Please Help: income tax
Posted Date : 10-Dec-2012 , 09:38:33 am | Posted By Bijender singh
sir one of my client purchase a new car of rs.700000 in cash by giving there PAN card & he does not file there itr how can handle this case in a safe way plz help me (his parents also not fill ITR.)
Category : Income Tax | Answers : 1 | Comments : 2 | Hits : 164
Answers
Answer By: Siddharth Bumb
assesse does not require to file ITR if his income is below exemption limit.. but if his income is above basic exemption limit then he is required to file return. in your case same provision will apply, it totally depends upon facts
Comments
chirag
10-Dec-2012 , 11:12:04 amif the income of the assessee is below the amount that is not chargeable to tax than he is not required to file itr, in your case if the assessee is having agriculture income only or he income is below income that is not chargeable to tax he is not required to file return and he can buy a car from his surplus.
vipul jadhav
18-Dec-2012 , 07:44:00 pmassessee is required to file his return, since the source of cash has to be ascertained and the same is to be put on the record of the government.