31 May 2010



Filing of Regular Return u/s. Section 139(1)

  • Every Company and every firm is compulsorily required to file income-tax returns every year. Even if the Company or Firm is suffering loss it has to file the return.
  • Any other person, like an individual, HUF, association of persons, body of individual, trust, or any artificial judicial person; are required to file income tax return if their total income or total income of any other person include in in total (without giving effect to provisions of Sec. 10A or Sec. 10B or Sec 10BA or Chapter VIA) the exceeds the threshold limit exempted form payment of income-tax without giving effect
  • These law of filing return is applicable to all persons, whether they are resident or non-resident.
  • However a Non-Resident India has an option not file return if :
    • His total income during the previous year includes only investment income and/or long term capital gains and
    • Income tax has been deducted at source as per provision of income tax law
    • NRI can use the option selectively for each year. If he prefers not to use option for any year he may file the return for that year and state that he will not take benefit of the option for that year.

For threshold limit for AY 2010-11 see rates of tax

Due dates for filing regular return are as given below:


Time Limit
  • A Company

30th September of the A.Y.

  • A Person other then company whose accounts are required to be audited working partner of a firm covered under audit

30th September of the A.Y.

  • All other cases

31st July of the A.Y.

Section 139(3)- Return of loss to be filed before due date.

  • Any person who has Business loss, loss under capital gain, and wants to carry forward and set-off the loss against the income of subsequent year; according to the provisions of I-Tax Act, must file his return of income before due date as set out against due date for filing regular return. If a person fails to file loss return in time, he shall not be entitled to carry forward such losses.
  • Unabsorbed depreciation can be c/f even in case where return is filled belatedly.
  • Assesses can revise the loss return- Deemed to be returned filled u/s. 139(1)
Section 139(4)- belated return
  • If return is not furnished within the time allowed under section 139(1) or within the time allowed under notice issued under section 142(1), the person may furnish the return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment whichever is earlier

Consequences of late submission-if return is submitted after the due date of submission of return of income.

  • The assessee may liable for penal interest u\s 234A
  • A penalty of Rs.5000 may be imposed u\s 271F if return submitted after the end of assessment year.
  • Return of loss is submitted after due date a few loss can not be carried forward
  • If return is submitted belated, deduction under section 10A,10B, 80-IA,80-IB,80-IC,80-ID ,80IE will not be available

Section 139(5)- Revised return

  • If person file return u\s 139(1) or in notice issued u\s 142(1), discover any omission or any wrong statement he may furnish a revised return within one year from the relevant assessment year or before the assessment is made which ever is earlier.
  • A return under section 139(4) i.e. belated return can not be revised.

Form to be used for filing return:


Persons applicable to :

Source of Income



Salary and Income from Other Source


Individual & HUF

Not having income form business or profession


Individual & HUF

Having income being profit from firm, but no income from proprietary business and profession


Individual & HUF

All Income



All Income and eligible for FBT



All Income and eligible for FBT



All Income and eligible for FBT


Only FBT

Only liable to pay FBT