Filing Income Tax Returns

We highly recommend any assessee having income in India to file tax returns in India. We've seen clients give up millions in tax refunds purely because they assumed that the TDS rates are their actual tax liability. Don't make such a mistake!

Return of Income (ROI) is an income-tax form in which assessee reports information about his income and tax thereon to the Income Tax Department. The Act provides for assessees who are required to file the ROI and same is required to be filed within prescribed due date and in prescribed manner. Requirement to file ROI and due date for filing the same is provided below:

Mandatory Return Filing


Where total income exceeds the basic -exemption limit i.e. INR 2,50,000.

(Exempted Long Term Capital Gains to be included while computing basic exemption limit)

OR

For NRIs, where total income is less than the basic exemption limit but it consists of

  • Short Term Capital Gains on equity shares or units of equity oriented mutual funds or units of business trust.

  • Long Term Capital Gains chargeable to tax


OR

Resident and Ordinarily Resident having assets / signatory authority outside India or has beneficiary interest in any asset outside India

Voluntary Return Filing

  • Claiming refund of tax deducted at source

  • Carry forward and set off of losses

  • To claim benefit of lower tax under Double Taxation Avoidance Agreement

Due Dates for Filing Return of Income

GENERAL

DUE DATE

31 July 

TAX AUDIT APPLICABLE

30 September

TRANSFER PRICING APPLICABLE

30 November

 

Points to Remember:

  • It is advisable to file the ROI on timely basis to avoid adverse consequences as well as for faster processing of refunds (if any).

  • It is essential to file the ROI in order to avail the benefit of carry forward of specified losses.

  • Some countries (such as the US) allow you to file an extension for filing returns. There is no such concept of extension in India