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Income tax returns

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rohit

rohit (Querist)
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06 August 2013 WHO ARE REQUIRED TO FILE INCOME TAX RETURNS FOR A.Y 2013 2014?
PLEASE CLARIFY REGARDING 5 LACS LIMIT?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

Ganeshbabu K

Ganeshbabu K (Expert)
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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

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