Mihir
(Wealth Manager)
(5293 Points)
Replied 23 February 2014
If a person is earning income by way of salary, business, interest or capital gains, he/she must file IT returns. If you have sold/purchase a property, then you must file your IT returns.
capawangupta
(chief analyst)
(62 Points)
Replied 23 February 2014
IF YOU GET INCOME FROM ANY MANNER ABOVE 200000/- YOU ARE BOUND TO FILE YOUR INCOME TAX RETURN FOR AY 2013-14. THIS IS MANDATORY
CA Bhargav Nathwani
(CA in Practice)
(8307 Points)
Replied 23 February 2014
Dear Ankit,
Agree with above answer. It's not compulsory to file return if your income below Rs. 2 Lacs.
However, It must be noted that, Business turnover is exceeds 1 crore during the F.Y. 2013-14 then he has file return and accounts mandatory to be Audited.
Chinnu Raj
(CA Final Student B.Com)
(1067 Points)
Replied 23 February 2014
Yes Ankit,agreed with above experts,Its not mandatory for every Pan card holder to file IT return unless he has any Taxable Income with him.......
CA D.C. Bansal
(Accounts Head)
(283 Points)
Replied 24 February 2014
Every personin whose total income exceeds Rs.2,00,000/- is liable to file the Income Tax Return i.e. it is not compulsory to file the return only if you are holding PAN.
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