1. For Companies and Firms, it is compulsory to file Return of Income. However, for others, Return shall be filed only if there is a taxable income.
2. Indian Resident who is a owner or beneficial owner of an asset situated outside India shall also file a Return of Income.
Various Due Dates for Filing Return of Income are:
|Persons whose accounts are being Audited (for eg. Audit u/s 44AB)||30th Sept|
|Partner in a Firm||30th Sept|
|Assessee who is required to furnish report u/s 90E (Transfer Pricing)||30th Nov|
|All other Cases||31st July|
# After these due dates, a person can still file a Return which is called a Belated Return. A Belated Return shall be filed, before end of that AY, or before the completion of Assessment, Which ever is earlier.
# If a Return is filed after due date specified above, Interest @1% each month has to be paid.
Return of Losses:
If the assessee has any of the following losses, a Return has to be filed:
- Business loss
- Speculation business loss
- Loss under Capital Gains
- Loss from the activity of owning and maintaining race horses
Return by Political Parties:
Income of Political parties can be exempted under section 13A. To claim this exemption, such political party has to file a Return of Income. Such Return will be signed by its CEO.
Who Shall verifiy Return of Income (Who will Sign It)
|Return Filed by||Who Will Verify|
|Local Authority||Principal Officer|
|Political Party||Chief Executive Officer|
PAN – Who shall Apply
Every Person whose total income is more than basic deduction limit (and )Person carrying on a business whose gross receipts exceeds Rs.5 Lakh, shall apply for a PAN.
Quoting of PAN:
A person doing following transactions must quote his/her PAN:
- Purchasing a Motor Vehicle, Opening a Bank Account, Applying for a Credit Card and Opening a Demat Account.
- Payment exceeding Rs.50,000 for Hotel or Restaurant Bill, Foreign Travel Agency, Mutual Funds.
- Sale or Purchase of any Immovable Property exceeding Rs.10 Lakh
# Where a person, entering into any transaction referred to in this rule, is a minor and who does not have any income chargeable to income-tax, he shall quote the PAN of his father or mother or guardian.