Bhuvaneswari (Secretarial Executive) (60 Points)
03 August 2009Hi,
My dad was a central govt employee.After retirement, he draws pension but he doesnot come under Tax bracket..Does he need to file income tax return.If yes,What would be the consequences for not filing the return for two years when his tax payable is zero?Kindly clarify my doubt.
Thanks&bestregards,
Bhuvana
BALASUBRAMANYA B N
(CCI STUDENT....)
(44682 Points)
Replied 03 August 2009
If he is not coming under tax liability then no need to file the returns, it will be nil return..If you want to apply for loan then may be needed IT returns,,,
O.D.SHARMA
(DGM-F & A)
(1734 Points)
Replied 04 August 2009
No need for IT return below taxable income.
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 04 August 2009
If the gross total income is less then taxable amount then there is no need to file return.
Nitin Grover
(CS)
(1228 Points)
Replied 04 August 2009
hello
their is difference between he is not under tax liability and his income below 225000( in case of Senior citizen)
because if income is more then 2.25 lac let say income is 3.00 lac and savings u/s 80 C is rs 75000 then net taxable income is 2.25 means no tax liabality but filling of ITR is complusory in this case even their is no tax liability
if Gross Income is lower then the taxable limit then no need to file return but we should file return because its our responsibility to show income and it helps us in so many ways
thanks
Nitin Grover
+91-9868978044
nitinsgrover @ gmail.com
O.D.SHARMA
(DGM-F & A)
(1734 Points)
Replied 04 August 2009
Dear Grover.What do u understand with below taxable income? why & where 80 C & deductions are coming in question..Read below the lines & reply querry properly.
CAclubindia
