income tax return
This query is : Resolved
15 July 2009
i want to file return on income, with the income of Rs.12000 by stipend.
pls suggest me that, can i file my return on income and if yes, then is it compulsory for next years as well to file return on income?
pls ans with details.
pls suggest me that, can i file my return on income and if yes, then is it compulsory for next years as well to file return on income?
pls ans with details.
15 July 2009
Sec 139(1) specifies the person who are liable to file return of income.
Being an individual if the income does not exceeds the basic limit of exemption then the person is not liable to file the income tax return.
However, the section does not stops anyone in filing a return though his/her income is less than exemption limit.
Once you have filed your income tax return it does not imply that you have to file return in the subsequent years also. If you don't have taxable income in the next year you can opt not to file a return for that particular year.
Being an individual if the income does not exceeds the basic limit of exemption then the person is not liable to file the income tax return.
However, the section does not stops anyone in filing a return though his/her income is less than exemption limit.
Once you have filed your income tax return it does not imply that you have to file return in the subsequent years also. If you don't have taxable income in the next year you can opt not to file a return for that particular year.
15 July 2009
you can file your return
Though its not compulsory to continue the filing, one should continue filing the return every year as non filing may attract sec 271 f penalty for not filing.
Practically, penalty is rarely imposed.
Though its not compulsory to continue the filing, one should continue filing the return every year as non filing may attract sec 271 f penalty for not filing.
Practically, penalty is rarely imposed.
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