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Income Tax Return
I am a businessman. I have just started my business this year. I earned an income of around Rs. 2,30,000. I have no other income. But I am registered under GST and has been regularly filing GST returns. My query is do I have to mandatorily file income tax return as I am a businessman ? My total income is lower than exemption limit of Rs. 2,50,000.
Replies (3)
Yes liable to file income tax return.
Why ?
When no TDS has been deducted and my income is lower than basic exemption limit.
When no TDS has been deducted and my income is lower than basic exemption limit.
It is recomandatory and not mandatory. You are not liable to file the return.
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