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ITR filing related query

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13 Points Posted on 29 September 2020
I had a firm which was closed 5 years back. since then I stopped filing returns. Now I'm thinking to start filing my returns again. I'm not having any major income, just saving bank interests. Is there any issue in filing returns because I've not filed for previous 5years?
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On 29 September 2020 at 10:00 Report
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3235 Points Posted on 29 September 2020
No.. ITR is mandatory if you have income more than the basic exemption limit, since in past you don't have you don't need to worry....
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On 29 September 2020 at 10:35
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7 Points Posted on 29 September 2020
Eny extended in due date in A/Y 2019-2020
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On 29 September 2020 at 10:37
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13 Points Posted on 29 September 2020
Thankyou sir, I've one more doubt plz confirm.
Sir I've received 1lakh from relative and since money received from relative is wholly exempt, it shouldn't be taxable in ITR. So if I'm not showing 1 lakh as any income in ITR, whether I'll be receiving notice from dept.?
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On 29 September 2020 at 10:40
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93 Points Posted on 29 September 2020
Show in income from other sources as gift received from relatives.
then tick on exempt.
it will automatically be exempted then and not included in your gti computation.
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On 29 September 2020 at 11:57


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