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Income tax filing for individual

NARESH V (Accountant) (93 Points)

10 March 2018

Good Mrng all,

I have small doubt for it please clarify any one.

One of my friend filed his ITR -1 on for the FY 2015-16 ( For AY 2016-17) for his salary is below 2,50,000/- but his income from other sources will be reached 3,50,000/- accordingly his return filed and tax paid.

Now, there is no income from other sources and his salary is below 2,50,000/- Per Anam.

Now my Question is it mandatory to file ITR -1 for the FY 2016-17 and 2017-18 also?

If file is theere any penalty changed by the department?

Kindly calrify us

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10 Replies

NARESH V (Accountant) (93 Points)
Replied 10 March 2018

Dear All,

One of my client running partnership form and his form turnover around 30 to 40 Lakhs Per anum.

Please clarify the following doubts

1) It is mandatory to maintain his books of accounts and certify to Auditor Signatory?

2) Which ITR form to be filed?

3) What are required information for his ITR return filed purpose?

Please clarify the same

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Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 10 March 2018

Originally posted by : naresh varikuti
	Good Mrng all, I have small doubt for it please clarify any one. One of my friend filed his ITR -1 on for the FY 2015-16 ( For AY 2016-17) for his salary is below 2,50,000/- but his income from other sources will be reached 3,50,000/- accordingly his return filed and tax paid. Now, there is no income from other sources and his salary is below 2,50,000/- Per Anam. Now my Question is it mandatory to file ITR -1 for the FY 2016-17 and 2017-18 also? If file is theere any penalty changed by the department? Kindly calrify us

Although it is not necessary, but on the safer side file it without paying any taxes. Because, your salary income is below 250000/-

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 10 March 2018

Originally posted by : naresh varikuti
	Dear All, One of my client running partnership form and his form turnover around 30 to 40 Lakhs Per anum. Please clarify the following doubts 1) It is mandatory to maintain his books of accounts and certify to Auditor Signatory? 2) Which ITR form to be filed? 3) What are required information for his ITR return filed purpose? Please clarify the same

1. if you file your ITR u/s 44 AD and showed profit 8% or more than not necessary to maintain books of accounts and audit also.

2. Form ITR 4S

3. Basic information like KYC , Bank statement , gst returns etc

Miss Mansi Bhojani (Practicing Chartered Accountant) (1736 Points)
Replied 10 March 2018

For your first query
Yes you can file your return if you have only salary income and no income from other sources
If department raises queries then you can submit the proof for the genuineness of same that you do not have any other income.
No penalty is there for filing lower income in subsequent years.

For your second query
No audit is not compulsory as per 44AB but if it attracts 44AD then there may be need as per your return requirement (for partnership firm)
Audit of partners return is needed if it attracts 44AB in you case it doesn't.
For AY 2017-18 ITR 3 needs to be filed for partner filing return and ITR 5 needs to be filed by partnership firm.