sir,who should file income tax returns?
wether the persons whose Gross total income exceeds basic exemption limit,or the person whose Total income exeeds the basic exemption limit?
which Income should be taken as base for mandatory filing returns,
pls clarify,
Thanking you sir
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Income tax returns
Replies (8)
You should tax Total income not gross total income
Person whose GTI exceed 2.5 lakh is mandatory
If assessee's gross total income ( before claiming exemption us 54) less than basic exemption limit then he return filing is mandatory
When the assessees GTI exceeds Rs. 250000, return filing is mandatory.
When Gross Total Income i.e. Total income before taking any deductions exceeds 2,50,000/- then the person is required to file return of income
In addition to what have been mentioned above seventh proviso to 139(1) should also been considered where upon fulfillment of any of the 3 conditions ITR filing is mandatory even when GTI is less than 2.5 lacs.
We just need to consider the gross total Inc without deducting chapter vi a ded
That Gti should be equal to or more than 250000 in relevant py to file return
That Gti should be equal to or more than 250000 in relevant py to file return
Income more than 2.5lakh
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