Requirement of compulsorily filing income tax return even when income is not taxable or income is below exemption limit
Time and again, these question are often asked by people, specially by senior citizens. It is true that if one has no income or taxable income below exemption limit he is not required to pay any income Tax. However, there are some conditions related to high value transactions etc. prescribed under section 139 of the Income Tax Act 1961, which requires compulsory filing of income tax return irrespective of one’s income.
The conditions are as under:
If one has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current accounts maintained with a banking company or a co-operative bank; or
If one has incurred expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country; or
If one has incurred expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity; or
if total sales, turnover or gross receipts in the business exceeds sixty lakh rupees during the previous year.
If total gross receipts of a professional exceeds ten lakh rupees during the previous year; or
If the aggregate of tax deducted at source and tax collected at source during the previous year, in the case of the person, is twenty-five thousand rupees or more (Rs. fifty thousand in case of senior citizens) or
If one has deposited in one or more savings bank account, in aggregate, is rupees fifty lakh or more during the previous year:
Yes, one has to file ITR if his/her total income is more than 250000/- before rebate u/s 87A.
Mere CBDT Instructions cannot absolve individuals of their obligation to explain the source and nature of their gold holdings, even…
Empanelment of General Observers for ICSI Examinations December 2026 ICSI has invited interested members to enroll as General Observers for…
ITAT answers some important and inter-related issues relating to deduction u/s 80IA In a recent judgment, ITAT has dealt with…
Carry forward of loss can not be denied for belated return, it is only the set off in subsequent year…
Where sales are duly recorded in books and VAT returns, to treat it bogus sales, AO must bringing cogent adverse…
Expenses to celebrate Diwali with staff creates a goodwill and, therefore amounts to expenses incurred for the purpose of business…