| Author: Manoj Chaurasia 31 Jul 2012 Member Level: Gold Points : 5 (Rs 5) Voting Score: 0 |
Yes you are not required to file the tax return as your income is less than Rs. 5,00,00 and also interest less than Rs. 10,000.
But at the same time the income should be only from salary and the interest only from savings bank interest and no other interest.
For details refer the to the article Exemption from filing ITR. In case any of the conditions mentioned in the article is not fulfilled then return will have to be filed. If required to file the return you can file the same up to 31st August, 2012, as the last date for e-filing has been extended due to heavy rush for e-filing which led to crashing of the Income Tax site.
In addition you can refer to Due date of filing return for Financial Year 2011-12
|
| Author: Varsha 31 Jul 2012 Member Level: Gold Points : 3 (Rs 2) Voting Score: 0 |
If Rs. less than 5 lakhs is your salary income and if the saving bank Interest income from bank is less than Rs. 10000, then there is no need to file the return. This exemption is available however for the Assessment year 2012-13. In addition to this, this exemption is available only if the assessee is an individual. Income here represent total income from salary after claiming deductions under chapter VI A is 5 lakhs or less. This exemption is notified by way of Central Board of Direct Tax( CBDT) notification 9/2012.
Some of the conditions for claiming this salary exemption are :
1. Individual must report his PAN to his employer.
2.Also he should report his interest income from saving bank account to his employer for TDS deduction purposes.
3. After his reporting, employer must deduct TDS on salary income + interest on saving bank account.
4. After deducting the same, employer should deposit it in government account.
5. Assessee should obtain the form 16 from his employer which contains his PAN and TDS deduction details.
If the above conditions are satisfied than for an individual, it is not required to file his income tax return.
|
| Author: Pavan Kumar M 02 Aug 2012 Member Level: Silver Points : 3 (Rs 2) Voting Score: 0 |
Tax will be deducted if your income is greater than 180000Rs per annum(190000Pa in case of Women).
It is not mandatory to fill the returns if your income is less than 5 lacks.
I will suggest you to fill the returns. Because while giving the loans bank will ask if you have filled tax return.
Also if you have LIC insurence policy or any loan you can get some amount refunded corresponding to amount of LIC, Interest on your Loan amount. So better to fill the income tax returns with proper records even if your annual income is less than 5 lacks
|
| Author: S Nair 05 Aug 2012 Member Level: Gold Points : 2 Voting Score: 0 |
Yes absolutely correct.No need to file income tax return whose overall income is less than 5 lakhs.Please understand that its not from the salary alone.The income you are getting from other sources too.Please go through the site for more details
https://incometaxindiaefiling.gov.in
|
| Author: Amandeep Bansal 05 Aug 2012 Member Level: Bronze Points : 1 Voting Score: 0 |
no you don't have to file your i.t. return if you have salary income less than 5 lacs.
if this income is not from salary then you have to file your i.t.return as an individual for previous year 2011-2012 upto 31st august 2012 (date is one month late due to electric power cuts all over INDIA).
|
| Author: Bhupesh Gautam 26 Aug 2012 Member Level: Silver Points : 4 (Rs 3) Voting Score: 0 |
In the above responses, I find one of the most important point missing. Correct me if I am mistaken.
As stated above, if the income is less than Rs. 5,00,000/- and the income includes only (1) Salary and/or (2) Income from other sources - Interest from Savings a/c, then an individual is not required to file income tax return. But, one has to ensure that the total tax payable on the total income has been properly deducted from the source.
For illustration:
Assuming that Mr. A's (Male Individual) salary income is Rs. 4,00,000/- (taxable Salary income) and income from savings a/c is Rs. 8,000, then tax payabale + surcharge on the total income will be Rs. 22,800/- + 684/- = 23,484/-. Suppose Mr. A did not inform his employer (Deductor) about his interest income, then his deductor will be aware of his salary income only, and accordingly deduct tax on Rs. 4,00,000/- which would be Rs. 22,000/- + 660/-= 22,660/- (tax + surcharge). Hence, Mr. A's tax liability of Rs. 824/- is not discharged. Under such circumstanc, the person will be required to deposit the tax as self assessment tax in challan no. 280 and file the Income Tax Return.
|
| Author: GANESH G BHAT 17 Oct 2012 Member Level: Silver Points : 2 Voting Score: 0 |
An individual need not file a Income Tax Return if his total Income is less than 5 lakh rupees by way of Salary and Bank Deposit Interest provided your employer and Bank has deducted TDS from your salary Income and Interest income respectively. If you have any refund to be claimed by way of excess TDS deducted, you have to file the return claiming refund amount
|