If there is no taxable income is it necessary to file tax return for senior citizen? more
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As per Section 139 of Income Tax Act, 1961 Income Tax Return has to be filed if Total income of assessee is more than basic exemption limit as per slab rates applicable to the assessee, so even if there is no taxable income it is necessary to file tax return for Senior Citizen's also. more
Jul 28
It is generally advisable to file the returns every year even if there are no taxes due provided you have decent number of financial transactions in a year. People who have tax free incomes from dividends or capital gains etc should declare all the capital gains/dividends while filing their returns whether the other incomes are taxable or not. more
Jul 26
Your Question is valid....though I am not a CA neither a Tax Consultant but since there will be many transactions w.r.t that Pan card holder,... I would recommend to recalculate the tax through a computation from a C.A. (they charge between 500-1000) ... It will help you to main the statics in proper order and in furture also will help in case any query is raised from It department as all our transactions are being reported now a days w.r.t Pan No to IT. more
Jul 26
If the total income is entirely made up of only tax exempted income like dividends from equity shares, long term capital gain arising out of sale of equity shares and equity oriented mutual funds, PF interest and gifts from close relatives like father, son etc and suppose the same is say is Rs 8 lakhs in a financial year, should the Tax Return should be still filed, as tax liability will be nil? Anyone who is a chartered accountant in this group is requested to clarify more
Jul 26
If Total Income exceeds Rs.300000/- (in case of senior citizens) and Rs.250000/- (in case of non senior citizens) for Assessment Year 2015-16, every assessee has to file his/her Income Tax Return. more
Jul 26
