Return by individual
This query is : Resolved
09 March 2010
Hi all,
Return for individuals has to file return of income if they are having income excess of exemption slab without giving effect deductions right....but one of friend is not filing return....his tax liability will be nil after giving sec80c to 80u dedctions....will anything happen what are the consequences...pls help on this...
Return for individuals has to file return of income if they are having income excess of exemption slab without giving effect deductions right....but one of friend is not filing return....his tax liability will be nil after giving sec80c to 80u dedctions....will anything happen what are the consequences...pls help on this...
CMA Ramesh Krishnan
(Expert)
09 March 2010
Penalty will be leived Rs.5000/- u/s.271F
CA Sanjeev Kr Jain
(Expert)
10 March 2010
since only gross income is taxable not net assessable income so no need to file return hence no penalty
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