Voluntary Filing of Income Tax Return [Section 139]
Who has to file income tax return compulsorily?
The following persons are under statutory obligation to file return of income under section 123:-
- A company / firm is required to submit its return of income (regardless of the quantum of income or loss) [Section 139(1)(a) of Income Tax Act]
- A person (other than an individual/HUF / company / firm) is required to submit his/its return of income, if income exceeds exemption limit [Section 139(1)(b) of Income Tax Act]
Individual/HUF is required to submit his/its return of income, if income (without claiming deductions under section 80C to 80U) exceeds the amount of exemption limit
[Exemption Limit for the assessment year 2019-20 is Rs 2,50,000/-. This is limit is Rs 3 Lakhs for resident senior citizen (aged between 60-80 years) or Rs 5 Lakhs (aged above 80 years)
- A person in receipt of income derived from property held under a trust for charitable or religious purposes is required to submit return of income if its income (without giving exemption under section 11 or 12) exceeds exemption limits [Section 139(4A) of Income Tax Act]
- A resident person (other than NRI or RNOR) have an asset (including financial interest in any entity) located outside India
Cases other than statutory obligation
- To claim income tax refund
- To carry forward loss under a head of income
- To apply for loan / visa purposes
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