Is filling of Return Under Sec 139 (1) for Comanies/ Firm / Individual/ HUF/AOP/BOI is compulsory??
10 Replies
Max Payne
(employed)
(2574 Points)
Replied 07 October 2009
| Originally posted by :Born to rule | ||
| " | for individual/HUFboi/aop only if total income is more than basic exemption limit.................for others it is compulsory | " |
GROSS Total Income
Rajeev
(www.rkmco.com)
(985 Points)
Replied 08 October 2009
it is not compulsary :) u can file u/s 139(4) as well :D
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 08 October 2009
Dear Gaurav,
Pls find the relevant provision of the law as reflected in the income tax act itself,
Return of income.
(a) being a company 24[or a firm]; or
(b) being a person other than a company 24[or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax,
shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form25 and verified in the prescribed manner and setting forth such other particulars as may be prescribed :
conclusion : Return filing is compulsory for Company & Firm & for others return is to be file if the income exceeds the prescribed limit.
Sunil
Priya Rao
(student)
(281 Points)
Replied 05 May 2010
Can somebody kindly confirm me if the below write up on 'who should file ITR' is correct?
Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act 1961 exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income or if 1 out of the below 6 economic criteria are satisfied (irrespective of annual income) – as quoted in sec 139(1) of IT act, 1961:
Owner of a Motor vehicle
Owner of immovable property
Person who does foreign-travel
Subscribers of a telephone
Holder of a credit card
Incurs expenses on himself
Gunjan Jain
(CA)
(127 Points)
Replied 05 May 2010
Hi Priya, but these six points has been withdrawn earlier.
Rachit
(Analyst)
(913 Points)
Replied 05 May 2010
Priya
139(1) had been amended vide Finance Act 2001 wef 1/04/2001, prior to its substitution sub section (1) contained the conditions mentioned by you
Waris Ali
(Article)
(21 Points)
Replied 29 September 2011
Hi... Sirs/Madams
Income from Photographic Activity and owning a Photographic Shop will fall under which Head...?
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 30 September 2011
| Originally posted by : Waris Ali | ||
 |
Hi... Sirs/Madams Income from Photographic Activity and owning a Photographic Shop will fall under which Head...? |
 |
incometax is based on constitution,
i assume that its sole proprietorship and thus the income would go in business income of individual.
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