Filing of income tax return

Querist : Anonymous (Querist) 25 March 2010 This query is : Resolved
If a person being a senior citizen 66 yrs, retired from service, is having no income other than interest on his saving and dividend from Indian companies. His gross annual income from all sources as mentioned above is less than Rs.2.40 lacs. He is having a PAN number. Is it compulsory in his case to file income tax return. What are the consequences if he failed to file income tax return regularly?

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A V Vishal (Expert) 25 March 2010
No it is not mandatory, there is a circular issued long before on the subject.

Parthasarathi Loganathan (Expert) 25 March 2010
But since the PAN is allotted, it is advisable to file a NIL Return. The procedure is very simple to adhere

Vineet (Expert) 25 March 2010
Allotment of PAN does not make it mandatory filing of return. If you do not have taxable income, there is no requirement to file the return.

mahendrakumar (Expert) 26 March 2010
no need of filing a return if the income from all sources is less than 2.40 lacs(sr.citizen}

soumitra basu (Expert) 02 April 2010
PLEASE DO NOT GIVE TROUBLE TO A HONOURABLE SENIOR CITIZEN.

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