if a person has PAN no. & his annual income is less than One lac .there is necessary to file income return
2006-08-07 23:40:10 · 4 answers · asked by sunil d 1 in Business & Finance ➔ Corporations
ohh well i think ur income is ok and yes
2006-08-08 00:27:43 · answer #1 · answered by Eric W 3 · 0⤊ 0⤋
Legally, you are safe if you do not file return in AY2006-07 for F.Y.2005-06 if the income is less than Rs.1 lac.
If you have filed return in AY 2005-06, it will be desirable that you should file return in current A.Y. also. It will optional on your part. Optimistically, if your income exceeds exempted limit in F.Y. 2006-07, continuity of returns will be maintained. It may benefit you.
2006-08-09 00:57:20 · answer #2 · answered by PK LAMBA 6 · 0⤊ 0⤋
No as far as I know, you would not require to file any returns if your income is less than 1 lakh.
You can look at www.incometaxindia.gov.in for further information.
2006-08-08 03:09:29 · answer #3 · answered by Suraj 3 · 0⤊ 0⤋
If you have a PAN then you have to file IT returns even with zero income.
2006-08-10 22:32:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋