A small business it returns non filing person purchase of site value rs:25 lacs in f.y.20-21. question: a person it returns filed compulsory in f.y.20-21.
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Quick Summary
This discussion clarifies the requirements for mandatory Income Tax (IT) returns filing for FY 20-21, especially for individuals purchasing assets valued at Rs 25 lakh. It explores the advantages of filing IT returns annually, such as improved loan eligibility and other financial benefits. The key takeaway is understanding when IT return filing becomes compulsory and the importance of compliance.