Income Tax Return

-An Article by CA Manpreet S. Taneja

Let’s understand filing of Income tax return in simplest way.

Every Taxpayer is mandatorily required to communicate the details of his/her income to the Income-tax Department. These details are required to be furnished in the prescribed form(s) known as return of income (ROI).

What are the Due Dates for filing Return of Income (ROI)?

S. No.Category of Tax PayerDue Date
  1Any Company other than the company liable for Audit u/s 92E (to whom Transfer Pricing Provisions are not applicable)  October 31 of the Assessment Year  
    2Any person (may be corporate/non- corporate) who is required to furnish a report in Form No. 3CEB under section 92E (To Whom Transfer Pricing Provisions are applicable)      November 30 of the Assessment Year  
    3Any Person (other than a company) whose accounts are to be Audited under the Income-tax Law or under any other Law         October 31 of the Assessment Year  
  4A working partner of a firm whose accounts are required to be audited under this Act or under any other law.       October 31 of the Assessment Year  
  5  Any Other Assesse    July 31 of the Assessment Year  

Illustration 1

Miss Briganza is a salaried employee. Her taxable salary income for the financial year 2021-22 is INR 7,65,000 (she does not have any other income). What will be the due date of filing the return of income for the financial year 2021-22?

  • In this case, Miss Briganza will be covered in Sr. No. 5 of the table discussed earlier and hence the due date for filing the return of income of the year 2021-22 will be 31st July, 2022.

Illustration 2

Mr. Romeo is a doctor. His Gross receipts for the year 2021-22 came to INR  19,55,000. He opts for the presumptive taxation scheme of section 44ADA. What will be the due date for filing of return of income by Mr. Romeo for the financial year 2021-22?

  • The gross receipts for the year are less than INR 50,00,000 and Mr. Romeo has opted for the presumptive taxation scheme of section 44ADA*.
  • Hence Mr. Romeo will not be liable to get his accounts audited i.e., he is not covered by audit.
  • He will be covered in Sr. No. 5 of the table discussed earlier and, hence, the due date for filing the return of income of the year 2021-22 will be 31st July, 2022.

*In case of a person adopting the provisions of section 44ADA, income will be computed on presumptive basis, i.e. @ 50% of the total gross receipts of the profession. However such person can declare income higher than 50%.

Illustration 3

Mr. Kaddu Prasad is a partner in Chamcham Trading Company. The turnover of the firm for the financial year 2021-22 amounted to INR 2,84,00,000. Apart from remuneration, interest and share of profit from the firm, Mr. Kaddu Prasad is not having any other source of income. What will be the due date for filing the return of income by the partnership firm and by Mr. Kaddu Prasad for the financial year 2021-22?

  • The turnover of the firm exceeds INR 2,00,00,000 and, hence, the firm will not be eligible for presumptive taxation scheme under section 44AD.
  • Further, the firm shall be liable to get its accounts audited under section 44AB.
  • Thus, the firm as well as Mr. Kaddu Prasad will be covered in Sr. No. 4 of the table discussed earlier and, hence, the due date for filing the return of income of the year 2021-22 (in case of the firm as well as Mr. Kaddu Prasad) will be 31th October, 2022.

Illustration 4

Chacha Chachi Minerals Private Limited is a company engaged in trading of minerals. What will be the due date for filing the return of income for the financial year 2021-22?

  • In this case Chacha Chachi Minerals Private Limited will be covered in Sr. No. 1 of the table discussed earlier and, hence, the due date for filing the return of income of the year 2021-22 will be 31st October, 2022.

Illustration 5

BalluBadmash Minerals Private Limited is a company engaged in trading of minerals and liable to furnish a report in Form No. 3CEB under section 92E.What will be the due date for filing the return of income for the financial year 2021-22?

  • In this case Ballu Badmash Minerals Private Limited will be covered in Sr. No. 2 of the table discussed earlier and, hence, the due date for filing the return of income of the year 2021-22 will be 30th November, 2022.

Every individual must ensure that they should file their return on income in the stipulated time limit to avoid belated returns.

About Author:

Hi, This insightful article was penned down by Mr.Manpreet S Taneja. Read what he has to say about himself.

Know Me:  One of the torch bearers for an esteemed Institute, I am well liked as CA Manpreet.

I am passionate about managing Finance and Investment and love to explore new avenues. Numbers and formulas have always lured me and now auditing and taxation has become my expertise.

Tax advisory, Financial Reporting, Secretarial compliances and other Managerial considerations are my other prowess one can count on. After working with reputed firms and renowned banks, I have gained rich experience of over 5 years and successfully ventured into practice.

I believe in what Winston Churchill has rightly said “Success is not final; failure is not fatal: it is the courage to continue that counts.” and that is the motivation that drives me towards excellence.

Qualification: Chartered Accountant, B.Com (Hons.)

Specialization: Audit, Taxation, Finance, Bank Audit

Firm Name: ManpreetTaneja& Co.

Mobile No.: 8826953372

Email ID: ms35085@gmail.com

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