IT RETURNS

SUBMITTED BY,
JITHU JOSE PARACKAL
B1332

PURPOSE OF IT RETURN
The Indian Income Tax Act (Section 4) provides that in respect of the total income of the
previous year of every person, income tax shall be charged for the corresponding
assessment year at the rates laid down by the Finance Act for that assessment year.
Section 14 of the Income Tax Act further provides that for the purpose of charge of income
tax and computation of total income all income shall be classified under the following
heads of income: salaries, income from house property, profits and gains of
business or profession, capital gains, income from other sources.
The total income from all the above heads of income is calculated in accordance with the
provisions of the Act as they stand on the first day of April of any assessment year.
The Income Tax Department is responsible for all activities related to the taxation process .

WHO ALL SHOULD FILE RETURNS

It is now mandatory to file income-tax return online, where the total taxable income is above Rs 5 lakh
or where the individual is an ordinary resident with foreign assets/or with the signing authority in an
account outside India. Even if you dont fall in the above category, you have the option to voluntarily
file your return online.

DATES FOR FILING RETURN

According to Sec.139(1)
1. Every person being a company or a firm

2. 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 to tax during the
previous year exceeded the maximum amount which is not chargeable to income
tax, before giving effect to deduction under Chapter VI-A , if any ; shall furnish a
return of income within the due dates stipulated hereunder :
ASSESSEE

DUE DATE

1) A company which is required to

furnish transfer pricing report u/s 92
E

2) Any other company

3) Any person whose accounts are
required to be audited Act or under
any other law
4) Any working partner of a firm whose
accounts are so required to be
audited
5) In the case of any other assessee

TAX RETURN PREPARERS

30th November of relevant assessment

year

30th September of relevant assessment

year

31st July of relevant assessment year

SEC 139(B)

CBDT, may by way of notification , framing a scheme providing that such persons may
furnish their returns of income through a Tax Return Preparer authorized to act as such
under the scheme. This scheme will not be applicable for a company or a person who is
required to undergo a tax audit or audit under any other law
RETURN OF LOSS

SEC 139(3)

Loss under the head PGBP or loss under the head Capital Gains or loss on account of
owning and maintaining race horses can be carried forward only if a return of loss is
furnished by the assesse within the time prescribed under Sec. 139(1). Loss under the
head House Property and unabsorbed depreciation can be carried forward even even if the
return of loss is filed after the due date.
MANDATORY FILING RETURN OF INCOME/LOSS

SEC. 139(4D)

Every university, college or institution referred to in Sec.35 which is not required to furnish
return of income or loss under any other provision of this section.

FILING OF RETURN IN ELECTRONIC FORM

- SEC. 139D

The Board makes rules providing for :

A. The class or classes of persons who shall be required to furnish the return in
electronic form
B. The form and manner in which the return in electronic form may be furnished
C. The documents, statements, receipts, certificates or audited reports which may not
be furnished along with the return in electronic form but shall be produced before
the assessing officer on demand.
D. The computer resource or the electronic record to which the return in electronic
form may be transmitted.

FILING TAX RETURN USING THE OFFICIAL WEBSITE OF INCOME TAX

Before starting the process, keep your bank statements, Form 16 issued by your employer
and a copy of last year's return at hand. Next, log on to www.incometaxindiaefiling
.gov.in.
Follow these steps:
Step1: Register yourself on the website. Your Permanent Account Number (PAN) will be
your user ID.
Step2:View your tax credit statement Form 26AS for the financial year 2012-13 . The
statement will reflect the taxes deducted by your employer actually deposited with the I-T
department. The TDS as per your Form 16 must tally with the figures in Form 26AS. If you
file the return despite discrepancies, if any, you could get a notice from the I-T department
later.
Step 3: Under the 'Download' menu, click on Income Tax Return Forms and choose AY
2013-14 (for financial year 2012-13 ). Download the Income Tax Return (ITR) form
applicable to you. If your exempt income exceeds Rs 5,000, the appropriate form will be
ITR-2 . If the applicable form is ITR-1 or ITR 4S, you can complete the process on the portal
itself, by using the 'Quick e-file ITR' link.

ISSUE IF NOT FILED

The associated rules and implications are outlined below.
Case 1: No pending tax liability
Cases where all the taxes have been paid through TDS or advance tax and you don't owe any more to the

tax department. This is the safest situation. The income tax return for any assessment year can be filed
till the end of that assessment year without any penalty. If it is filed after the end of the assessment year,
there is a lump sum penalty of Rs 5,000.
Case 2: Tax liability exists
This is the case where you still owe taxes to the government. It can happen due to many reasons. For
example: if you have income from other sources, if you have worked in more than one company, etc. In
such cases, the basic rule remains the same, i.e., the income tax return for any assessment year can be
filed till the end of that assessment year without any penalty. You will be liable to pay a penalty of 1 per
cent interest on the balance tax payable.
Case 3: You have a tax refund
If you have any tax refund then you can file the return even after the deadline without any issue. The
only disadvantage will be that your return may be processed late, which may delay the refund process.
Case 4: You have to carry forward losses
Irrespective of the fact whether you have tax liability or not, if you do not file your income tax return by
the deadline then you cannot carry forward the losses of that year to the next year. Thus, you would lose
the benefit of setting off of these losses against the income of next year. However, there is an exception
to this rule. This rule doesn't apply to loss from house property, which means this loss can be carried
forward even if the income tax return is filed after the deadline.
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