one my client has business income of Rs. 1,45,000 and agricultural income Rs. 80,000 during the f.y 08-09.The assessee already has carry forward unabsorbed depreciation of loss of Rs.1,00,000 petains to earlier years. Basic exemption is Rs. 1,50,000
1.whether my client has to file return for the a.y 09-10(because his total income (145000-100000) does not exceed basic exemption?
2.Whether in the year of set off i have to file the return of income?
No need to file return as income is below basic exemp..and for carry forward too sec 80 applies only for carry forward U/S 72 73 74 74A...even if return is nt filed U/S 139(3) loss frm house prop U/S 71B and unabsorbed dep U/S 32(2) can still be carried forwad
Sharma is right
no need to file ITR agree with above mentioned statments
Austin Med Solutions Pvt Ltd
Bengaluru
CA
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