whether liable to file returns
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 May 2011
Hi,
q1) interest on nre deposits is exempt from tax u/s 10(4).
thus if interest income is 3 lac. such amount is exempt.
Am i liable to file returns??
Q2) interest on nro deposits. tds is deducted at 30.9%.
if my interest income is 7 lacs. since tds is deducted more than my applicable tax slab. Am i liable to file returns??
Are there any penalties involved if filing of return is neccesary. becoz cleary my interest income is taxable at max marginal rate.
Assuming I have no other source of income in india.
Assuming i am living out of india.
i know as the income exceeds limit i am liable to file returns. but as it does not lead to any loss to the revenue dept. can any problems occur.
q1) interest on nre deposits is exempt from tax u/s 10(4).
thus if interest income is 3 lac. such amount is exempt.
Am i liable to file returns??
Q2) interest on nro deposits. tds is deducted at 30.9%.
if my interest income is 7 lacs. since tds is deducted more than my applicable tax slab. Am i liable to file returns??
Are there any penalties involved if filing of return is neccesary. becoz cleary my interest income is taxable at max marginal rate.
Assuming I have no other source of income in india.
Assuming i am living out of india.
i know as the income exceeds limit i am liable to file returns. but as it does not lead to any loss to the revenue dept. can any problems occur.
17 May 2011
U SHLD FILE RETURN SO THAT U CAN GET REFUND OF EXCESS TAX DEDUCTED
FURTHER SINCE GROO TOTAL INCOME EXCEED THE BASIC EXEMPTION LIMIT IT IS UR RESPOSIBILITY UNDER SECTION 139 TO FILE A RETURN
CA MANOJ GUPTA
JODHPUR
09828510543
FURTHER SINCE GROO TOTAL INCOME EXCEED THE BASIC EXEMPTION LIMIT IT IS UR RESPOSIBILITY UNDER SECTION 139 TO FILE A RETURN
CA MANOJ GUPTA
JODHPUR
09828510543
17 May 2011
1. No need to file return u/s 139(1).
2. Return is mandatory as per third proviso to section 139(1). Since tax is deducted more than the tax due, refund is allowable. If return is not filed before the end of the relevant previous year, penalty proceedings can be initiated under section 271F.
2. Return is mandatory as per third proviso to section 139(1). Since tax is deducted more than the tax due, refund is allowable. If return is not filed before the end of the relevant previous year, penalty proceedings can be initiated under section 271F.
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
- Inventory of finished goods
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
