Whether filing return is compulsory

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2017 Sir
My brother had deposited total Rs. 2,14,000 in two of his bank accounts (Rs. 200000 in one account and Rs. 14000 in another account of different bank) during demonetization. The money he deposited was borrowed from friends and relatives for meeting expenses of his daughter's ensuing marriage. He does not have taxable income as he runs small shop of petty things.

Please advice whether deposit of Rs. 214000 in bank during the period of demonetization entails in compulsory filing of ITR? He does not want to file ITR as he does not have taxable income and he assumes that if once filed, there would be a liability of filing ITR every year despite not falling in taxable income group.

Please provide your valuable opinion in this regard.

Regards

RAJA P M

RAJA P M (Expert)
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30 July 2017 Just he can compliance CASH DEPOSIT. Don't want filing his ITR. Income Tax : We can file IT for our income is above for ceiling limit. Once we filed then we don't want file continuously.

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