Return-classification

Dr.T. Rajesh 5/21/17

 Dr.T. Rajesh 5/21/17

Return
Meaning
Statement of particulars of income submitted by
the assessee . Every assessee who is liable to pay
tax should file return before due date. .Return
should be in the proper form and it should be
signed by assessee.
 Dr.T. Rajesh 5/21/17

Due date
Assesee Due date

a) Every assesee other 30 September

than a company
mentioned in (b) and
whose accounts are to
be audited.

b) Companies which 30 November

have international
financial transaction
Other cases 31 July
 Dr.T. Rajesh 5/21/17

Form of Return

ITR 1 INDIVIDUALS having income from salary and income from one HP
ITR 2 Individuals and HUF not having income from business or profession
ITR 3 Individuals and HUF being partners of firm not having income from
business or profession
ITR 4 Individuals and HUF having income from business or profession
ITR 5 Firms AOP and BOI
ITR 6 Companies other than section 25
ITR 7 Charitable trusts political parties universities section 25
ITR 8 Fringe benefits
 Dr.T. Rajesh 5/21/17

Types of Return
Voluntary return
Return of Loss
Belated Return ( Related Return)
Revised Return
Compulsory Return
Defective Return
 Dr.T. Rajesh 5/21/17

Voluntary Return

Every person whose GTI exceeds maximum non

taxable limit shall furnish return in the
prescribed form before the due date.
The return filed should be signed by authorized
person.
Individual can file return either in paper form or
electronic form.
Electronic return requires digital signature.
 Dr.T. Rajesh 5/21/17

Return of Loss
Any person who incurs any loss under the head
Business or Profession
Capital Gain
Maintenance of Horse race
shall furnish return in the prescribed form before
due date.
If the return of loss is not filed, carried forward
is not allowed.
 Dr.T. Rajesh 5/21/17

Revised Return
If an assesse finds that there is any omission or
wrong statement in the submitted return, he can
furnish the return at any time before the expiry
of one year from the end of relevant previous
year or before the completion of assessment
which ever is earlier.
There is no interest or fine for submiting revised
return.
 Dr.T. Rajesh 5/21/17

Belated Return
If an assesse fails to furnish return before the
due date, he can furnish the return at any time
before the expiry of one year from the end of
relevant previous year or before the completion
of assessment which ever is earlier.
He is liable to pay interest and fine for late
payment of tax.
 Dr.T. Rajesh 5/21/17

Compulsory return
If the assesee has not filed
voluntary return
Belated return
The assessing officer can serve a notice to submit
return .
such return should be submitted with in the time
allotted in the notice
 Dr.T. Rajesh 5/21/17

Defective Return
If the assessing officer find that the return submitted by
the assessee is defective, he will give an opportunity to
the assessee to rectify the defect with in period of 15
days.
The assesee can request an extension of period for
rectifying the defect.
If the assessee does not file a new return with in the
period , it is considered that no return has been filed by
the assesee.
Then the assessee is liable for prosecution, penal
interest fine and penalty
 Dr.T. Rajesh 5/21/17

Return is considered as defective

Whre the statements and columns have nit been
duly filled
Where the return is not duly signed
Whwre the return is not accopnied by statement
of computation of tax
Whwre the assessee fails to furnish proof of
advance payment of tax
 Dr.T. Rajesh 5/21/17

If copies of manufacturing account, trading

account, p/l a/c and balance sheet are not
attached with the return
If copies of audit report is not attached with the
return
In case of sole trading concern, if personal
account of the proprietor is not attached
In case firm, if personal account of the partners
are not attached