PPT: Provisions for filing Return of Income and Self-assessment | Taxation for CA Intermediate PDF Download

 Page 1


Return of Income and Assessment Procedures 
 
 
 
 
 
   
Page 2


Return of Income and Assessment Procedures 
 
 
 
 
 
   
                                            
 
Introduction: 
Income tax act 1961 contains provisions for filing the return of Income (ROI), the format in which 
the ROI is to be file shall be notified by the CBDT. It includes particulars of Income earned under 
different heads, deductions under chapter VIA, total Income and tax payable by assessee are 
generally included in ROI. 
 
Return of Income 
Page 3


Return of Income and Assessment Procedures 
 
 
 
 
 
   
                                            
 
Introduction: 
Income tax act 1961 contains provisions for filing the return of Income (ROI), the format in which 
the ROI is to be file shall be notified by the CBDT. It includes particulars of Income earned under 
different heads, deductions under chapter VIA, total Income and tax payable by assessee are 
generally included in ROI. 
 
Return of Income 
 
 
Persons 
mandatorily 
required to 
file the ROI 
under sec. 
139(1) 
Companies and Firms – Return of Income or loss on or before due date 
Other than company or a firm, ROI is mandatory if total Income exceeds Basic exemption 
limit 
Person being a “Resident” and “ordinarily resident” having 
    (i) Any assets located outside India (or) 
    (ii) Signing authority in any account located outside India 
         [ROI is mandatory, whether the such assessee has income chargeable to tax or not] 
Charitable Trust and Institutions under section 139(4A)  
Political party’s U/s 139(4B) 
Scientific Research Association, news agency, Trade unions etc. U/s 139(4C) 
Universities, collages etc U/s 139(4D) 
Return of Income 
                                            
Page 4


Return of Income and Assessment Procedures 
 
 
 
 
 
   
                                            
 
Introduction: 
Income tax act 1961 contains provisions for filing the return of Income (ROI), the format in which 
the ROI is to be file shall be notified by the CBDT. It includes particulars of Income earned under 
different heads, deductions under chapter VIA, total Income and tax payable by assessee are 
generally included in ROI. 
 
Return of Income 
 
 
Persons 
mandatorily 
required to 
file the ROI 
under sec. 
139(1) 
Companies and Firms – Return of Income or loss on or before due date 
Other than company or a firm, ROI is mandatory if total Income exceeds Basic exemption 
limit 
Person being a “Resident” and “ordinarily resident” having 
    (i) Any assets located outside India (or) 
    (ii) Signing authority in any account located outside India 
         [ROI is mandatory, whether the such assessee has income chargeable to tax or not] 
Charitable Trust and Institutions under section 139(4A)  
Political party’s U/s 139(4B) 
Scientific Research Association, news agency, Trade unions etc. U/s 139(4C) 
Universities, collages etc U/s 139(4D) 
Return of Income 
                                                                                        
 
ITR Forms Description 
ITR 1 For individuals being a resident other than not ordinarily resident having Income from Salaries, 
one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh  
ITR 2 For Individuals and HUFs not having income from profits and gains of business or profession 
ITR 3 For individuals and HUFs having income from profits and gains of business or profession 
ITR 4 For presumptive income from Business & Profession 
ITR 5 For persons other than:-  
(i) Individual 
(ii) HUF 
(iii) Company and  
(iv) Person filing Form ITR-7 
ITR 6 For Companies other than companies claiming exemption under section 11 
ITR 7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) 
or 139(4C) or 139(4D) or 139(4E) or 139(4F) 
Income tax return – ITR Forms 
Page 5


Return of Income and Assessment Procedures 
 
 
 
 
 
   
                                            
 
Introduction: 
Income tax act 1961 contains provisions for filing the return of Income (ROI), the format in which 
the ROI is to be file shall be notified by the CBDT. It includes particulars of Income earned under 
different heads, deductions under chapter VIA, total Income and tax payable by assessee are 
generally included in ROI. 
 
Return of Income 
 
 
Persons 
mandatorily 
required to 
file the ROI 
under sec. 
139(1) 
Companies and Firms – Return of Income or loss on or before due date 
Other than company or a firm, ROI is mandatory if total Income exceeds Basic exemption 
limit 
Person being a “Resident” and “ordinarily resident” having 
    (i) Any assets located outside India (or) 
    (ii) Signing authority in any account located outside India 
         [ROI is mandatory, whether the such assessee has income chargeable to tax or not] 
Charitable Trust and Institutions under section 139(4A)  
Political party’s U/s 139(4B) 
Scientific Research Association, news agency, Trade unions etc. U/s 139(4C) 
Universities, collages etc U/s 139(4D) 
Return of Income 
                                                                                        
 
ITR Forms Description 
ITR 1 For individuals being a resident other than not ordinarily resident having Income from Salaries, 
one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh  
ITR 2 For Individuals and HUFs not having income from profits and gains of business or profession 
ITR 3 For individuals and HUFs having income from profits and gains of business or profession 
ITR 4 For presumptive income from Business & Profession 
ITR 5 For persons other than:-  
(i) Individual 
(ii) HUF 
(iii) Company and  
(iv) Person filing Form ITR-7 
ITR 6 For Companies other than companies claiming exemption under section 11 
ITR 7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) 
or 139(4C) or 139(4D) or 139(4E) or 139(4F) 
Income tax return – ITR Forms 
                                            
 
   November 30
th
 
• Assessee required to furnish the report in Form 3CEB under section 92E pertaining to 
international/specified domestic transactions 
   September 30
th
  
• Where an assessee is a company 
• Where an assessee is a person other than company and  
• Such assessee is required to get its accounts audit under any law 
• Assessee is a working partner in a firm whose accounts are required to audit under any law 
   July 31
st
 
• In any other case 
Time for filing the ROI