09 July 2013
As per new notification, efiling by assesses having income exceeding 5 lac is mandatory. Kindly let me know, whether this limit of 5 lac is after or before deductions u/s 80C ?
09 July 2013
Total income is computed under five heads of income, income computed under each head is thereafter aggregated and the aggregate amount is known as Gross Total Income.
From Gross Total Income, certain deductions are allowed under sections 80C to 80U and the balance income after deductions is known as Total Income.
A person having total income exceeds 5 lakhs shall furnish return of income for A.Y.2013-14 and subsequent years electronically,
CAclubindia
