New Delhi, March 1
PARTNERSHIP firms would from April 1 be required to necessarily file their income-tax returns irrespective of their income level.
The Budget proposes to amend income-tax provisions for this purpose.
The Finance Bill 2005 also intends to shift the basis for filing of return from total income to gross total income.
In other words, all persons claiming deductions under Chapter VIA or under sections 10A, 10B or 10BA would be required to file their return even if their income after claiming such deductions is below the taxable limit.