Regarding itr 4s

Page no : 2

Deep Garg (Accountant) (259 Points)
Replied 15 March 2017

SIR PLEASE SOLVE THIS FOLLOWING QUESTION ALSO

SUPPOSE A YOUNGSTER OF 20 YEARS START WORKING

HE GOTS SALARY OF 20000 FROM APRAIL MONTH 2.4 LACS ANNUM

HE IS VERY MISER MAN AND DEPOSIT ALMOST 18 THOUSAND IN HIS ACCOUNT EVERY MONTH

HE OPENED THAT ACCOUNT FROM WHEN HE START WORKING IN APRAIL

AFTER YEAR ENDING HIS ACCOUNT BALANCE 2.1 LACS.

IS HE IS ELIGIBLE FOR FILING NILL TAX RETURN . AS HIS SALARY IS 2.4 LAKHS BELOW EXEMPTION LIMIT. BUT DUE TO HIS MISERNESS HE SAVED ALMOST 2.1 LACS IN THAT PARTICULAR YEAR

CAN WE FILE NILL TAX RETURN

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (194897 Points)
Replied 15 March 2017

Originally posted by : Deep Garg
	SIR PLEASE SOLVE THIS FOLLOWING QUESTION ALSO SUPPOSE A YOUNGSTER OF 20 YEARS START WORKING HE GOTS SALARY OF 20000 FROM APRAIL MONTH 2.4 LACS ANNUM HE IS VERY MISER MAN AND DEPOSIT ALMOST 18 THOUSAND IN HIS ACCOUNT EVERY MONTH HE OPENED THAT ACCOUNT FROM WHEN HE START WORKING IN APRAIL AFTER YEAR ENDING HIS ACCOUNT BALANCE 2.1 LACS. IS HE IS ELIGIBLE FOR FILING NILL TAX RETURN . AS HIS SALARY IS 2.4 LAKHS BELOW EXEMPTION LIMIT. BUT DUE TO HIS MISERNESS HE SAVED ALMOST 2.1 LACS IN THAT PARTICULAR YEAR CAN WE FILE NILL TAX RETURN

It looks fine on paper, for only reasoning of non filling of return.

But once the case gets open under scrutiny, AO adds up some estimated amount as undisclosed income. The amount based on standard of living, dependants/ members of family etc. Then add up interest over it and square up with penalty, if not accepted. Not come accross any case law in favour of assessee. If any, please share.

1 Like

Deep Garg (Accountant) (259 Points)
Replied 17 March 2017

YES SIR YOU ARE RIGHT SUPPOSE HIS FATHER BEARS HIS EXPENSES AND INSPIRE HIM FOR SAVINGS FOR FUTURE HE IS SINGLE NO DEPENDENT ON HIM OR WE CAN SAY HE IS DEPENDENT ON HIS FATHER FOR HIS BASIC NEEDS ROTI KAPDA AUR MAKAN. THE BOY ONLY BEARS HIS TRANSPORATION EXPANSES AND MISERLY OTHER EXPANSE CAN HE FILE NILL TAX RETURN SIR SUPPOSE THIS CASE IS REAL AS IT CAN HAPPEN SOMETIMES. IS IT OK TO FILL NILL TAX RETURN OR NOT??