A senoior citizen aged 72 has been filing Nil Return regularly since last 10 years. Now due to old age and in order to stay away from all the hassles of filing return has decided not to file the return this time,the due date of which is 31st March 2011. Considering the fact that he has made certain transaction of loans during the year and made some investments in shares during the year., please let me know if it is really necessary for him to file the return. Can he abstain from filing return under some clauses of the IT Act or rules. Under what grounds can he not file the reutrn?.
09 March 2011
Under section 139(1) of The Income Tax Act,1961 it is mandatory to file income tax return if the gross total income of an assessee exceeds the prescribed limits. In the instant case the assessee need not file ITR if the income is below the limits.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
09 March 2011
But will that not attract scrutinies???
10 March 2011
ONLY THING THE INCOME TAX OFFICER WILL DO IS - SEND A NOTICE TO FILE THE RETURN & THEN U CAN FILE A LETTER QUOTING THAT THE INCOME WAS BELOW THE EXEMPTION LIMIT, IT IS LEGALLY VALID AS PER THE ACT,,
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