I have a small home business whose annual income has always been less than 1.5 Lakhs. Hence, I had not filed income tax for the last few years as i Some one suggested that income tax should be filed for all business persons even if the income is less than the taxable limit. Is it true? Can income tax department take any action on me for not having filed the income tax for last few years even though I did not owe any income tax ?
14 May 2016
Every Individual or HUF whose total income before deduction under Chapter VI A is above Rs. 250000 must file an income Tax Return. As your income is less than Rs. 2.5 Lakh you are not obligated to file Income Tax Return as per Income Tax Rules. However one must file Income Tax return every year even if no Income Tax is payable.
14 May 2016
If income below the limit liable for minimum tax, not under obligation to submit return. For raising loan financial institution ask for ITR copy.
14 May 2016
Hopefully our very old article will be helpful to answer your query. Read the following article : https://www.caclubindia.com/articles/why-we-should-file-the-return-if-salary-is-less-than-5-lakh-12996.asp
Abhishek Ranjan Singh ARS Solutions www.arssolutions.co.in +919022838615
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