Filling of income tax

[sanjay gupta]

Sir,

Our Anual income is 300000/- three lakh in the financial year 2011-12. our PAN is  already isssued by

the income tax department in the year 2000. I have filled my income tax return upto 2009-10.

Should I file Income tax return for the financial financial year 2010-11 and 2011-12. 

Kindly guide us in this stage. Your Kind co-operation this regard will be highly appreciated.

Sanjay Gupta

[CAGOPALJI AGRAWAL]

You are required to file the return since income is exceeding the maximum amount not laible to tax. For the FY 2011-12, the return would be filed after the end of the March 2012.

AI Summary

Income tax filing requirement: taxpayer whose annual income exceeds exemption threshold must file returns after the year end. A taxpayer with a PAN whose annual income exceeds the basic exemption threshold is required to file income tax returns for the relevant financial years; returns for a financial year are filed after the end of that March in accordance with the ordinary return-filing cycle.