Section 139 of Income Tax Act "Return of income"
139. (1) Every person,-
(a) being a company or a firm; or
(b) 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 under this Act during the
previous year exceeded the maximum amount which is not
chargeable to income-tax,
shall, on or before the due date, furnish a return of his
income or the income of such other person during the
previous year, in the prescribed form and verified in the
prescribed manner and setting forth such other particulars
as may be prescribed :
Provided that a person referred to in clause (b), who is
not required to furnish a return under this sub-section and
residing in such area as may be specified by the Board in
this behalf by notification in the Official Gazette, and who
during the previous year incurs an expenditure of fifty
thousand rupees or more towards consumption of electricity
or at any time during the previous year fulfils any one of
the following conditions, namely :-
(i) is in occupation of an immovable property exceeding a
specified floor area, whether by way of ownership, tenancy
or otherwise, as may be specified by the Board in this
behalf; or
(ii) is the owner or the lessee of a motor vehicle other
than a two-wheeled motor vehicle, whether having any
detachable side car having extra wheel attached to such
two-wheeled motor vehicle or not; or
(iii) [***]
(iv) has incurred expenditure for himself or any other
person on travel to any foreign country; or
(v) is the holder of a credit card, not being an "add-on"
card, issued by any bank or institution; or
(vi) is a member of a club where entrance fee charged is
twenty-five thousand rupees or more,
shall furnish a return, of his income during any previous
year ending before the 1st day of April, 2005, on or before
the due date in the prescribed form and verified in the
prescribed manner and setting forth such other particulars
as may be prescribed :
Provided further that the Central Government may, by
notification in the Official Gazette, specify the class or
classes of persons to whom the provisions of the first
proviso shall not apply :
Provided also that every company or a firm shall furnish on
or before the due date the return in respect of its income
or loss in every previous year :
Provided also that a person, being a resident other than not
ordinarily resident in India within the meaning of clause
(6) of section 6, who is not required to furnish a return
under this sub-section and who at any time during the
previous year,-
(a) holds, as a beneficial owner or otherwise, any asset
(including any financial interest in any entity) located
outside India or has signing authority in any account
located outside India; or
(b) is a beneficiary of any asset (including any financial
interest in any entity) located outside India, shall
furnish, on or before the due date, a return in respect of
his income or loss for the previous year in such form and
verified in such manner and setting forth such other
particulars as may be prescribed:
Provided also that nothing contained in the fourth proviso
shall apply to an individual, being a beneficiary of any
asset (including any financial interest in any entity)
located outside India where, income, if any, arising from
such asset is includible in the income of the person
referred to in clause (a) of that proviso in accordance with
the provisions of this Act:
Provided also that every person, being an individual or a
Hindu undivided family or an association of persons or a
body of individuals, whether incorporated or not, or an
artificial juridical person, if his total income or the
total income of any other person in respect of which he is
assessable under this Act during the previous year, without
giving effect to the provisions of clause (38) of section 10
or section 10A or section 10B or section 10BA 7[or section
54 or section 54B or section 54D or section 54EC or section
54F or section 54G or section 54GA or section 54GB] or
Chapter VI-A exceeded the maximum amount which is not
chargeable to income-tax, shall, on or before the due date,
furnish a return of his income or the income of such other
person during the previous year, in the prescribed form and
verified in the prescribed manner and setting forth such
other particulars as may be prescribed:
7[Provided also that a person referred to in clause (b), who
is not required to furnish a return under this sub-section,
and who during the previous year-
(i) has deposited an amount or aggregate of the amounts
exceeding one crore rupees in one or more current accounts
maintained with a banking company or a co-operative bank; or
(ii) has incurred expenditure of an amount or aggregate of
the amounts exceeding two lakh rupees for himself or any
other person for travel to a foreign country; or
(iii) has incurred expenditure of an amount or aggregate of
the amounts exceeding one lakh rupees towards consumption of
electricity; or
(iv) fulfils such other conditions as may be prescribed,
shall furnish a return of his income on or before the due
date in such form and verified in such manner and setting
forth such other particulars, as may be prescribed.]
Explanation 1.-For the purposes of this sub-section, the
expression "motor vehicle" shall have the meaning assigned
to it in clause (28) of section 2 of the Motor Vehicles Act,
1988 (59 of 1988).
Explanation 2.-In this sub-section, "due date" means,-
(a) where the assessee other than an assessee referred to in
clause (aa) is-
(i) a company; or
(ii) a person (other than a company) whose accounts are
required to be audited under this Act or under any other law
for the time being in force; or
(iii) a 8[***] partner of a firm whose accounts are required
to be audited under this Act or under any other law for the
time being in force,
the 9[31st day of October] of the assessment year;
(aa) in the case of an assessee who is required to furnish a
report referred to in section 92E, the 30th day of November
of the assessment year;
(b) in the case of a person other than a company, referred
to in the first proviso to this sub-section, the 31st day of
October of the assessment year;
(c) in the case of any other assessee, the 31st day of July
of the assessment year.
Explanation 3.-For the purposes of this sub-section, the
expression "travel to any foreign country" does not include
travel to the neighbouring countries or to such places of
pilgrimage as the Board may specify in this behalf by
notification in the Official Gazette.
Explanation 4.-For the purposes of this section "beneficial
owner" in respect of an asset means an individual who has
provided, directly or indirectly, consideration for the
asset for the immediate or future benefit, direct or
indirect, of himself or any other person.
Explanation 5.-For the purposes of this section
"beneficiary" in respect of an asset means an individual who
derives benefit from the asset during the previous year and
the consideration for such asset has been provided by any
person other than such beneficiary.
10[Explanation 6.-For the purposes of this sub-section,-
(a) "banking company" shall have the meaning assigned to it
in clause (i) of the Explanation to section 269SS;
(b) "co-operative bank" shall have the meaning assigned to
it in clause (ii) of the Explanation to section 269SS.]
(1A) Without prejudice to the provisions of sub-section (1),
any person, being an individual who is in receipt of income
chargeable under the head "Salaries" may, at his option,
furnish a return of his income for any previous year to his
employer, in accordance with such scheme as may be specified
by the Board in this behalf, by notification in the Official
Gazette, and subject to such conditions as may be specified
therein, and such employer shall furnish all returns of
income received by him on or before the due date, in such
form (including on a floppy, diskette, magnetic cartridge
tape, CD-ROM or any other computer readable media) and
manner as may be specified in that scheme, and in such case,
any employee who has filed a return of his income to his
employer shall be deemed to have furnished a return of
income under sub-section (1), and the provisions of this Act
shall apply accordingly.
(1B) Without prejudice to the provisions of sub-section (1),
any person, being a company or being a person other than a
company, required to furnish a return of income under
sub-section (1), may, at his option, on or before the due
date, furnish a return of his income for any previous year
in accordance with such scheme as may be specified by the
Board in this behalf by notification in the Official Gazette
and subject to such conditions as may be specified therein,
in such form (including on a floppy, diskette, magnetic
cartridge tape, CD-ROM or any other computer readable media)
and in the manner as may be specified in that scheme, and in
such case, the return of income furnished under such scheme
shall be deemed to be a return furnished under sub-section
(1), and the provisions of this Act shall apply accordingly.
(1C) Notwithstanding anything contained in sub-section (1),
the Central Government may, by notification in the Official
Gazette, exempt any class or classes of persons from the
requirement of furnishing a return of income having regard
to such conditions as may be specified in that notification.
(3) If any person who has sustained a loss in any previous
year under the head "Profits and gains of business or
profession" or under the head "Capital gains" and claims
that the loss or any part thereof should be carried forward
under sub-section (1) of section 72, or sub-section (2) of
section 73, or sub-section (2) of section 73A or sub-section
(1) or sub-section (3) of section 74, or sub-section (3) of
section 74A, he may furnish, within the time allowed under
sub-section (1), a return of loss in the prescribed form and
verified in the prescribed manner and containing such other
particulars as may be prescribed, and all the provisions of
this Act shall apply as if it were a return under
sub-section (1).
(4) Any person who has not furnished a return within the
time allowed to him under sub-section (1), may furnish the
return for any previous year at any time before the end of
the relevant assessment year or before the completion of the
assessment, whichever is earlier.
(4A) Every person in receipt of income derived from property
held under trust or other legal obligation wholly for
charitable or religious purposes or in part only for such
purposes, or of income being voluntary contributions
referred to in sub-clause (iia) of clause (24) of section 2,
shall, if the total income in respect of which he is
assessable as a representative assessee (the total income
for this purpose being computed under this Act without
giving effect to the provisions of sections 11 and 12)
exceeds the maximum amount which is not chargeable to
income-tax, furnish a return of such income of the previous
year in the prescribed form and verified in the prescribed
manner and setting forth such other particulars as may be
prescribed and all the provisions of this Act shall, so far
as may be, apply as if it were a return required to be
furnished under sub-section (1).
(4B) The chief executive officer (whether such chief
executive officer is known as Secretary or by any other
designation) of every political party shall, if the total
income in respect of which the political party is assessable
(the total income for this purpose being computed under this
Act without giving effect to the provisions of section 13A)
exceeds the maximum amount which is not chargeable to
income-tax, furnish a return of such income of the previous
year in the prescribed form and verified in the prescribed
manner and setting forth such other particulars as may be
prescribed and all the provisions of this Act, shall, so far
as may be, apply as if it were a return required to be
furnished under sub-section (1).
(4C) Every-
(a) research association referred to in clause (21) of
section 10;
(b) news agency referred to in clause (22B) of section 10;
(c) association or institution referred to in clause (23A)
of section 10;
(ca) person referred to in clause (23AAA) of section 10;
(d) institution referred to in clause (23B) of section 10;
(e) fund or institution referred to in sub-clause (iv) or
trust or institution referred to in sub-clause (v) or any
university or other educational institution referred to in
sub-clause (iiiab) or sub-clause (iiiad) or sub-clause (vi)
or any hospital or other medical institution referred to in
sub-clause (iiiac) or sub-clause (iiiae) or sub-clause (via)
of clause (23C) of section 10;
(ea) Mutual Fund referred to in clause (23D) of section 10;
(eb) securitisation trust referred to in clause (23DA) of
section 10;
(eba) Investor Protection Fund referred to in clause (23EC)
or clause (23ED) of section 10;
(ebb) Core Settlement Guarantee Fund referred to in clause
(23EE) of section 10;
(ec) venture capital company or venture capital fund
referred to in clause (23FB) of section 10;
(f) trade union referred to in sub-clause (a) or association
referred to in sub-clause (b) of clause (24) of section 10;
(fa) Board or Authority referred to in clause (29A) of
section 10;
(g) body or authority or Board or Trust or Commission (by
whatever name called) referred to in clause (46) of section
10;
(h) infrastructure debt fund referred to in clause (47) of
section 10,
shall, if the total income in respect of which such research
association, news agency, association or institution, person
or fund or trust or university or other educational
institution or any hospital or other medical institution or
trade union or body or authority or Board or Trust or
Commission or infrastructure debt fund or Mutual Fund or
securitisation trust or venture capital company or venture
capital fund is assessable, without giving effect to the
provisions of section 10, exceeds the maximum amount which
is not chargeable to income-tax, furnish a return of such
income of the previous year in the prescribed form and
verified in the prescribed manner and setting forth such
other particulars as may be prescribed and all the
provisions of this Act shall, so far as may be, apply as if
it were a return required to be furnished under sub-section
(1).
(4D) Every university, college or other institution referred
to in clause (ii) and clause (iii) of sub-section (1) of
section 35, which is not required to furnish return of
income or loss under any other provision of this section,
shall furnish the return in respect of its income or loss in
every previous year and all the provisions of this Act
shall, so far as may be, apply as if it were a return
required to be furnished under sub-section (1).
(4E) Every business trust, which is not required to furnish
return of income or loss under any other provisions of this
section, shall furnish the return of its income in respect
of its income or loss in every previous year and all the
provisions of this Act shall, so far as may be, apply if it
were a return required to be furnished under sub-section
(1).
(4F) Every investment fund referred to in section 115UB,
which is not required to furnish return of income or loss
under any other provisions of this section, shall furnish
the return of income in respect of its income or loss in
every previous year and all the provisions of this Act
shall, so far as may be, apply as if it were a return
required to be furnished under sub-section (1).
(5) If any person, having furnished a return under
sub-section (1) or sub-section (4), discovers any omission
or any wrong statement therein, he may furnish a revised
return at any time before the end of the relevant assessment
year or before the completion of the assessment, whichever
is earlier.
(6) The prescribed form of the returns referred to in
sub-sections (1) and (3) of this section, and in clause (i)
of sub-section (1) of section 142 shall, in such cases as
may be prescribed, require the assessee to furnish the
particulars of income exempt from tax, assets of the
prescribed nature and value, held by him as a beneficial
owner or otherwise or in which he is a beneficiary, his bank
account and credit card held by him, expenditure exceeding
the prescribed limits incurred by him under prescribed heads
and such other outgoings as may be prescribed.
(6A) Without prejudice to the provisions of sub-section (6),
the prescribed form of the returns referred to in this
section, and in clause (i) of sub-section (1) of section 142
shall, in the case of an assessee engaged in any business or
profession, also require him to furnish the report of any
audit referred to in section 44AB, or, where the report has
been furnished prior to the furnishing of the return, a copy
of such report together with proof of furnishing the report,
the particulars of the location and style of the principal
place where he carries on the business or profession and all
the branches thereof, the names and addresses of his
partners, if any, in such business or profession and, if he
is a member of an association or body of individuals, the
names of the other members of the association or the body of
individuals and the extent of the share of the assessee and
the shares of all such partners or the members, as the case
may be, in the profits of the business or profession and any
branches thereof.
(7) [***]
(8)(a) Where the return under sub-section (1) or sub-section
(2) or sub-section (4) for an assessment year is furnished
after the specified date, or is not furnished, then whether
or not the Assessing Officer has extended the date for
furnishing the return under sub-section (1) or sub-section
(2), the assessee shall be liable to pay simple interest at
fifteen per cent per annum, reckoned from the day
immediately following the specified date to the date of the
furnishing of the return or, where no return has been
furnished, the date of completion of the assessment under
section 144, on the amount of the tax payable on the total
income as determined on regular assessment, as reduced by
the advance tax, if any, paid, and any tax deducted at
source :
Provided that the Assessing Officer may, in such cases and
under such circumstances as may be prescribed, reduce or
waive the interest payable by any assessee under this
sub-section.
Explanation 1.-For the purposes of this sub-section,
"specified date", in relation to a return for an assessment
year, means,-
(a) in the case of every assessee whose total income, or the
total income of any person in respect of which he is
assessable under this Act, includes any income from business
or profession, the date of the expiry of four months from
the end of the previous year or where there is more than one
previous year, from the end of the previous year which
expired last before the commencement of the assessment year
or the 30th day of June of the assessment year, whichever is
later;
(b) in the case of every other assessee, the 30th day of
June of the assessment year.
Explanation 2.-Where, in relation to an assessment year, an
assessment is made for the first time under section 147, the
assessment so made shall be regarded as a regular assessment
for the purposes of this sub-section.
(b) Where as a result of an order under section 147 or
section 154 or section 155 or section 250 or section 254 or
section 260 or section 262 or section 263 or section 264 or
an order of the Settlement Commission under sub-section (4)
of section 245D, the amount of tax on which interest was
payable under this sub-section has been increased or
reduced, as the case may be, the interest shall be increased
or reduced accordingly, and-
(i) in a case where the interest is increased, the Assessing
Officer shall serve on the assessee, a notice of demand in
the prescribed form specifying the sum payable, and such
notice of demand shall be deemed to be a notice under
section 156 and the provisions of this Act shall apply
accordingly;
(ii) in a case where the interest is reduced, the excess
interest paid, if any, shall be refunded.
(c) The provisions of this sub-section shall apply in
respect of the assessment for the assessment year commencing
on the 1st day of April, 1988, or any earlier assessment
year, and references therein to the other provisions of this
Act shall be construed as references to the said provisions
as they were applicable to the relevant assessment year.
(9) Where the Assessing Officer considers that the return of
income furnished by the assessee is defective, he may
intimate the defect to the assessee and give him an
opportunity to rectify the defect within a period of fifteen
days from the date of such intimation or within such further
period which, on an application made in this behalf, the
Assessing Officer may, in his discretion, allow; and if the
defect is not rectified within the said period of fifteen
days or, as the case may be, the further period so allowed,
then, notwithstanding anything contained in any other
provision of this Act, the return shall be treated as an
invalid return and the provisions of this Act shall apply as
if the assessee had failed to furnish the return :
Provided that where the assessee rectifies the defect after
the expiry of the said period of fifteen days or the further
period allowed, but before the assessment is made, the
Assessing Officer may condone the delay and treat the return
as a valid return.
Explanation.-For the purposes of this sub-section, a return
of income shall be regarded as defective unless all the
following conditions are fulfilled, namely :-
(a) the annexures, statements and columns in the return of
income relating to computation of income chargeable under
each head of income, computation of gross total income and
total income have been duly filled in;
(aa) [***]
(b) the return is accompanied by a statement showing the
computation of the tax payable on the basis of the return;
(bb) the return is accompanied by the report of the audit
referred to in section 44AB, or, where the report has been
furnished prior to the furnishing of the return, by a copy
of such report together with proof of furnishing the report;
(c) the return is accompanied by proof of-
(i) the tax, if any, claimed to have been deducted or
collected at source and the advance tax and tax on
self-assessment, if any, claimed to have been paid :
Provided that where the return is not accompanied by proof
of the tax, if any, claimed to have been deducted or
collected at source, the return of income shall not be
regarded as defective if-
(a) a certificate for tax deducted or collected was not
furnished under section 203 or section 206C to the person
furnishing his return of income;
(b) such certificate is produced within a period of two
years specified under sub-section (14) of section 155;
(ii) the amount of compulsory deposit, if any, claimed to
have been made under the Compulsory Deposit Scheme
(Income-tax Payers) Act, 1974 (38 of 1974);
(d) where regular books of account are maintained by the
assessee, the return is accompanied by copies of-
(i) manufacturing account, trading account, profit and loss
account or, as the case may be, income and expenditure
account or any other similar account and balance sheet;
(ii) in the case of a proprietary business or profession,
the personal account of the proprietor; in the case of a
firm, association of persons or body of individuals,
personal accounts of the partners or members; and in the
case of a partner or member of a firm, association of
persons or body of individuals, also his personal account in
the firm, association of persons or body of individuals;
(e) where the accounts of the assessee have been audited,
the return is accompanied by copies of the audited profit
and loss account and balance sheet and the auditor's report
and, where an audit of cost accounts of the assessee has
been conducted, under section 233B of the Companies Act,
1956 (1 of 1956), also the report under that section;
(f) where regular books of account are not maintained by the
assessee, the return is accompanied by a statement
indicating the amounts of turnover or, as the case may be,
gross receipts, gross profit, expenses and net profit of the
business or profession and the basis on which such amounts
have been computed, and also disclosing the amounts of total
sundry debtors, sundry creditors, stock-in-trade and cash
balance as at the end of the previous year.
(10) [Omitted by the Finance (No. 2) Act, 1991, w.e.f.
1-4-1991.]
What is Disclosure of information respecting assessees? Section 138 of Income Tax Act 1961
What is Return of income? Section 139 of Income Tax Act 1961
What is Permanent account number? Section 139A of Income Tax Act 1961
What is Assessment? What is Best judgment assessment? Section 143 and 144 of Income Tax Act 1961
What is Reference to dispute resolution panel? Section 144C of Income Tax Act 1961