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Clarify about it file

14 November 2019

Sir one my friend total credit transaction in bank account up to 320000. I want it return. So how much income show in my it return please guide me. I agree pay tax 1000 For future benefits.

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Sivaramaraju G (Learner) (2398 Points)
Replied 15 November 2019

It's always better to file income tax return, as you mention total credits 3,20,000 I assumed it as income, as per law if an assessee having gross total income more than 2,50,000 before chapter VI A deduction is bound to file income tax return even his tax liability is zero.