if a person file incom tax return in 2001 and after 2001 his income was under limit,is it compolsary to file return every year if itr was not sumbit what is the penalty impose on him
2 Answers from Attorneys
It is quite clearly evident from the IT act 1961 that a person is required to file tax returns only if his income is taxable or if the gross income exceeds the threshold of taxable limit and after exemptions and deductions applied comes below that limit is also required to file returns to prove his non taxable income.Whereas if the gross income itself would be below the threshold of taxable limit then he is not required to even file the returns.So in your case you apply all the above mentioned rules and act wisely and accordingly.
If your income is above threshold amount, then you must file return, even if belated.
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