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Is it necessary to file a return?

ITR 582 views 4 replies

SUNDARARAJ. P

ACCOUNTANT

63 Points Joined January 2009

Dear Sir,

A propreitor doing small Travel Agent business filed IT return for the AY 2010-11 eventhough there was no taxable income.

Subsequently failed to file IT returns for the AY 2011-12, 12-13 where there was no taxable income.

As there was a taxable income during the AY 2013-14 the belated return has been filed recently.

Pls. let me know Is it mandatory to file the return for the previous years A Y 11-12 & 12-13?

or submitting the compliance form in the efiling portion stating "no taxable income" is enough.

Replies (4)

Manoj Mehta

Head Of Department (Accounts & Finance)

1479 Points Joined March 2009

Dear sir, if income is below taxable limits then no need to file your income tax returns. Do not worry. But you can file belated returns as there will be no tax and penalties on it in your case. Regards

Vikas

Practicing Chartered Acountant

79 Points Joined January 2013

No Need to file Return if Income is below exemption limit. just submit the compliance form in the efiling portion Return Not Filed as no taxable income

CA Surendra Bhatt (ACA,DISA)

Chartered Accountant

281 Points Joined April 2010

If your Income ( in case of Individual/Proprietor) is not exceesing the basic Taxable slab for the Particular AY, then in that case it is not mandatory to file the IT Return but it is advisable to do so.