Is it Mandatory to file ITR if income is not taxable ?

This query is : Resolved

Deepak Rawat (Querist)
Follow

25 June 2020 Dear Sir/Mam,
Is it Mandatory to file ITR for current FY, if I don't have taxable income ? I am asking this question because I had file ITR for last FY, so will there any query by department for not filling ITR for this FY ?
Hope you got my question.

swasti

swasti (Expert)
Follow

26 June 2020 If the gross income exceeds the basic exemption limit, then filing of return is mandatory.

c.bakshi

c.bakshi (Expert)
Follow

26 June 2020 NO, NO NEED TO FILE YOUR ITR FOR CY.
BUT IF IN THE LAST YEAR, YOU FILE A TAXABLE RETURN THAN A SHOW CAUSE NOTICE CAN BE ASKED BY THE INCOME TAX DEPARTMENT.

Upgrade to CAclubindia Pro. Subscribe Now!

Punit Gupta

Punit Gupta (Expert)
Follow

26 June 2020 Agreed with Mr Bakshi.
You have more chances of being served with an SCN by the department asking you to explain the discontinuity and you need to be ready with the answers.
So on a cautious note, to show consistency and continuity, even at below threshold Income levels, you can file ITR for current year.
Rest, decision is yours.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

05 November 2021 The following persons are madatorily required to file return, even if aggregate income below BEL.....
Provided that a person referred to in clause (b), who is not required to furnish a return under this sub-section and residing in such area as may be specified by the Board in this behalf by notification in the Official Gazette, and who during the previous year incurs an expenditure of fifty thousand rupees or more towards consumption of electricity or at any time during the previous year fulfils any one of the following conditions, namely :—

(i) is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified by the Board in this behalf; or

(ii) is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or

(iii) [***]

(iv) has incurred expenditure for himself or any other person on travel to any foreign country; or

(v) is the holder of a credit card, not being an "add-on" card, issued by any bank or institution; or

(vi) is a member of a club where entrance fee charged is twenty-five thousand rupees or more,

shall furnish a return, of his income during any previous year ending before the 1st day of April, 2005, on or before the due date in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed :

Provided further that the Central Government may, by notification in the Official Gazette, specify the class or classes of persons to whom the provisions of the first proviso shall not apply :

Provided also that every company or a firm shall furnish on or before the due date the return in respect of its income or loss in every previous year :