income Tax Returns

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ramji (Querist)

11 July 2011 From this financial year onwards, I will not have income more than 1,75,000/- p.a.inclusive of interest on Fixed Deposits kept with Banks. I own a house and it is self occupied. As I own a house and also I was filing NIL returns for the last few years, is it advisable to continue filing NIL returns or shall I discontinue? If I am to discontinue, is it necessary that I have to intimate the IT Dept that I would not be filing returns henceforth? In case, if I have to file any return in future, can I file it from that particular FY or I have to file right from the date of discontinuation? (I am 58 years old. Please clarify.

Ravikant

Ravikant (Expert)

11 July 2011 It advisable to continue filing NIL returns

You can discontinue Filing if it falls below 160000 (the basic exemption limit),
In this case, you dont have to intimate IT Dept,
If in Future you want to file return again, then if you physically file returns, you have to submit return alongwith a simple letter saying.....
As my income was below exemption limit i have not filed my returns for AY.... to AY...., Please accept my return for this AY...

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