Income tax return

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Digambar Singh (Querist)
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28 July 2011 Dear Sir

As Per New Notification. If i have tax liability .than i will deposit my tax only through of challan. but no need to filing return. is that right

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 July 2011 You have to file the return in the cited issue.

Digambar Singh

Digambar Singh (Querist)
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28 July 2011 Please Explain Clearly

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2011 As per new notification. If you are a salaried employee having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.

Digambar Singh

Digambar Singh (Querist)
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28 July 2011 if my salary income is450000 yearly
And then my TDS deduct by employer 25000
So As per salb rate calculation my Tax liability comeing RS 26000. in this case whati will do .i will deposit tax and submitting return.that's fine ya only TAX deposit Rs 1000/-

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2011 You need to pay the tax and also file your return as the entire tax amount is not paid by way of TDS. If any self assessment tax is paid you have to file your it return.

See the press release from below link.

https://incometaxindia.gov.in/archive/PressRelease_ExemptEfilingSalaryPerson_06232011.pdf

there is a text which says--"pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16"

Digambar Singh

Digambar Singh (Querist)
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28 July 2011 but there New Notification is not applicable ,that my income is not above to Rs 500000/-. no need to filing return me.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 July 2011 Yes. You would not have been required to file return had the entire tax liability been deducted at source by your employer. Since you are required to pay self assessment tax you need to file the return.

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