Assessment, Filing of Return
Don’t Think if Income is Below Exemption Limit, You Are Not Required to File Tax Return!
Individuals gear up ! The date has been extended by CBDT till 7th September 2015 . Use it to file tax return if you are mandatorily required to file tax return even if you have income of Rs 10,000 or any income below basic tax exemption. This post is just for all individuals who are thinking that you are not required to file tax return as they have no income above RS 2,50,000 . Read the post to see if you are among those individuals who are required to file tax return even if income during FY 2014-15 was below Rs 2,50,000
When Filing Tax Return Compulsory for Individuals ?
Section 139(1) states that every individual who has income , before claiming Chapter VI-A deduction ( read sec. 80C to sec. 80U ) is more than 2, 50,000 should file tax return by due date. However , proviso to section 139(1) provides that if an individual has any asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India. Read teh proviso applicable for Assessment Year 2015-16
Provided also that a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6, who is not required to furnish a return under this sub-section and who during the previous year has any asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India, shall furnish, on or before the due date, a return in respect of his income or loss for the previous year in such form and verified in such manner and setting forth such other particulars as may be prescribed :
Please note that this proviso has been amended for Assessment Year 2016-17 vide Finance Act 2015 .
But as far as assessment year 2015-16 is concerned, if you have
- any affiliate income
- commission income
- any bank account
- beneficiary in any asset or bank account outside India
- Any bank account outside India have even very small amount of balance
- Any insurance product for which you are beneficiary
- Any kind of asset or financial interest
In such case , the law states that you need to file tax return irrespective of your income . If these are grounds for filing tax return , do not forget to file Schedule FA .
