Hello
Am I required to file IT Return if I have purchased a part of land last year?
and will also be purchasing another part shortly(from savings majorly)
I have no substantial incomes (i.e all below 250,000)
Ques 2:- If filed now will there be any penalty for nil return?
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Filling of return if purchased land
Replies (5)
1. Not mandatory.
2. Yes... Rs. 1000/- u/s. 234F of the act, if gross total income exceed BEL....
thank you sir
Not mandatory to file return.
No penalty at all....... if your income is less than 250000/- (before considering any chapter VIA deductions that is 80C 80D. 80TTA etc).
No penalty at all....... if your income is less than 250000/- (before considering any chapter VIA deductions that is 80C 80D. 80TTA etc).
sir please provide reference to your answer
Section 234F read with section 139 (1)
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