Who is required to file an Income Tax Return

Assessee who earn income must file an Income Tax Return. Filing an income tax return is mandatory if one’s income exceeds the basic exemption limit. The basic exemption limit has to be computed without regard to the provisions of section 10(38), 10 A, 10 B or 10 BA or 54 or 54 B or 54 D or 54 EC or 54 F or 54 G or 54 GA or 54 GB Chapter VIA. The returns are to be filed on annual basis. This article explains who is required to file the income tax return. Though not exhaustive, the lists include persons and incidents that necessitate the filing of an Income Tax Return.  

• a. A Company whether they make profits or losses
• b. A Partnership firm whether they make profits or losses
• c. Persons other than above (Individuals, HUFs, Body of Individuals, Association of Persons, etc) when their Total Income exceeds the basic exemption limit

 

Persons	Basic exemption limit
Senior Citizens (above 60 years of age)	Rs. 3,00,000/-
Super Senior Citizens (above 80 years of age)	Rs. 5,00,000/-
Others	Rs. 2,50,000/-

 

• 1. An Individual being a Resident and Ordinarily resident in India
• a. If he holds any asset (including financial interest in any entity located outside India) located outside India being a beneficial owneror otherwise.
• b. If he is a beneficiaryof any assets located outside India
• 2. Persons other than a Company or Firm who during the previous year has deposited rupees One Crores or morein aggregate in current accounts maintained with a banking company or a co-operative bank.
• 3. Persons other than a Company or Firm have incurred expenditure exceeding rupees two lakhs during the previous year towards travel to a foreign countryeither for himself or for any other persons.
• 4.Persons other than a Company or Firm have incurred expenditure exceeding rupees one lakhs towards electricity consumption.

DUE DATES FOR FILING RETURNS OF INCOME/LOSS  

CATEGORY OF TAXPAYER	DUE DATE
Persons whose books of account are to be audited	31st October
Persons whose books of account are not required to be audited	31st July
Persons who are required to file a Transfer Pricing Report	30th November

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