Section 139 of Income Tax Act, 1961 deals with filing of income tax return. As per current prevailing rule, following person is required to file the Income Tax Return;
INDIVIDUAL AND HUF
> Your Gross Income is in excess of basic exemption limit i.e. more than Rs. 2,50,000/- for person other than senior, more than Rs. 3,00,000/- for Senior Citizen and more than Rs. 5,00,000/- for Super Senior Citizen. Gross income before giving any effect to deduction under section 80 or 54 is to be check.
> You have any property or financial interest or signing authority in any account outside India.
> You have deposited more than one crore rupees in current account or more than fifty Lakh in savings account in a year.
> You have incurred expense of more than two lakh rupees for foreign tour in a year.
> Your electricity expense is more than one lakh rupees in a year.
> Your professional income exceeds ten lakh or your business turnover is more than sixty lakh
> TDS of Rs. 25,000/- is deducted in your case (Limit is 50,000/- for senior citizen)
PERSONS OTHER THAN INDIVIDUAL AND HUF (COMPANY / PARTNERSHIP FIRM / LLP / TRUST / AOP / SOCIETY / BOI)
> Company or LLP or Partnership Firm (Irrespective of income earned)
> Trust claiming benefit u/s 10 to 12 / Political Party
> Research association, news agency, university, educational institution, hospital, medical institution, trade union, body or authority, infrastructure debt fund, Mutual Fund, securitization trust, venture capital company : If without giving exemption benefit of section 10, income exceeds exemption limit
> Scientific research university, college or institution
> Business Trust
> Investment fund referred to in section 115UB
DUE DATE TO FILE INCOME TAX RETURN
(i) Individual / HUF / Partnership Firm / LLP
Audit is Applicable* = 31st October
Audit is not applicable = 31st July
* Audit is applicable in following cases;
(a) Income is more than one crore (Limit is ten crore if your payment / receipt in cash is less than 5%).
(b) Showing profit of less than 8% of your business turnover (6% in case of non cash transaction)
(c) Showing profit of less than 50% of your professional income
(ii) Other Person (Company, Trust, Political Party, etc) = 31st October
View expressed are personal in nature and are intended for educational purpose.