Return file if no taxable income.
This query is : Resolved
15 June 2014
If a person is filing a return for last 5 years but for this year he is having no income or if he does not have any tax liability. In this case is it compulsory to file return?. Please Guide.
15 June 2014
No. It is not compulsory to file tax return if income is below the exempted limit.
15 June 2014
its always yearwise u need to check whether the total income exceeds the basic exemption slab or not. if yes then only ur liable to file itr.
19 June 2014
Thanku Nikhil and Tushar sir.
My one more question: Wat wld be the treatment in Balance sheet for the EPF (Actual amt + Interest)Withdrawn fully.For eg : 40000 actual was previous year and 2000 k for current year.Interest is around 9580.
My one more question: Wat wld be the treatment in Balance sheet for the EPF (Actual amt + Interest)Withdrawn fully.For eg : 40000 actual was previous year and 2000 k for current year.Interest is around 9580.
19 June 2014
its exempt...so you include the interest in exempt income.
24 June 2014
Thanku Nikhil Sir, But I want to now where the main amount(Previous year + this year) and the interest would be shown in balance sheet.
Thanku once again.
Thanku once again.
24 June 2014
the principal would be added to the capital balance of the individual
24 June 2014
interest goes to p&L but as exempt income
24 June 2014
I also prepare a cash summary to get cash in hand, so in that case would there be any impact in cash summary??
24 June 2014
should not..........
30 June 2014
you are welcome shanti
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