Income tax return

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preet prakash (Querist)

08 April 2015 Salry income 260000-9600-2500 = 247900 which is below d basic exemption,
Do i have file the IT Return since my Gorss total income is Taxable?????????? there is no tds deduction,what will be d consequences if i do not file the IT return

thnx
preet

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

08 April 2015 since the total income of 260,000 before giving any deduction or exemption exceeds the basic slab exemption of 2.5 lakhs as per sec 139 need to file itr.

preet prakash

preet prakash (Querist)

09 April 2015 Hi
thnx, but nowdays nobody files salary return if there is no tax liability.
what will be the consequences for Nonfiling IT Returns if the Gross Total Income exceeds Basic exemption but there is no tax liability due exemption availed u/s 10(A) like Travelling Allowances, PT,etc.
thnx
preet

Nikhil Kaushik

Nikhil Kaushik (Expert)

09 April 2015 actually the for computing income for 139 limit, you do deduct section 10 and section 16 deductions. What you don't deduct is Chapter VI-A deductions.

So in this case, you can still not file the return without any consequences.

Not only this, wherever in past Income-tax department has exempted individuals from filing the return, it has done on "after chapter VI-A deductions income". you may refer to exemption provided for AY 2012-13 (computation of Rs 5 lakhs limit)

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