15 October 2010
i have received a notice under section 142(1)for non filling of income tax return of A.y.2008-09.i didnot have any income in that particular year.and in the last year i have computed my income under the head b/p.pls suggest whether it is mandatory to file the return as in this case i dint have the income more than the exemption limit.and whether penalty of 5000/- u/s 271f is attractable
15 October 2010
you have to prove the records that you did not have any income. you are doing business but you did not mention whether proprietor / Partnership Firm / Company. If you are individual (proprietor) business, then you can consider the exemption limit and explain to department. Otherwise you have the responsibility to file even less income.
Please wait for some other expert's point of view.
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