Filing of itr
This query is : Resolved
04 July 2013
amendments in Rule 12 of the Income-tax Act would now mean that if an individual is having exempted income in excess of Rs. 5,000, in that situation such individual will not be able to file the Income-tax Return SAHAJ (ITR 1). For example let us say a salaried employee has got income from salary income and some bank interest income. But if he has got dividend income of Rs. 10,000, in that situation he will not be able to file the Income-tax Return in Form SAHAJ (ITR1) because the new amendment specifically mentions that the Return Form SAHAJ cannot be used by an individual having income not chargeable to tax exceeding Rs. 5,000. Such persons have to file the Return in Form No. 2. Similarly an individual or a Hindu Undivided Family carrying on business having turnover less than Rs. 1 crore and normally required to file the Return in Form SUGAM (ITR4S) will not be able to file the Return in the said SUGAM Form for the AY 2013-14 if he were to have exempted income say like dividend,..............IS IT TRUE INTERPRETATION?
04 July 2013
YES. ITR4S can't be used if income from agriculture/exempt income > Rs.5,000.
08 July 2013
thx sir ..but with due respect i want to a clarification on the line inserted in the new amendments that "ITR 1 shall not be filed in case the income not chargeable to tax exceeds Rs.5000.wht does it mean?...it means whether. ............................................
(i) the individual having income of range between 5000 to 200000 will not file ITR 1?.
(ii) the individual getting HRA or any other exemtion in excess of 5000/- will not file thr ITR 1.?
(iii) the individual who is having exempted income under section 10 exceeds Rs 5000.will not file ITR 1?
(i) the individual having income of range between 5000 to 200000 will not file ITR 1?.
(ii) the individual getting HRA or any other exemtion in excess of 5000/- will not file thr ITR 1.?
(iii) the individual who is having exempted income under section 10 exceeds Rs 5000.will not file ITR 1?
08 July 2013
pls clarify sir..i m waiting...!!
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