Filing return of income

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Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2016 A resident individual having business are auditable u/s 44AB in f.y.2015-16 but his Gross total income (before claiming chp vi deductions and sec. 10a, 10b,10ba )does not exceeds basic exemption limit. Is he required to file Return..?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 January 2016 Yes he is required to file the return.

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2016 But his Gross total income does not exceeds basic exemption limit and there is no any provision in the act that auditable assessee shall mandatory to file return irrespective of Gross total income.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

17 January 2016
A return has to be filed when the "assessable income" exceeds the taxable limit.
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In my view-
"Assessable Income" has got a wider meaning than "Gross Total Income" or "Total Income" to which the assessee computes for the limited purpose of paying taxes.
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"Assessable Income" is a more flexible term. Its meaning in simple words is Income capable of being assessed. (The capability changes when the AO takes the case in his hand.)
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As the assessee has to compulsorily file the tax audit report and looking to the potential of assessable income, we are filing the return of income.
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