28 December 2011
Dear Sir, I am small a trader having turnover of Rs.600000 and profit is Rs.80000. My income is below taxable limits (Rs.160,000.00). Wheather it is mandatory to file ITR in my Case. plz refer with sec./ circular/ notification (if any).
28 December 2011
Government has given exemption to file ITRs for those who have income less then Rs.5Lakhs. So you are not required to funish any return of income to department. However if you need any loan in future based on your business you need to submit atleast 3 years IT returns and which is mandatory. In addition to that for every IT return 6 months gap is necessary while applying for a loan
Now its your discretionary to file a return or not.
Thanks, CA M Sreenivasa Rao.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
28 December 2011
Dear expert
As Mr. Seenivasa Roa has reply that those who income less 5 lac is exempt to file ITR.