03 August 2013
sir my salary income before chapter VI deductions is 5,20,000. but after 80C net taxable is income is 4,20,000. now my question is can i submit IT Returns compulsory or Not?
03 August 2013
Yes IT reqturn required to be submited by you and further you are required to submit your return electronically. E-filing is mandatory when total income is more than Rs 5 lacs.
2)Unlike the past two years, salaried persons earning up to Rs 5 lakh annually will have to file income tax returns,as said bt CBDT
3)The Central Board of Direct Taxes (CBDT) had exempted salaried employees having total income of upto Rs 5 lakh including income from other sources upto Rs 10,000 from the requirement of filing income tax return for assessment year 2011-12 and 2012-13, respectively.
4)"The exemption was available only for the assessment years 2011-12 and 2012-13...the exemption provided during the last two years is not being extended for assessment year 2013-14," the CBDT said in a statement.