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WHO
IS TO FILE
When
total income from all sources of income of any person exceeds the
maximum amount which is not chargeable to income tax in any previous
ending on 31st March then that person is liable to file his income
tax return.
Proviso
to section 139(1) of the Income Tax Act has been amended w.e.f 1/8/1998
with the view to make it obligatory upon any person to file return
if he satisfies any one of the six conditions viz. is the
owner or the lessee of a Motor vehicle; or, occupies specified floor
area of an immovable property; or incurs expenditure for himself
or any other person on foreign-travel; or subscribes to a telephone;
or is a holder of the credit card, not being an 'add-on' card, issued
by any bank or institution; or is a member of a club where the entrance
fee charged is Rs.25,000/-or more; then he is required to file a
return in Form No.2C.(for details see schemes : one in six module
)
For
an individual the maximum limit of income which is not chargeable
to tax, for assessment year 1997-98 and 1998-99 is Rs. 40,000/-
and for A.Y.1999-2000 it is Rs.50,000/-
Any
person claiming a refund, or carrying forward of loss or who seeking
any specific statutory exemption or deduction may also file the
income tax return. The return of income has to be compulsorily filed
if income exceeds the basic exemption limit.
SELECTING
CORRECT FORM
Income
Tax Returns
The
forms prescribed for different types of Income Tax assessees are:
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Form No.1
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Companies other than those claiming exemption
under Section11
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Form No.2
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Assessees other than companies and those claiming
exemption u/s 11 of the I.T. Act, 1961 and whose total Income
includes 'profits and gains of business of profession'.
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Form No.2A
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Resident individual assessees having income from
any source other than business or profession, it the total
income does not exceed Rs. 2 lakhs and if there is no brought
forward or carry forward loss except under house property.
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Form No.2B
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Return of Income for the block period.(For search
& seizure cases).
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Form No. 2C
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Return of Income for those who come within the
ambit of 'One out of six scheme.
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| Form
No. 2D |
Income Tax Return Form for non Corporate
Assessees other than persons claiming exemption under Sec. 11
(Saral Form). |
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Form No.3
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For assessee (other than companies and those deriving
income from property held for charitable and religious purposes
claiming exemption under section 11) whose total income does
not include "profits and gains of business or profession.
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Form No.3A
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For assessees including companies claming exemption
under section 11.
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Wealth
Tax RETURNS
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Form A
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Return of net Wealth for individuals and Hindu
undivided families.
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Form B
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Form of returns of net Wealth under sub-section
(1) or sub-section (2) of section 14 of the Wealth Tax Act,
1957, for companies only.
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TIPS
FOR FILLING UP
Income-Tax
Return should be filled in with care. There should be no corrections
or overwriting and it should be properly signed and verified by
the person who is authorised to do so under the provisions of I.T.
Act.
The
following points should be taken care of while filling up the Income-Tax
Return
NAME
& ADDRESS
- (1)
The name and address must be written in block letters and while
filling up the same in the cages meant for the same, one cage
may be left blank after each word.
- (2)
As the Income-tax Returns are to be generally filed on the basis
of territorial jurisdiction any mistake in the address may dislocate
the return which will cause undue delay in finalisation of the
assessment.
ASSESSMENT
YEAR:
- The
assessment year may be correctly filled. An assessment year is
the Financial Year succeeding the year for which the income is
accounted.
REVISED
RETURN
- Proper
particulars of the original return may be mentioned in case the
I.T. return is a revised return.
PAN/GIR
NO
- The
PAN/GIR No. should be correctly filled so that the return reaches
the concerned Assessing Officer.
STATUS
- Correct
code of status/residential status may be filled in as per the
Notes attached to the I.T. Return.
SIGNING
AND VERIFICATION
The
return must be signed and verified by the person specified in section
140 of the Act, as detailed below:
- In
the case of an individual, the return shall be signed and verified-
- By
the individual himself.
- Where
he is absent from India, by the individual himself or some
person duly authorised by him in his behalf.
- Where
he is mentally incapacitated from attending to his affairs,
by his guardian or any other person competent to act on his
behalf .
- Where,
for any other reason, it is not possible for the individual
to sign the return, by any person duly authorised by him in
his behalf.
- Where
the return is signed by an authorised person under items (ii)
and (iv) mentioned above, he must hold a valid power of attorney
from the individual. A copy of such power of attorney must be
enclosed with the return.
- In
the case of a HUF, the return shall be signed and verified by
the karta and, where the karta is absent from India or is mentally
incapacited from attending to his affairs, by any other adult
member of such family. Where a junior member of the family is
acting as karta with the consent of the other members, he can
sign and verify the return.
- In
the case of a company
- The
return shall be signed and verified by the managing director.
Where for any unavoidable reason such managing director is
not able to sign and verify the return or where there is no
managing director, the return may be signed and verified by
any director.
- In
the case of a non-resident company the return can be signed
and verified by a person who holds a valid power of attorney
from such company to do so. A copy of such power of attorney
must be enclosed to the return.
- Where
a company is being wound up, the return can be signed and
verified by the liquidator.
- Where
the management of the company has been taken over by the Government
(Central or State), the return shall be signed and verified
by the principal officer thereof.
- In
the case of a firm, the return shall be signed and verified by
its managing partner, or where for any unavoidable reason such
managing partner is not able to sign and verify the return, or
where there is no managing partner, the return shall be signed
and verified by any adult partner.
- In
the case of a local authority, the return shall be verified and
signed by its principal officer.
- In
the case of a political party, the return shall be signed and
verified by the Chief Executive Officer of the party, whether
he is known as secretary or by any other designation.
- In
the case of any other association, the return shall be signed
and verified by any member of the association or by the principal
officer thereof.
- In
the case of any other person, the return shall be signed and verified
by that person or by some person competent to act on his behalf.
- A
return which is not signed or is defectively signed is not a valid
return and is liable to be treated as non-est.
DUE
DATES FOR FILING
A new
assessee should file his Income-tax Return with the Assessing Officer
having territorial jurisdiction over the area where he resides,
or with the Assessing Officer having special jurisdiction over the
specific assessee or class of assessees or class of income to which
the assessee belongs or is covered by.
Normally,
there are separate wards for the assessees earning income from salary.
These wards/circles have also been assigned separate jurisdiction
for separate classes of assessees. The assessees deriving income
less than Rs.2 lacs may be assessed in a 'Ward' whereas the assessees
deriving income above Rs. two lacs may be assessed in a 'Circle'.
An
existing Taxpayer must file his Income Tax return with the Assessing
Officer who had previously assessed him or with the Assessing Officer
to whom his case has since been transferred.
The
Income-tax Return may be delivered either at the Dak Receipt Counter
in the Range/Ward/Circle having jurisdiction over the assessee or
the return may be sent through registered post. When the return
is delivered at the Dak Counter the official manning the counter
returns one copy of the acknowledgment form attached with the return
after signing, stamping, and numbering it. The date of filing the
return is also prominently displayed on the acknowledgment over
to the assessee.
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No.
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Status
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Due
Date |
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1
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In the case of a company
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by 30th November of the assessment year
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2
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In the case of an assessee other than a company
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2.1
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Where the accounts of the assessee
are required under this Act or any other law to be audited or
where the report of an accountant is required to be furnished
under section 80HHC or section 80HHD or where the prescribed
certificate is required to be furnished under section 80R or
section 80RR, or in the case of a co-operative society or in
the case of a working partner of a firm whose accounts are required
under this Act or any other law to be audited |
by 31st October of the assessment year |
| 2.2 |
Where the total income includes income
from business or profession [other than a case falling under
(2.1)] (supra) |
by 31st August of the assessment year |
| 2.3 |
In any other case |
by 30th June of the assessment year |
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