Filing of return

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chandhakasrinivas (Querist)
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29 November 2012 Hai, i have 2 queries

1. For the FY 2011-12 company deducted T.D.S every month. So for the year ending the individual didn't have any tax payable amount.Company gave form 16 to him. whether he need to file a return. is it compulsory? if yes if he can now do so?

2.For the FY 2010-11, individual filed e-filing return, no tax payable amount. But he didn't send to Bangolore it dept. what he can do now?

CA Roshan Jha

CA Roshan Jha (Expert)
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29 November 2012 Q.1. If your salary income is below Rs. 5 lakhs and you do not have any other source of income than you are not required to file the return. Otherwise it has to be filed .However filing the return has many advantages.

Q2. If your income exceeded the minimum exemption limit that, you have to again file the return irrespective of your tax liability. If the acknowledgement is not sent to Bangalore within 120 days of filing, than the return filed becomes invalid. So file the return again. The last date for such filing is 31st March,2013.

chandhakasrinivas

chandhakasrinivas (Querist)
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30 November 2012 Thanks for the advice.
Both cases the salary income exceeds 500000/-. Whether i need to pay any interest when filing the return?

CA Roshan Jha

CA Roshan Jha (Expert)
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30 November 2012 If the tds has been deducted by the employer and there is no tax liablity, than there will be no interest. If tax liability Upto Rs. 10,000 is there, than you have to pay interest under section 234A. If tax liability is more than Rs. 10,000, than interest under section 234A,234B and 234C shall be payable.

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