Hi, I have a small home business whose annual income has always been less than 1.5 Lakhs. Hence, I had not filed income tax for the last few years as i Some one suggested that income tax should be filed for all business persons even if the income is less than the taxable limit. Is it true? Can income tax department take any action on me for not having filed the income tax for last few years even though I did not owe any income tax ?
Menu
Income tax filing for small business
Replies (1)
Relax. If the income is less than taxable limit, you may /may not file your income tax return. There is no such clauase which mandates filing for business person otherwise. No action will be taken against you.
Recent Topics :
- Query regarding exemption under Section 10(10AA) &
- NPO registered under sec 8 itr filing
- Form 144 (Earlier 27Q) – Reason Code (A/C/G/
- Nps taxation
- Representative assessee
- Investment Income as Business Income for Sec. 44AD
- In ITR 4 u/s 44ADA what amount we shoud show under
- Salary expenses how to treat
- Pos related issue
- Gift of unlisted shares to friend upon marriage
Related Topics :
CAclubindia
