Sec u/s 139(1)

This query is : Resolved

S.Ramakrishnan (Querist)
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01 December 2009 1. one my client has business income of Rs. 1,20,000 and agricultural income Rs. 80,000 during the f.y 08-09. Basic exemption is Rs. 1,50,000 whether my client has to file return for the a.y 09-10?

2.one my client has business income of Rs. 2,20,000 and agricultural income Rs. 80,000 during the f.y 08-09.The assessee has carry forward unabsorbed depreciation of loss of Rs.1,00,000. Basic exemption is Rs. 1,50,000 whether my client has to file return for the a.y 09-10?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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01 December 2009 1. No as income chargeable to tax is less than Rs. 150000
2. Yes

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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01 December 2009 agree with expert

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shakuntala chhangani

shakuntala chhangani (Expert)
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02 December 2009 Hi, in both the above cases, the assessee does not have any taxable income (in the second case Rs. 2,20,000-Rs. 1,00,000 unabsorbed dep) but still he will have to file return for the year. however, if he files nil taxable income return for continuous three years, then there is no need to file such returns subsequently. Regards, CA Shakuntala Chhangani