September 2025

Here’s a detailed overview of Return of Income and Procedure of Assessment (Sections 139 to 154) under the Income Tax Act, 1961: 1. Return of Income (Section 139) Key Provisions: Mandatory Filing: Required for individuals, companies, firms, HUFs, etc., if income exceeds the exemption limit. Voluntary Returns: Even if income is below the threshold, taxpayers may file […]

Section 139(1) of the Income Tax Act, 1961, lays down the rules for who must file an Income Tax Return (ITR) in India, when such filings are mandatory, voluntary, and the due dates applicable for various taxpayer categories. Who Must File an Income Tax Return under Section 139(1)? Filing an income tax return is mandatory

Under Section 139(4A) of the Income Tax Act, 1961, charitable and religious trusts/institutions must file an Income Tax Return (ITR-7) if their income (before exemptions under Sections 11 & 12) exceeds the basic exemption limit. This ensures transparency even when income is tax-exempt. 1. Who Must File? Charitable/Religious Trustsreceiving: Income from property held under trust (wholly/partly for charitable/religious purposes). Voluntary contributions

Under Section 139(4B) of the Income Tax Act, 1961, political parties in India are mandatorily required to file an Income Tax Return (ITR-7) if their total income (before claiming exemption under Section 13A) exceeds the basic exemption limit. Who Must File? Registered political partiesunder Section 29A of the Representation of the People Act, 1951. Chief Executive Officer (CEO)or authorized office-bearer must file the return. Exemption Condition

Under Section 139(4C) of the Income Tax Act, 1961, specific categories of non-profit entities must file an Income Tax Return (ITR-7) if their income (before claiming exemptions) exceeds the basic threshold. This ensures compliance while allowing tax benefits under relevant sections. 1. Who Must File? The following entities must file ITR-7 if their income (before exemptions) exceeds the basic exemption limit (₹2.5 lakh for

Under Section 139(4D) of the Income Tax Act, 1961, research institutions engaged in scientific, social, or statistical research must compulsorily file an Income Tax Return (ITR), even if their income is exempt under Section 10(21) or other provisions. 1. Applicability This section applies to: Scientific Research Associations(exempt under Section 10(21)). Social Science Research Organizations. Statistical Research Institutions. Other approved research bodies(recognized by the government). Key Condition:

Rule 12 of the Income Tax Rules, 1962, prescribes the forms, conditions, and procedures for filing income tax returns (ITRs) under Section 139 of the Income Tax Act, 1961. Below is a detailed breakdown: 1. Applicable ITR Forms The following forms are used based on the taxpayer’s income sources and category: Form Applicability Exclusions ITR-1 (SAHAJ) Individuals with income

Under Section 139(3) of the Income Tax Act, 1961, taxpayers can file a Return of Loss to carry forward certain losses to future years, subject to conditions under Section 80. Here’s a detailed breakdown: 1. Applicability & Key Conditions Who Can File? Individuals, HUFs, firms, companies, etc., who incur losses under: Business/Profession(including speculative business). Capital Gains(short-term or long-term). Owning racehorses(Section 74A).

Section 139(4) of the Income Tax Act, 1961, allows taxpayers to file a belated return if they miss the original due date. Here’s a detailed guide covering eligibility, deadlines, penalties, and consequences: 1. What is a Belated Return? A return filed after the original due date(e.g., 15 September 2025 for FY 2024-25) but before 31 December of the Assessment Year (AY) (e.g., 31

Section 139(5) of the Income Tax Act, 1961, allows taxpayers to correct errors or omissions in their originally filed Income Tax Return (ITR) by submitting a revised return. Below is a detailed breakdown of its provisions, deadlines, and procedures. 1. What is a Revised Return? A corrected versionof the original ITR, filed to rectify mistakes like: Missed income(e.g., interest, capital