The Section 139(1) of the Income Tax Act, generally deals with the late filing of the Income Tax Return. The Section 139(1) of the Income Tax Act, provides guidelines to the taxpayers for the filing of Income Tax Return.
Under Section 139(1), here are the following cases for which it is mandatory to file Income Tax Return.
- Anyone who has income above the exemption limit is required to file Income Tax Return before the due date.
- Any of the private, public, domestic or foreign company located and/or doing business in India.
- Firms including LLP (Limited Liability Partnership) or Unlimited Liability Partnership are required to file Income Tax Return before the due date.
- Any resident who has an asset located outside of India (might include financial interest in some entity as well) OR any resident who retains signing authority for an account based outside India, for all the above-mentioned cases Tax return needs to be filed mandatorily in the prescribed form irrespective of the amount of tax liability on the income.
- Every HUF (Hindu Undivided Family), AOP (Association of Persons) and BOI (Body of Individuals) is required to file ITR, if the total income of these bodies or entities exceed the prescribed exception limit, they are liable to file the Income Tax Return in the prescribed format with required documentation and they are supposed to do that before the due date.
Under the following situations, the filing of Income Tax is Voluntary.
When an individual or an entity falls under the tax exemption limit, then the individual or entity is not required to file Income Tax Return mandatorily. In spite of this, if the individual or entity wants to file ITR, then it is considered as voluntary ITR filing. You must know, under section 139(1) certain classes of people are exempt from filing Income Tax Return