Compliance for a.y. 2013-14
This query is : Resolved
17 February 2016
Dear Sir,
An assesse had received notice from IT Dept. for making compliance for A.Y. 2013-14. In that year his Gross Total Income is Rs. 3.00 Lacs and deduction u/s. 80C is Rs. 1.50 Lacs. So his Total Income is Rs. 1.50 Lacs. In Compliance sheet they ask for reason of non filing and there are options like 1) No Taxable Income, 2) Others. Can he select the option No taxable Income in his case or not.
Please suggest as early as possible. your valuable reply would be helpful.
Thanks,
Abhishek Roy Choudhury.
An assesse had received notice from IT Dept. for making compliance for A.Y. 2013-14. In that year his Gross Total Income is Rs. 3.00 Lacs and deduction u/s. 80C is Rs. 1.50 Lacs. So his Total Income is Rs. 1.50 Lacs. In Compliance sheet they ask for reason of non filing and there are options like 1) No Taxable Income, 2) Others. Can he select the option No taxable Income in his case or not.
Please suggest as early as possible. your valuable reply would be helpful.
Thanks,
Abhishek Roy Choudhury.
17 February 2016
he was supposed to file the return..kindly read the provisions for application of 139(1). Income before providing for Chapter VIA deductions is to be considered.
18 February 2016
Select not taxable income in compliance submission form.
Message likes :
1 times
20 February 2016
Limit for deduction u/s 80C was Rs. 1,00,000/- so calculate Net total income properly after considering proper deduction and limits. If the net total income is below taxable limit, then select option as "income not taxable".
Message likes :
1 times
21 February 2016
Since ITR was supposed to be filed, if the total income before deductions under Chapter VI A exceeded the minimum amount exempt from tax, the person is an assessee in default.
In A.Y. 2013 - 14 the minimum income exempt from tax was Rs.2.00 L and deductions under Section 80 C was Rs.1.00 L, there was no tax liability but the assessee was liable to file ITR declaring his income and showing tax payable as NIL. Therefore in the compliance form you have to opt for the reason - OTHERS. As and when explanation is sought you can clarify your misunderstanding of the law - and any way since you have not evaded payment of any tax, there will be no additional tax / interest / penalty liability on you.
In A.Y. 2013 - 14 the minimum income exempt from tax was Rs.2.00 L and deductions under Section 80 C was Rs.1.00 L, there was no tax liability but the assessee was liable to file ITR declaring his income and showing tax payable as NIL. Therefore in the compliance form you have to opt for the reason - OTHERS. As and when explanation is sought you can clarify your misunderstanding of the law - and any way since you have not evaded payment of any tax, there will be no additional tax / interest / penalty liability on you.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
