Complaince - non-filers monitoring system of income tax

662 views 4 replies

nitin

professional

83 Points Joined February 2014

A person has recently received notice from income tax department that He has not filed his return( for AY 2015-16). But due to loss of job his income was below 2 lac. After receiving notice from income tax department he checked his Form26AS and found out that some Bank has deducted tax on some previous fixed deposits.

Now the person has to reply to the income tax department.

Q1. Should the person say that 'return not filed' or should he say that 'return under prepation'( and then file the return)?

Q2. Is it necessary to file return (if person doesnot want his TDS to be refunded)?

Replies (4)

JAGANATHAN R ACMA, SAP(Fi-Co)

Manager Accounts and Finance

916 Points Joined July 2012

better you have will the return., if any TDS excess is their., you can refund from IT department

DEVARAJ

FACULTY DIRECTOR V.L.INSTITUTE

23 Points Joined July 2011

In case income is below the minimum taxable limit he need not file tax return. In case of income above minimum taxable limit he has to file return of income before the due date and time given upto end of assessment year

MUSTAKIM PATEL

Artical

67 Points Joined February 2014

return filed is mandatory

Miss Rinkal

Student

1309 Points Joined January 2009

@ Nitin:

It is mandatory to file the return if that individual has earned income beyond basic exemption limit of 250000 as in case of fy 2014-15.

Although income from salary is not above 2.5 lacs but if other investments and salary collectively is greater than or equals to 2.5 lacs then the return is required to be filed.

Now wrt your questions:

(1) It will be return not filed and then supposed to select return under preparation if you are willing (or compulsory) to file.

(2) It is always advisable to file returns. Although if in your case if it is below the basic exemption limit and refund is not that huge amount and not willing to claim refunds then can avoid it. Also can opt for filing 15g to avoid getting tax deducted unnecessarily.

Please find attached the file for your reference. It is in reference to step by step guide to file response to it dept in case of non filers