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2007-03-13 01:32:12 · 3 answers · asked by sadashiv p 1 in Business & Finance Taxes India

3 answers

No, it is not !

But PAN is required to apply only when you have a taxable income. If your income is more than taxable limit, you are suppose to file a return of income.

If next year if your income is below taxable limit. There is no need to file a return of income. (with some exception)

But filing the return is advisable, even if your income is below taxable limit.

2007-03-13 01:52:32 · answer #1 · answered by kumar R 3 · 1 0

No it is not mandatory to file return if you do not have gross total income above the exemption limit. Remeber the key amount is not "taxable income" but incoem before deductions. Eg: you may have 1,50,000 income and 60,000 PPF deduction. Your taxable income is Nil but you still have to file return because your income before claiming PPF deduction is above the taxable limit i.e. rs 1,50,000


You may need to file if you want to claim refund or you have a business and you want to carry forward your losses.

2007-03-17 06:05:49 · answer #2 · answered by sonali_n 2 · 0 0

no,...................... u pay tax only when ur income is more than tax limit rs 100000.

2007-03-13 09:48:59 · answer #3 · answered by @"..n"..i"..L 2 · 0 0

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