Liability to file income tax return
This query is : Resolved
30 July 2016
A proprietor concern having Turnover 22,50,040/- with NP 1,92,191 (Above 8%) in f.y. 2015-16 along with saving intt. above 10,000 is 4250 (total sb intt. 14250).
Should he file his Income Tax Return as taxable income is below than limit of Rs. 2.50 Lacs.
Please advise & guide me what to do
Should he file his Income Tax Return as taxable income is below than limit of Rs. 2.50 Lacs.
Please advise & guide me what to do
30 July 2016
During the previous year 2015-16 the income of the proprietorship concern not exceed the maximum amount which is not chargeable to Income-Tax. Hence, may not be required to file the return of income.
Please go through the proviso to section 139(1) of the Income Tax Act, 1961 with regard to 1/6 conditions (now 1/5 conditions) and consumption of electricity over rupees fifty thousand during the previous year.
Please check the provisions of section 44AA regarding maintenance of books of account.
Please go through the proviso to section 139(1) of the Income Tax Act, 1961 with regard to 1/6 conditions (now 1/5 conditions) and consumption of electricity over rupees fifty thousand during the previous year.
Please check the provisions of section 44AA regarding maintenance of books of account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- ITR 4 OR ITR 3 WHICH FORM CHOOSE
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
