537
July 13 To July 19, 2019 u Taxmann’s Corporate Professionals Today u Vol. 45 u 11on the following address within 120 days of
uploading the return either by ordinary post
or by speed post only:
Income Tax Department - CPC, Post Bag No.-1,
Electronic City Post Office, Bangalore -560100,
Karnataka
Q 10. When is it mandatory to file return
of income?
In case of an individual, HUF, AOP or BOI
it is mandatory to file return of income if
his/its gross total income (without giving
effect to provisions of section 10(38) or sec-
tion 10A or section 10B or section 10BA or
Chapter VI-A deduction) exceeds the maximum
exemption limit. However, it is mandatory
for a company, firm, an LLP, co-operative
society and local authority to file its return
on income in every situation irrespective of
quantum of income.
Filing of return shall be mandatory for a po-
litical party and charitable or religious trust
if total income of such assessee exceeds the
maximum exemption limit before claiming
exemption under Sections 13A (for political
party) and Sections 11 & 12 (for charitable
or religious trust) respectively.
Q 11. When is it mandatory for a non-res-
ident to file return of income?
If a non-resident person has income, which
is taxable in India, the filing of Income-tax
return shall be done in accordance with
provisions applicable in case of correspond-
ing resident assessee. However, if a firm
is deemed as fiscally transparent entity in
accordance with the provisions of DTAA
signed between India and foreign country
(in which such firm is a resident), the return
shall be filed in accordance with the status
of the partner in that firm.
However, a non-resident assessees shall not
be required to file the return of income in
respect of prescribed income taxable in India
if taxes have been withheld by the payer
from the payment of such income.
Q 12. I am an Individual and resident of
India. Do I need to file return if my income
is below taxable limit but am having an
account in a foreign bank?
Yes, it is mandatory for you to file the in-
come-tax return. In view of Fourth proviso
to Section 139(1), it is mandatory to file
income-tax return, if following conditions
are satisfied:- The assessee is resident and ordinarily
resident in India. - He has signing authority in any account
or any asset or any financial interest in
any entity located abroad.
The assessee is required to provide requisite
details of such account, assets or financial
interest in the return of income.
Q 13. I am a housewife. During the year I
have earned long-term capital gain of30 lakhs. I have invested this capital gains in a new house and claimed exemption under Section 54. Now, my total taxable income is nil. Do I need to furnish ITR? No, filing of Income-tax return shall not be mandatory for you because your total in- come is below exemption limit. Section 139 requires mandatory filing of return only if total income of an assessee, before claiming deductions under Chapter VI-A, exceeds maximum exemption limit. Though you have no obligation to file the Income-tax return, yet it is advisable that you should file return so that you don’t invite any enquiry notice. As per Section 285BA the prescribed authorities^1 shall file a Statement of Financial Transaction (SFT) with the Income-tax Deptt. wherein details of persons are furnished who enter into a transaction of sale or purchase of an im- movable property and transaction value or stamp value of such property is30 lakhs
or more. When Income-tax Deptt. doesn’t
get the corresponding information from the
FAQs ON INCOME-TAX RETURNS FOR ASSESSMENT YEAR 2019-