Persons liable to file ITR u/s 139(1)

The Income Tax Act of 1961, Section 139(1), covers a number of provisions relating to late submission of various income tax returns. If a person or a non-individual tax assessee failed to file tax returns by the deadline, Section 139(1) contains instructions on how to file late returns. Several sub-sections of Section 139(1) are designed to deal with different categories of tax assesses failing to submit tax returns within the statutory time frame.

Understanding Section 139 (1)

The mandatory and optional filing of income tax returns is discussed in this section. The situations under which ITR filing is required are listed below.

• Anyone whose total income exceeds the income tax exemption limit is required to file an ITR by the deadline.
• Any public, private, domestic, or international country that is located in India and/or conducts business there.
• Any business entity, whether a Limited Liability Partnership or an Unlimited Liability Partnership (LLP).
• If an Indian resident owns an asset outside of India or has signing authority over an account that is based outside of India. Regardless of the tax due amount of such incomes, filing of Income Tax Returns in the authorised form is required in such situations.
• If their total income exceeds the statutory limit, every HUF, AOP, and BOI is required to file Income Tax Returns with the relevant paperwork.

Individuals or corporations are not required to file an ITR in a variety of circumstances. In such cases, their tax returns are seen as voluntary returns that are legal tax returns.

Mandatory and Voluntary Returns Section 139(1)

The filing of an income tax return is required under the following circumstances under Section 139(1):

• Anyone whose total income exceeds the exemption level is required to file an income tax return by the due date.
• Any private, public, local, or foreign country that is located in India and/or conducts business there.
• Any business, whether it’s an LLP (Limited Liability Partnership) or an LLC (Unlimited Liability Partnership).
• For any of these circumstances, any resident who holds an asset outside of India (which could include a financial interest in some entity) OR any resident who retains signature authority for an account outside of India – Regardless of the amount of tax liability on those incomes, a tax return must be filed in the authorised format.
• Every HUF (Hindu Undivided Family), AOP (Association of Persons), and BOI (Body of Individuals) must file an Income Tax Return in the specified format with the requisite paperwork if their total income exceeds the prescribed exception limit.

The filing of an income tax return is voluntary in the following situations:

Individuals or corporations may not be required to file the return in certain circumstances. In such circumstances, their tax returns are referred to as voluntary returns, which are deemed genuine tax returns.

Note

Certain kinds of people are excluded from submitting income tax under Section 139(1c). If certain groups of persons meet the requirements, the central government has the authority to exclude them from paying taxes.

When a notice under Section 139(1c) is issued, it should be placed before each House of Parliament for a period of 30 days when the sessions begin immediately after the notification. Modifications to the notification will be made if both Houses agree, and they will take effect. Notification will be ineffective if this is not done.