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Tax return

Ashish Kukreja (CA Final Student) (587 Points)

04 June 2013

I want to file my income tax return..My income is far below the exemption limit of Rs.2 lac..(less than 30K)..Shall i file the return or not ??

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7 Replies

C.A Manish pandey (Associate Consultant@infosys ltd) (287 Points)
Replied 06 June 2013

@ ASHISH THERE IS NO NEED TO FILE IT RETURN IF INCOME IS NOT FALL IN ANY SLAB RATE

1 Like

Ashish Kukreja (CA Final Student) (587 Points)
Replied 06 June 2013

Manish Sir, What will be the consequences if i file my return?? Thanks..

himanshu (articled assisstent) (44 Points)
Replied 07 June 2013

yes u can file it return .there will be no hardship on u if u file return which is below the maximum limit not chargable to tax.but remenber u r not required to file return if ur income below taxable limit,

1 Like

Chinnu Raj (CA Final Student B.Com) (1067 Points)
Replied 07 June 2013

No need of filing the return

CA. Kapil Goel, DISA(ICAI) (cakapilgoel.wordpress.com) (2191 Points)
Replied 08 June 2013

You can file the return but there is no need to file return if your income is below taxable limit.One more provision in IT act is that every pan card holder should submit their return. So, if you have your pan card made, then you should submit your return. otherwise, there is no need of it.

dashrath patel (Chartered Accountant) (98 Points)
Replied 09 June 2013

you can file return declaring correct income.Nothing wrong to file return of income below the exemption limit ,if you are not concealing any income.

VISHAL BHATIA (IPCC) (27 Points)
Replied 19 October 2013

Filling of IT Return is compulsory only if ur income before allowing deductions such as 80C 80D & so on exceeds basic exemption limit. Otherwise it is not compulsary