My annual income is Rs.3 Lakhs per year but after paying my Staffs, only 1.5 lakhs remain with me, i.e. my net income is 1.5 lac per year. So in this case, shall I have to file return?
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Earning 3 lac/year but net income 1.5 lac/year. shall i pay?
Replies (12)
Hi Alam,
Not liable to file return, as your net income / net profit is below exemption limit.
Thanks,
Devanand
Dear, ur net income is less than exemption limiti.e. 200000
U don't requires to file ITR but u can file with nill return for ur benefit in future.
agree with saroj kumar...there is no requirement for filing of return but if you want to take future you should file the return.......
agree with above
Dear Mr. Alam, if your net income i.e. 1.5 lac is calculated as per income tax act (means you have deducted those income which are allowed as deduction under law), then you are not required to file the Income tax return since your income is below than Rs 2 lac. However you can file ITR as your own wish.
It is not necessary for you file return. But if you are planning to take loan in future, it is better you file the return.
Also you can file return of income to claim refund of tds deducted on your income, if any.
kya kaam karte ho 3 lac kamai mei bhi staff rakha hua hai
Nice reply ankit...:O
| Originally posted by : ankit | ||
 |
kya kaam karte ho 3 lac kamai mei bhi staff rakha hua hai |  |
actually my Staff are those who toils and earns 3 lac for me, mei to sara din bike leke ghumta rahata hu.
Anyway, I will do what Saroj have suggest 'file nil return for convenience in future' because my income is raising month by month.
Thanks to all for suggestion 
its my great pleasure that i am able to give u a valuable suggestions.
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