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 ?
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Income tax filing for small business
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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.
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