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filling of return of student

28 August 2009

hiiiii i wanna know that how can we file RETURN of a person who is a student now nd doesnt have a source of income yet...........?? also wat documents should we file ? pls rpl ..

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6 Replies

lakshit (accountant) (44 Points)
Replied 28 August 2009

There is a provision in the Income Tax Act, 1961 that no need to file the return if the income stands under the exemption limit. But, in case if you want to file the return of a student following steps may be followed:-

1. Show Tution Income

2. Adjusted with Deductions / Pay Tax as the case may be.

3. There is no need to attach any documents, only need to fill ITR - 4 for business persons.

4. In the case, if you want to prepare a balance sheet please reply me or the cicumstances used in this case. (Like for what purpose do you want to file the return).

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CA Vikrant Arora (Practicing Chartered Accountant) (67 Points)
Replied 28 August 2009

Originally posted by :laksht*
"	There is a provision in the Income Tax Act, 1961 that no need to file the return if the income stands under the exemption limit. But, in case if you want to file the return of a student following steps may be followed:- 1. Show Tution Income 2. Adjusted with Deductions / Pay Tax as the case may be. 3. There is no need to attach any documents, only need to fill ITR - 4 for business persons. 4. In the case, if you want to prepare a balance sheet please reply me or the cicumstances used in this case. (Like for what purpose do you want to file the return).	"

For your kind knowledge Mr. Laksh*t, whatever u have suggested is illegal & unethical.

Sorabh Gupta (Manager ( Taxation )) (877 Points)
Replied 28 August 2009

Manish

I m agree with Vikrant becoz now a days Income tax departement ahs already expand their hand in full capacity in form of laws , rules & regulation. May be if your case randomly selected in scrutiny then you will be in big trouble dear...........so dont do this........