I need your advice. Is it necessary to file Income tax return if total income is less than 1,60,000/- ?
Returns for previous years have been filed as income was taxable in those years.
Is there any benefit of filing non-taxable return?
I understand, return of non-taxable income if filed, would be considered as "not filed". What about CASS. Could such return of income below the taxable limit be selected for scrutiny.
12 July 2010
No it is not necessary to file the ITR if taxable income does not exceed the minimum exemption limit as per Section 139(1). Moreover, i read a news paper in which it was clearly mentioned that due to extra cost burden not IT deptt will not take these return. It is very rare that small individual are salected for scrutiny.
CAclubindia
