19 June 2016
sir , if individual is filling return in itr4s business income ,always income less than 250000 is it necessary to file return , if no return is file in future then what will happen
i filled my return for learning purpose in which i show only my return income should i continue to file or no need
plz tell me in both case of individual & me
19 June 2016
if your income is less than gross amount which is not chargeable to tax you are not mandatory liable to file the return.
In itr 4s your income should not less than 8% of gross receipts. if it than Audit is compulsory.
your turnover should be less than 1 crore. above 1 crore tax audit is mandatory.
20 June 2016
if income is less than 250000/- then your not mendatorily required to file IT return. you can voluntarily file & can continue to file ITR. Even you can discontinue at your will if income below 250000/-.
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