RETRUN OF INCOME SOME IMPORTANT FACTS

1.RETURN OF INCOME TO BE FILED U/S 139(1)

A. NAME OF ASSESSEE:- COMPANY OR FIRM
THEY HAVE TO FILE THEIR RETURN WHETHER THERE IS PROFIT OR LOSS DURING THE PREV.YEAR
B.NAME OF ASSESSEE:- ANY PERSON OTHER THAN COMPANY i.e. INDIVIDUAL/HUF/AOP/BOI/LOCAL AUTHORITY
THEY HAVE TO FILE THEIR RETURN ONLY WHEN THEIR INCOME DURING THE PREV.YEAR EXCEEDS THE BASIC EXEMPTION LIMIT CHARGEABLE TO TAX.
SP.NOTE:- HERE PERSON INCLUDES NON-RESIDENT ALSO..MEANS AN NON-RESIDENT IS ALSO REQUIRED FILE HIS RETURN OF INCOME,IF HIS INCOME DURING THE PREV.YEAR EXCEEDS THE BASIC EXEMPTION LIMIT CHARGEABLE TO TAX.

2.RETRUN OF INCOME TO BE FILED U/S 139(4A)

•	Every preson who is in receipt of income from "property" 
•	held under a trust 
•	for "charitable or religious" purpose
•	has to file the return when the income during the year exceeds the basic exemption limit 
•	and before claiming exemption u/s "11 or 12"
•	applicable form:- ITR-7

3.RETRUN OF INCOME TO BE FILED U/S 139(4B)

•	Every CEO of the political party
•	has to file the return of the political party concerned AND 
•	HE has to file the return when the income during the year exceeds the basic exemption limit 
•	and before claiming exemption u/s "13 A"
•	applicable form:- ITR-7

4. RETRUN OF INCOME TO BE FILED U/S 139(4C)

•	Following persons will have to file their return mandataroly as per section 139 (4C)
•	Scientific research association, Research association, News Agency
•	Any association or institution meant for control or supervision of a "Profession" (like icai,icsi)
•	institution for developement of khadi & vilage industries
•	Educational\Medical Trade union or institution
•	has to file the return when the income during the year exceeds the basic exemption limit 
•	and before claiming exemption u/s "10"
•	applicable form:- ITR-7
•	Further sec.139 (4C) makes it mandatory for Universities/Educational institutions to file their return
•	subject to following conditions:-
•	1.object should solely be educational 
•	2.not meant for earning profits
•	3.Annual receipts during the year does not exceeds Rs.1 crore
•	4.income during the year exceeds the basic exemption limit 
•	5.before claiming exemption u/s "10"
•	applicable form:- ITR-7
•	similar prov. are there for Hospital and Medical institutions
•	1.they should be meant for medical puppose only
•	2.not meant for earning profits
•	3.Annual receipts during the year does not exceeds Rs.1 crore
•	4.income during the year exceeds the basic exemption limit 
•	5.before claiming exemption u/s "10"
•	applicable form:- ITR-7

5.RETRUN OF INCOME TO BE FILED U/S 139(4D)

•	Any University/College/any other instituion as referred u/s 35(1)(ii)/(iii)
•	has to file their return mandatorly 
•	whether in profit or in loss
•	applicable form ITR-7....

AS THIS IS MY FIRST ARTICLE I WOULD LIKE TO KNOW THE ,MISTAKES I DID IN THIS ARTICLE...PLZ FRIENDS UR COMMENTS & SUGGESTIONS ARE INVITED..THANKS TO ALL...