Under the IT Act: •every company, •firm and •other persons (whose Gross total income exceeds Rs. 110,000) are required to file their returns in prescribed forms by 31 July/31 October of the year next following the end of the previous year.
Certain specified trusts, political parties and specified institutions are also compulsorily required to file their returns.
With the introduction of the e-filing facility, the requirement to file various documents like financial statements, tax audit report, TDS certificates etc. along with the return has been dispensed with.
The IT Act also contains provisions for filing a revised return and a belated return.
A belated return (return not filed within prescribed time) can be filed before the end of one year from the end of the assessment year or before the completion of assessment, whichever is earlier.
A revised return can be filed if the taxpayer discovers any omission or wrong statement in the return and can be filed before the end of one year from the end of relevant assessment year or before the completion of assessment whichever is earlier. A revised return replaces the original return for all purposes of the IT Act.