Folks,
What is the basic criteria to file the IT return? If my income exceeds 2,50,000 in any one of the F.Y. I need to file the return ? or Is there is any threshold limit? Some people say,If my total income doesn't exceed 5,00,000 there is no compulsion to file IT return even though TDS had been deducted?? Is that true ?? pls help.
Thanks
Lakshminarayanan
If my income exceeds 2,50,000 in any one of the F.Y. I need to file the return ?
Ans: Yes, for that particular year.
Is there is any threshold limit?
Ans. Yes, aggregate income exceeding basic exemption limit.
Some people say,If my total income doesn't exceed 5,00,000 there is no compulsion to file IT return even though TDS had been deducted?? Is that true ??
Ans: Not true.
CAclubindia
