28 July 2012
Dear Experts, My query pertains to & revolves around filing of Income Tax Return (by an Individual assessee) when his/her total income during the previous year does not exceed the maximum amount not chargeable to tax (i.e., when the criterion provided by Section 139(1) of the Income Tax Act, 1956 is not met). In the above context, I wish to know :- • Whether it is necessary for every PAN Card holder to file the Income Tax Return even if his/her total income does not exceed the maximum amount not chargeable to tax? I mean, does merely holding of a PAN require the Income Tax Return to be filed every year even if the total income does not exceed the maximum amount not chargeable to tax? • Further, if in any year, his/her total income exceeds maximum amount not chargeable to tax, then is it necessary that the assessee is required to file the Income Tax Return every year thereafter, even if his/her total income during the previous year does not exceed the maximum amount not chargeable to tax? My this query has originated from a commonly observed belief among common people that, “if you have a PAN, then you should file the Income Tax Return every year, even if your total income during the previous year does not exceed the maximum amount not chargeable to tax.” You are requested to kindly resolve this query as to whether it is a “Myth” or a “Fact”, and kindly help & advise me in this regard appropriately. Thanking You in anticipation… Yours Truly, Mayur Gadhia
CAclubindia
