Is it compulsory to file iTR

This query is : Resolved

Nikhil Sharma (Querist)
Follow

12 August 2020 Dear Experts,
From AY 2020-21 is it compulsory to file ITR even if income is not chargeable to Tax,

If yes pls let me know relevant section/Rule thereof,

Thanks
Nikhil

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

12 August 2020 Yes.
The government has amended the income-tax law vide the Union budget 2019 to introduce further conditions for filing tax returns by individual taxpayers whose gross total income is below the basic exemption limit. This condition is applicable from fiscal year 2019-20 onwards and individuals would be required to file a tax return in India if they meet any of the conditions mentioned below during the financial year:

•deposit an aggregate amount of `1 crore or more in current account(s) maintained with a banking company or a co-operative bank;

•spend `2 lakh or more on foreign travel for himself or any other person;

•incur an expense aggregating `1 lakh or more towards consumption of electricity; or

•fulfil any other conditions as may be prescribed.

Nikhil Sharma

Nikhil Sharma (Querist)
Follow

13 August 2020 Sir! Kindly let me know the section/clause in finance Act. 2019

PURUSOTTAM PANDA

PURUSOTTAM PANDA (Expert)
Follow

23 August 2020 Please refer to seventh proviso to Section 139(1) of the Income Tax Act, 1961.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Angadi & Co

KAVITA CHAUHAN

Deepak Nayak

RAVINDRA KUMAR

Dalbir Singh Wadhera

Subscribe Now

Is it compulsory to file iTR

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA