is it mandatory to file income tax return if tds is deducted
RAJA P M
("Do the Right Thing...!!!")
(127962 Points)
Replied 24 August 2018
CA P V N Varma
(CA )
(609 Points)
Replied 24 August 2018
CA Bhavik Soni
(867 Points)
Replied 24 August 2018
vishal dixit
(4 Points)
Replied 26 August 2018
As per Section 139 it is compulsory to file income tax return if the income exceeds the basic exemption limit.
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 27 August 2018
It is always advantageous to file a IT return even if ur income is less than 2.5 lakhs.
It helps in many things. 3 years return helps you in getting Home loan / Business loan
you can get u a credit card of higher credit.
Compensation for loss of life due to accident is 60 times ur income reported in ITR.
If an assesse has filed a return of say 2 2.5 lk 3.lk for las three years than compensation to his family due to accidental death is 2.5 lk (average) x 60 =1.5 crores.
Every TDS should be consumed by the assesse and prove to the tax authorities that no more tax is due to the Government . the only way to prove it is by filing IT return
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