Tagged: Income Tax
Is it mandatory to file an Income tax return even if my income is less than the taxable limit? Let me clarify that I have a PAN card.
Income Tax Return is prescribed under Section 139 of the Income Tax Act, 1961.
For an individual, the general rule under this section is that if his total income [or the total income of any other person in respect of which he is assessable under the said Act] during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall furnish the Income Tax Return. This means that generally speaking, if the total income of an individual is less than the taxable income then he is not required to file Income Tax Return. However, there are exceptions to this general rule. For example, Section 139 itself provides that in the following situations, an individual may be required to file the Income Tax Return even if his total income is less than the taxable income:
Thus, there may be situations, where an individual may be required under law to file Income Tax Return even if his total income is less than the taxable income.
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