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...
09 March 2010
Penalty will be leived Rs.5000/- u/s.271F
10 March 2010
since only gross income is taxable not net assessable income so no need to file return hence no penalty
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Relief u/s Section 89
- REGARDING SECTION 44AE
- Entries in AIS regarding sale of units and shares
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
