Is it mandatory for a individual whose income is less than Rs 1.5lac to fill return as on 31 july 08?

Question

Is it mandatory for a individual whose income is less than Rs 1.5lac to fill return as on 31 july 08?

Answer 1

An individual [if he is not a senior citizen( less than 65 years)] must file his tax return for the financial year 2007-08 by 31-7-08 if his taxable income (plus deduction u/s 10A,10B,10BA and section 80C to 80U) exceeds the exemption limit of Rs.1,10,000/- (in case of senior citizen the exemption limit is Rs.1,95,000)

Answer 2

You can fill the return at ur own will at nil tax liability.

Answer 3

If the income is less than the exemption limit, then it is not mandatory to file the tax return.

However, for the financial year 2007-08 (assessment year 2008-09), the exemption amount is Rs. 1,10,000 for men and Rs. 1,45,000 for women.

Read this:

http://mytaxes.in/index.php?topic=16.0

Answer 4

Everyone has to file tax returns, but as you do not have tax liability, you can file at any later date as per your convenience without being fined.

Answer 5

There is complusion for those persons whose income is less then Rs1.50lac...

but u can fill the return at ur own will at nil tax liability