if anyperson file return of income in 05-06 but at present his income is below excemption limit . so in that case it is mandatory to file the return of income .plz explain
2 Replies
Amir
(Learner)
(4016 Points)
Replied 03 February 2010
Dear Ashish,
Return in respect of FY 2005-06 Voluntarily cannot be filed now since the last date was 31.03.2008..Since income was below exemption limit so retuen filing was not mandatory
Further return can ony be filed in response to a notice... In this case it is mandatory to file return.
Ravindra
(C.A Student)
(27 Points)
Replied 03 February 2010
Plz tell me anubdy....................!!!
On 1st June 2009 : I invested 100000/- INR in Shares of $100each (prevailing exchange rate 1USD=50 INR)
on 30th June 2009: I sold 20 Shares @ $120 each
on 31st July 2009:Market price of shares is $150 (1 USD=47INR)
How should i record all these transactions in books
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