Section 139(1) Provisions

Section 139(1) Provisions

Section 139(1) of the Income tax Act, 1961 provides the person who are required to file the compulsory return of Income tax and it also provides due dates to file Income Tax Return

Following persons are required to file Income Tax return

  1. Every Company :(Whether earn profit or loss)
  1. Every Firm :(whether earn profit or loss)
  1. Individual /HUF/AOP/BOI or artificial Judicial person:If Total IncomeplusDeduction under chapter VIA(Section 80C to 80U) and exemption under section 10,10B,10BA ismore thanmaximum amount which is not chargeable under Income Tax Act.
  1. Other: If income more than maximum amount which is not chargeable under Income Tax Act.

Maximum amount which is not chargeable under the Income Tax act, 1961 or Exemption Limit for various person are as under

  1. For very senior citizen (age 80 or more) :Rs 500000
  2. For Senior citizen (age 60-80) :Rs 300000
  3. For others (age less than 60) :Rs 250000

Income Tax Return Due Date AY 2015-16


S.No. Particulars Due Date
1. Assessees Like Salaried Income persons ,Persons having Income from House property ,Interest income , Business Income where accounts are not required to be audited . (Individual, HUF, AOP/BOI) 31.07.2015
2. For non corporate assessees (Like Partnership Firm ,Prop Firm) whose accounts are required to be audited under Income tax act

(Like 44AB turnover is more than 100 lakh in case of business and 25 lakh in case of profession- section 44AB and Business where disclosed profit is less than 8% of the turnover -Section44AD) or any other act for the time being in force.

* For working partners of Partnership firms

3. Corporate Assessees (Companys) 30.09.2015
4 For such corporate assessees which is required to furnish a report u/s 92E(transfer pricing) of the Income Tax Act, 1961 30.11.2015


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