Yes, every person whose total income during the previous year exceeded the maximum amount which is not chargeable to Income-tax should file his return of income in the prescribed form irrespective of whether any tax or interest is payable or refund is due. On his failure to furnish a return before the end of the relevant assessment year, he shall be liable to pay a penalty of Rs.5000/-.
Every person who is liable to furnish a return of his income in form No.2C as per the 'One-by-Six Scheme' should also furnish the same before the due date ( details of the 'One-by-Six Scheme' are available in the separate page of this site). On his failure to do so he shall be liable to pay a penalty of Rs.5000/-
The due dates shall be as under :-
No, each member of the family will be charged separately on his or her income. There are, however, certain exceptions as stated in Section 64 of the Income-tax Act. Some of these are mentioned below :-
(i) The income arising to the spouse of an individual directly or indirectly from assets transferred directly or indirectly to the spouse by such an individual otherwise than for adequate consideration or in connection with an agreement to live apart shall be included in the income of the individual.
(ii) All incomes of a minor child in excess of Rs.1500 (other than income accruing to him on account of any manual work done by him or from any activity involving application of his skill, talent or specialised knowledge and experience) shall be included in the income of that parent of the minor child whose total income excluding the minor's income is greater.
The income of Hindu Undivided Family (HUF) is taxed separately in the hands of the HUF and income received by the members from out of the income of the HUF will not be charged to tax in their hands.
(i) Every person carrying on business shall get his accounts audited if the total sales, turnover or gross receipts in business exceed Rs.40 lakhs in the previous year.
(ii) Every person carrying on profession shall get his accounts audited if his gross receipts exceed Rs.10 lakhs in the previous year.