Which of the following is not required to furnish a return of income for tax year 2026–27 under section 263 of the Income-tax Act, 2025?
Question and options
Which of the following is not required to furnish a return of income for tax year 2026–27 under section 263 of the Income-tax Act, 2025?
A firm that earned no income during the year
A domestic company that incurred a loss for the year
A non-resident individual with no income taxable in India
A resident, ordinarily resident individual below the exemption limit who holds a bank account abroad
Answer and explanation
Section 263(1) of the Income-tax Act, 2025 requires every company and firm to file regardless of income or loss, and a resident other than a not-ordinarily-resident person who holds any asset or account outside India to file even if income is below the exemption limit. A non-resident individual with no income taxable in India falls within none of the listed categories.
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