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?
B Alam (N/A) (39 Points)
14 March 2014My 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?
CA Devanand Jethanandani
(CA)
(8003 Points)
Replied 14 March 2014
Hi Alam,
Not liable to file return, as your net income / net profit is below exemption limit.
Thanks,
Devanand
Sunil Kumar
(Indirect Taxation )
(1246 Points)
Replied 14 March 2014
CA Saroj Kumar
(Keen to learn something new every moments)
(2588 Points)
Replied 14 March 2014
Rahul jain
(LEARNING & TEACHING)
(435 Points)
Replied 14 March 2014
agree with saroj kumar...there is no requirement for filing of return but if you want to take future you should file the return.......
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 14 March 2014
CA Neha Agrawal
(CA)
(825 Points)
Replied 14 March 2014
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.
Girish C Gaikwad
(Chartered Accountant)
(55 Points)
Replied 15 March 2014
Also you can file return of income to claim refund of tds deducted on your income, if any.
ankit
(student)
(32 Points)
Replied 16 March 2014
kya kaam karte ho 3 lac kamai mei bhi staff rakha hua hai
B Alam
(N/A)
(39 Points)
Replied 18 March 2014
| 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 
CA Saroj Kumar
(Keen to learn something new every moments)
(2588 Points)
Replied 18 March 2014
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