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Filing of it return

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(Querist)
04 July 2012 one of my friend has only salary ( gross) with no other source of income of
Rs 407160/- and after deducting allowances exempt under section 10 of rs 124800/and tax on employment of rs 2400/- and deductions under chapter viA for amount spent on children education, the total income comes to Rs 179960/-
this is for fin year 2011-12 IE assessment year 2012-13.
he has taken form 16 from his employer.
For the earlier two years IE asst.years 2011-12 and 2010-11 he has filed income tax return.
now my question is, should he file return or not? as his only income is from salary and that is below rs 500000/-?
will it affect his prospects of getting loans from bank who insist current income tax returns
please advise
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C.A Anshul Singhal

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C.A Anshul Singhal (Expert)
04 July 2012 yes, return is not required to filled if your income is below rs 500000 & tds on your salary & bank interest already deducted.
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C.A Anshul Singhal

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C.A Anshul Singhal (Expert)
04 July 2012 BUT BANK PURPOSE YOU SHOULD FILLED ITR.
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