Income tax returns
This query is : Resolved
06 August 2013
WHO ARE REQUIRED TO FILE INCOME TAX RETURNS FOR A.Y 2013 2014?
PLEASE CLARIFY REGARDING 5 LACS LIMIT?
PLEASE CLARIFY REGARDING 5 LACS LIMIT?
06 August 2013
The 5 lakhs limit was applicable only for AY 2012-13. The notification was valid only for AY 12-13.
It is NOT applicable for AY 13-14.
Accordingly ALL assessees whose total income, before deduction under Chapter VIA (80C, etc) exceeds the maximum amount not chargeable to tax are required to file return of income.
Further, if the income exceeds Rs. 5 lakhs, then the return is to be filed electronically.
It is NOT applicable for AY 13-14.
Accordingly ALL assessees whose total income, before deduction under Chapter VIA (80C, etc) exceeds the maximum amount not chargeable to tax are required to file return of income.
Further, if the income exceeds Rs. 5 lakhs, then the return is to be filed electronically.
Ganeshbabu K
(Expert)
06 August 2013
it is mandatory to file return in income before chapter VIA deductions is more than basic exemption limit
online filing is mandatory for totalincome more than 5 lakhs, here total income means total income after chapter VIA deductions
online filing is mandatory for totalincome more than 5 lakhs, here total income means total income after chapter VIA deductions
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