Return file if no taxable income.

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shanti (Querist)
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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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 June 2014 No. It is not compulsory to file tax return if income is below the exempted limit.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

shanti

shanti (Querist)
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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My one more question: Wat wld be the treatment in Balance sheet for the EPF (Actual amt + Interest)Withdrawn fully.For eg : 40000 actual was previous year and 2000 k for current year.Interest is around 9580.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 June 2014 its exempt...so you include the interest in exempt income.

shanti

shanti (Querist)
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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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 June 2014 the principal would be added to the capital balance of the individual

shanti

shanti (Querist)
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24 June 2014 N Interest in balance sheet??

Nikhil Kaushik

Nikhil Kaushik (Expert)
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24 June 2014 interest goes to p&L but as exempt income

shanti

shanti (Querist)
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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??