Wae Jing Lonthaw (Others) (341 Points)
27 July 2017I have income from FD Interest, Salary, Payments from USA, Tax Free Bonds Dividend Income, Stock Dividends and Short Term Capital Gain Tax is INR 3830
The total Income of me for the Financial Year 2016-2017 is below taxable limit of INR 2,50,000 do I have to file the Income Tax Return for this year as I am short of time?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 27 July 2017
Whenever any receipt from foreign country, reporting under AIR.............
Advisable to file nil return.......
upasana gupta
(Finance Professional)
(3931 Points)
Replied 27 July 2017
Exemption limit for Assessment Year 2016-17
You are exempted from income tax if your income does not exceed Rs 2.5 lakh. However, this exemption is only for individuals under 60 years of age.
If you are between ages 60 and 80, you are exempted from income tax with an income of up to Rs 3 lakh.
For individuals aged 80 years and above, the limit is enhanced to Rs 5 Lakh.
Wae Jing Lonthaw
(Others)
(341 Points)
Replied 27 July 2017
But no time is left. Do I have to file now or don't file it as the website is down?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 27 July 2017
No penalty even if you file Nil ITR of AY 2017-18 till 31.03.2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178226 Points)
Replied 27 July 2017
No penalty........ but compliance to reply notice that may be received as per Non-filers Monitoring System of Income tax return.......
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