Hi everyone I am waiting PE II result having basic knowledge of Income Tax(theoritical) but now i facing practical problem which are bellow..
Mr x (a small business man) was file ROI for P/Y 2004-05,being encashment of TDS ( his gross total income is less than Max. amount not chargable to tax). Now Q arise, is it mendotery for Mr. X to file ROI for P/Y 2005-06, although his gross total income for the A/Y 2006-07 is less than Max. amount not chargable to tax.
Dear friends please replay me as soon as..... 8)
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Practical Problem on I TAX
Replies (4)
Though not compulsory it is better to file a Return of Income. Why not file the return? The process is quite simple and you can avoid any problems later on ......
What do you mean by encashment of TDS??????
What do you mean by encashment of TDS??????
Every person whose total sales, turnover or gross receipts are over Rs 50,000 are required to apply and obtain a Permanent Account Number (PAN). Government has decided to use PAN as a common business identification number to be used by various agencies and departments like customs, excise, DGFT etc.
and every person having a PAN is required to file ROI compulsorly. :o
and every person having a PAN is required to file ROI compulsorly. :o
no need to file when the assess's income is below the taxable limit.
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