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FIRST IT RETURNS

DIPAK AGARWAL (Service) (554 Points)

28 December 2007

WHAT IS THE PROCEDURE TO FILE THE IT RETURN FOR THE IST TIME OF AN INDIVIUAL CARE SAY FOR THE F/Y 2006-07.

SECONDLY HIS TOTAL INCOME IS LESS THAN RS.1 LAC. AFTER DEDUCTION OF RS.15000 UNDER 80C. SHOULD HE HAVE TO HAVE FILE THE RETURN? OR ELSE WHAT IS THE CRITERIA FOR SOME ONE WHO MUST HAVE TO FILE THE IT RETURN .

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2 Replies

Ravi Shankar (Chartered Accountant) (186 Points)
Replied 28 December 2007

The only criteria to file the return is his total income must be exceeding the 'maximum amount not taxable' i.e., Rs. 110,000/- (for the AY 08-09) and Rs. 100,000/- (for AY 07-08). However, if the income is less than this limit but there is a refund due, then the return may be filed. Not when the assessee otherwise wants to declare 'some' income (not taxable) and then to produce the ack. to the Bank for a loan....