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ITR filing

CA Final 283 views 3 replies
Can an individual assessee is allowed to stop filing his/her return of income any more if the assessee used to file his return on presumptive basis and was paying a income tax of only ₹200-₹300 from last 4-5 assessment year and in the Assessment year 2017-18 the assessee's tax payable is NIL & in future Assessment years also the assessee is projecting that he/she will not be having any tax payable as the assessee is curtailing his/her current business affairs.
Replies (3)
As per income tax act an assessee needs to filed his return of income only when his income exceeds basic exemption limit
If u hv not taxable income.. Then no need to file itr
what about the penalty for non filing of return of ₹ 5000/-


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