|
|
| *Ostroff, Fair and Company>>>India Taxes |
I am 65 years(pan card holder) now earning below 1 lakh/anum stopped filing returns after retirement.is it ok? |
I am 65 years(pan card holder) now earning below 1 lakh/anum stopped filing returns after retirement.is it ok? As per income tax act if any persomn having a gross total income before deduction of section 80c more than minimum taxable income that is 100000/- than he must file a return of income to department. in your case you are absolutely correct but that is advisable if you have gross total income more than 100000 then you must filed a return even if your taxable income is less then 100000/- otherwise penalty under section 271 attract that is now 5000/- no its not ok. Even if your income is not taxable you have to file the returns. Its quite stupid but then Govt rules are hardly intelligent There is no harm in filling Tax Return if you have no taxable income. It is completely ok, u r not liable to income tax, but if u have any TDS receivable, better file returns to get refund! Its absolutely ok. |
| Tags |
| United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes India Taxes Germany Taxes Canada Taxes Australia Taxes Small Business |
Finance Categories--Copyright/IP Policy--Contact Webmaster |