rendering the assessee to prosecution u/s 276CC of the Act. In view of the presumption u/s 278E of the Act of culpable mental state, the burden is on the assessee to show that there was no willful default. The absence of such mental state can be pleaded by the assessee as a defense and it is for the trial court to decide the issue at the stage of conclusion of trial—R. Inbavalli vs. ITO (2010) 327 ITR 226 (Mad)
S. 139(1) of IT Act, 1961—Return—Where it is not necessary for a non-resident to furnish return u/s 139(1), the statute has specifically provided, as in the case u/s 115AC(4). A foreign company which is liable to be taxed by virtue of S. 5(2) is required to file its return u/s 139 notwithstanding that it is not liable to pay tax in India by virtue of DTAA between India & Netherlands—VNU International B.V. In re. (2011) 240 CTR 12 (AAR)
S. 80, 139(1), 139(3) & 139(5) of IT Act, 1961—Loss—As per the provisions of Sub-section (5) of S. 139, in both the situations where the assessee has filed the return of positive income as well as return of loss at the first instance as per the time-limit prescribed and subsequently, files the revised return then the revised return is treated as valid return. Since the assessee has filed its original return declaring the positive income and, therefore, revised return is valid return also and the assessee is entitled to carry forward of long-term capital loss—Ramesh Shah vs. ACIT (2012) 143 TTJ 166 (ITAT-Mum)
S. 139(1), 147 & 147, Expln. 2; of IT Act, 1961—Reassessment—Prior to A.Y. 2001-02, all persons, including a company and a firm were required by the statute to file return u/s 139(1) only if its total income exceeded the maximum amount not chargeable to tax barring certain exceptions provided in that section. whereas the Assessing Officer initiated reassessment proceedings u/s 147 on the ground that the assessee has not filed its returns for the A.Y. 1999-2000 and 2001-02 as required u/s 139 of the Act. Hence, the reassessment proceedings initiated were based on non-existent ground. Further, there was no relevant or tangible material on the basis of which the Assessing Officer could have formed requisite belief that the income had escaped assessment in the A.Y. 1999-2000 and 2000-01 within the meaning of S. 147 of the Act. Hence, under such circumstances, notices issued u/s 148 is not sustainable in law—Cebon India Ltd. vs. ACIT (2012) 145 TTJ 475 (ITAT-Delhi)
S. 139(1), (3), (5), 143 of the IT Act, 1961—Return—The revised return takes the place of the original return and must be taken to have been filed within the time allowed u/s 139(1), as required by S. 139(3) of the Act—Escort Mahle Ltd. vs. DCIT (ITAT-Delhi)
S. 80, 80I, 139(1)(3) of the IT Act, 1961—Deduction—Since the Assessing Officer himself denied of carry forward the business loss by invoking S. 80 of the Act, there is no justification to restrict the allowable deduction u/s 80I by reducing profit by setting off the business loss for the previous year—Southern Crates and Containers vs. ACIT (ITAT-Cochin)
Income-tax Act, 1961, sections 43B,115JA, 139(1), 234B, 234C—Disallowance—The grounds of appeal were:—”Whether (i) CIT (A) erred in law in confirming the disallowance of Rs. 4,75,000 on account of legal and professional charges, (ii) CIT (A) has erred in confirming the disallowance of Rs. 4,79,016 on account of foreign travelling expenses, (iii) CIT (A) has erred in confirming the disallowance of Rs. 31,381.00 out of ESI contribution, (iv) CIT (A) has erred in disallowing Rs. 36,337 being the employer’s contribution to PF and ESI as the same were not made within the due date prescribed by statutes, (v) CIT (A) has erred in disallowing the claim on account of sales tax/central sales tax and PF, and (vi) the CIT (A) has erred in confirming levy of interest u/s 234(B) and 234(C)—While partly allowing the appeal, the ITAT, Delhi Bench reversed the order of the lower authority. Amtek Auto Ltd. Vs. ACIT (ITAT, Delhi)…..34
S. 139(1), 158BC of IT Act, 1961—Block assessment—No addition can be made in respect of transactions done by the assessee in his capacity as a broker on behalf of his client—Smt. Jyoti Harshad Mehta vs. ACIT (2009) 319 ITR 107 (ITAT-Mum)
Reference:
As Per Rule 139(1), of the Income Tax Act, 1961-
Return of income
139. (1) Every person,—
(a) being a company [or a firm]; or
(b) being a person other than a company [or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,
shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed:
Provided that a person referred to in clause (b), who is not required to furnish a return under this sub-section and residing in such area as may be specified by the Board in this behalf by notification in the Official Gazette, and who during the previous year incurs an expenditure of fifty thousand rupees or more towards consumption of electricity or at any time during the previous year fulfills any one of the following conditions, namely :—
(i) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified by the Board in this behalf; or
(ii) is the owner or the lessee of a motor vehicle other than a two- wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or
(iii) has incurred expenditure for himself or any other person on travel to any foreign country; or
(iv) is the holder of a credit card, not being an “add-on” card, issued by any bank or institution; or
(v) is a member of a club where entrance fee charged is twenty-five thousand rupees or more,
shall furnish a return, of his income during any previous year ending before the 1st day of April, 2005, on or before the due date in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed:
Provided further that the Central Government may, by notification in the Official Gazette, specify the class or classes of persons to whom the provisions of the first proviso shall not apply:
Provided also that every company [or a firm] shall furnish on or before the due date the return in respect of its income or loss in every previous year:
Provided also that a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6, who is not required to furnish a return under this sub-section and who during the previous year has any asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India, shall furnish, on or before the due date, a return in respect of his income or loss for the previous year in such form and verified in such manner and setting forth such other particulars as may be prescribed :
Provided also that every person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year, without giving effect to the provisions of section 10A or section 10B or section 10BA or Chapter VI-A exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.
Explanation—
For the purposes of this sub-section, the expression “motor vehicle” shall have the meaning assigned to it in clause (28) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988).
Explanation—
In this sub-section, “due date” means,—
(a) where the assessee [other than an assessee referred to in clause (aa)] is—
(i) a company ; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,
the 30th day of September of the assessment year;
(aa) in the case of an assessee who is required to furnish a report referred to in section 92E, the 30th day of November of the assessment year;
(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;
(c) in the case of any other assessee, the 31st day of July of the assessment year.
Explanation—
For the purposes of this sub-section, the expression “travel to any foreign country” does not include travel to the neighboring countries or to such places of pilgrimage as the Board may specify in this behalf by notification in the Official Gazette.
(1A) Without prejudice to the provisions of sub-section (1), any person, being an individual who is in receipt of income chargeable under the head “Salaries” may, at his option, furnish a return of his income for any previous year to his employer, in accordance with such scheme as may be specified by the Board in this behalf, by notification in the Official Gazette, and subject to such conditions as may be specified therein, and such employer shall furnish all returns of income received by him on or before the due date, in such form (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media) and manner as may be specified in that scheme, and in such case, any employee who has filed a return of his income to his employer shall be deemed to have furnished return of income under sub-section (1), and the provisions of this Act shall apply accordingly.
(1B) Without prejudice to the provisions of sub-section (1), any person, being a company or being a person other than a company, required to furnish a return of income under sub-section (1), may, at his option, on or before the due date, furnish a return of his income for any previous year in accordance with such scheme as may be specified by the Board in this behalf by notification in the Official Gazette and subject to such conditions as may be specified therein, in such form (including on a floppy, diskette, magnetic cartridge tape, CD-ROM or any other computer readable media) and in the manner as may be specified in that scheme, and in such case, the return of income furnished under such scheme shall be deemed to be a return furnished under sub-section (1), and the provisions of this Act shall apply accordingly.
(1C) Notwithstanding anything contained in sub-section (1), the Central Government may, by notification in the Official Gazette, exempt any class or classes of persons from the requirement of furnishing a return of income having regard to such conditions as may be specified in that notification.