19 July 2022
Dear sir. I filed last 3 year IT Return regularly . During the 21-22 , my income is below the taxable income, whether I need to file ITR Return. one more , start my business in 19-20 and it closed 20-21. during 19-20,20-21 if filed ITR Return of the business. during 21-22 no sales and purchase, GST Registration also canceled. Whether I need to file the ITR Return.
In the both matter, I getting ITR Returning filling intimation in my email ID . Please advise With regards Binu
25 July 2022
In terms of s.139(1)(b) if your (as an Individual) total income does not exceed the maximum amount that is not chargeable to income tax, you are not required to file the return. However, in terms of the proviso to said section, one will be required to file the return if he , during the previous year incurs an expenditure of 50000 or more towards electricity, spend any money for traveling to foreign country or are a member of club where entrance fee charged is more than twenty five thousand. Above are the broader terms when one will be required to furnish return despite not having income of more than the minimum taxable income. Before deciding whether to file a return or not, one should have a look at all the provisos to s.139(1)(b) and/ or seek professional advice.
CAclubindia
