Filling of it return
This query is : Resolved
20 August 2014
Can any one help me to know whether filling of IT return is mandatory if the income cross Rs.250000 and the tax liability is Nil
20 August 2014
Section 139(1) says If total income does not exceed the Maximum amount not chargeable to Tax then it is not mandatory to file the Income Tax Return. Total Income is Income under all heads after deduction under Chapter VIA and excluding the amounts covered u/s 10 i.e., Amount not to be included in total income.
So if after chapter VIA Deduction Taxable Income is less than Rs 2.5 lacs then its not mandatory to file income tax return.
So if after chapter VIA Deduction Taxable Income is less than Rs 2.5 lacs then its not mandatory to file income tax return.
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20 August 2014
It is mandatory to File Income tax return in your case
As per proviso to Section 139(1)
.
Because your total income before deducting deductions under section 10A,10B,10BA and chapter VIA exceeded the maximum amount not chargeable to tax
.
.
So mandatory to file return,however after claiming Chapter VIA tax liability may be Nil.
Note:139(1) Specifically says here income s before giving effect of 10A,10B,10BA and Chapter VIA Deductions
As per proviso to Section 139(1)
.
Because your total income before deducting deductions under section 10A,10B,10BA and chapter VIA exceeded the maximum amount not chargeable to tax
.
.
So mandatory to file return,however after claiming Chapter VIA tax liability may be Nil.
Note:139(1) Specifically says here income s before giving effect of 10A,10B,10BA and Chapter VIA Deductions
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20 August 2014
have to agree with Ganesh on account of fifth proviso to section 139(1)
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21 August 2014
Thanks to all for your valuable reply, but if anyone will not file the return then, is he will have to pay penalty, if yes how much.
21 August 2014
Rs 5000 under section 271F
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21 August 2014
Sir I have not filed my returns last two years, and my total income is also exceeds the exemption limit but there is no tax liability as i have sufficient savings.So what i will do? Shall I have to pay Rs.5000/- for each year as penalty or there is any remedy to correct the mistake.
21 August 2014
you will have to pay the penalty only if the Tax officer levies the penalty.
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21 August 2014
thanks a lot for providing me the details
21 August 2014
you are welcome friend.....
21 August 2014
Thank You Ganeshbabu Ji for correction.
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22 August 2014
agree with Ganeshbabu and Nikhil
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