None of the following persons has taxable income above the basic exemption limit or any other filing trigger beyond what is stated. Which of them is not required to furnish a return of income for…
Question and options
None of the following persons has taxable income above the basic exemption limit or any other filing trigger beyond what is stated. Which of them is not required to furnish a return of income for tax year 2026-27 under section 263(1) of the Income-tax Act, 2025?
A resident and ordinarily resident individual holding a bank account abroad
A domestic company with a business loss
A partnership firm with no income for the year
A non-resident individual holding a bank account abroad
Answer and explanation
Section 263(1)(a) of the Income-tax Act, 2025 requires every company and every firm to file, whatever its income or loss, and clause (ix) requires a resident (other than a not ordinarily resident) holding any asset or account outside India to file even if his income is below the exemption limit. A non-resident falls outside clause (ix), so with no other trigger he need not file.
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