GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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As per Sec.139(1), a company shall have to file return of income:
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When its total income exceedsRs.50,000
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In all cases irrespective of any income or loss earned by it
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When its total income exceeds the maximum amount which is not chargeable to income tax
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None of these
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Explanation:
Detailed explanation-1: -Under Section 139(1), in the following cases the filing of Income Tax Return is Mandatory: Every person who has a total income that exceeds the exemption limit is liable to furnish Income Tax Return within the due date. Any private, public, domestic or foreign country located and/or doing business in India.
Detailed explanation-2: -If the person fails to file the return of income within the time-limit prescribed in this regard, then as per section 139(4) he can file a belated return. A belated return can be filed at any time 3 months before the end of the relevant assessment year or before completion of assessment, whichever is earlier.
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