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(Querist)
09 July 2010 is following persons have to mandatorily furnish their return of income for the assessment year 2008-2009.

M/s XYZ, a firm, which has incurred a loss.

Mr. A, an individual, aged 50 years, whose gross total income before deduction under Sec.80C is Rs.190000 and total income after deduction under Sec. 80C is Rs.95000.

pls reply
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Srikant

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Srikant (Expert)
09 July 2010 First case Yes
There is a Loss and you need to carry forward the loss to next year it is required that you file Return in current year first in which loss occurred.

Second case Yes
Before Deduction Income is under taxable limit, where allowbility of Deduction is the discretion of Assessing Officer.
So you need to file return in both cases.

Last
return need to be filed for the current year once it is filled and Taxable for the previous year.
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CMA RV Padmakumar.A

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CMA RV Padmakumar.A (Expert)
09 July 2010
yes to both cases.
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