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Should i file income tax return ?
my friend is running a business from which he earns over 300000 per year, now his immediate business holder deduct tds @ 1% which equal to 50000 something per year. should he file income tax return to save this tds deduction. Please suggest me what to do?
Replies (3)
Yes. Not only to claim TDS, but as per law, prima facie on facts narrated, your friend is liable to file return of income.
Primafacie fact that your friend's income exceeds the gross total income( before Chapter VI deductions) requires him to file the return. Even if it is not so, to get TDS refund from IT department, you have to file a return.
It is better to file Income tax return in time
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