I-T Dept not accepting returns below taxable limits
Last updated: 17 July 2007
I-T Dept not accepting returns below taxable limits
Strange are the ways of Income Tax Department, Delhi. The Finance Minister wishes to have more and more Income Tax Returns being filed. But Delhi Offices of I-T Dept do not accept income tax returns if the total income is below taxable limits. In the Income Tax Act, nowhere there is such a provision.
I-T department has no locus standi to refuse any Income Tax Return for income being lower than exemption limit.
Further, for any investments exceeding Rs 50000 one must have a PAN number. It means to start with annual income of say 10% for an investment of Rs. 50000 shall be Rs. 5000 only. Now with the passing of time -after few years -an assessing investing Rs. 50000 annually shall have income above taxable limits. At that time for him, it may be difficult to explain accumulation of wealth-Capital -resulting taxable income. Therefore, it is in not only in the interest of assessee but for I-T Department also to have year-wise record of such an income and capital of an assessee and make him friendly to file his true income. Otherwise with this kind of behaviour of I-T dept assesssees may not like to file I-T return if he has a fear to explain accumulation of Capital for his taxable income.
Since last date is July 31, 2007 to file I-T returns I appeal Finance Minister / Central Board of Taxes to issue a necessary directive and publicise through media that income of any level- even below taxable limits can be filed if so desired by any citizen of India and make sure this information /directive is known well to its cent per cent staff -clerks and officers, both.
Mahesh Kumar, New Delhi
CAclubindia
