Return filing
This query is : Resolved
Guest
Guest
(Querist)
07 August 2013
A senior citizen having total income of around 200000 is holding a PAN card.Is he required to file Return?As per the latest rules ,if a person has some tax liability then he has to file tax returns even if his total income is below taxable limit.
CMA Ramesh Krishnan
(Expert)
07 August 2013
As per sec.139 only the person other than companies only comes under tax limit then need to file the return. so your case no need to file since the income is less than the taxable limit
Guest
Guest
(Querist)
07 August 2013
Sir even if that income is taxable?Say it may be a business income of an individual?
CMA Ramesh Krishnan
(Expert)
07 August 2013
For individual basic exemption apply on taxable income after considering the chapter VI-A. taxable income also includes business income. How ever while having business income suggested to file the return even below the tax limit as individual
Guest
Guest
(Querist)
07 August 2013
Thankyou Sir.
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