non fiiling

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 October 2010 i have received a notice under section 142(1)for non filling of income tax return of A.y.2008-09.i didnot have any income in that particular year.and in the last year i have computed my income under the head b/p.pls suggest whether it is mandatory to file the return as in this case i dint have the income more than the exemption limit.and whether penalty of 5000/- u/s 271f is attractable

GSTP Hari Dhayalan Konar

GSTP Hari Dhayalan Konar (Expert)
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15 October 2010 you have to prove the records that you did not have any income. you are doing business but you did not mention whether proprietor / Partnership Firm / Company. If you are individual (proprietor) business, then you can consider the exemption limit and explain to department. Otherwise you have the responsibility to file even less income.

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