Income Tax Returns

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2011 My Basic Gross Total Income for the FY 2010-11 = Rs. 1,74,720/-
Medical Allowance [monthly fixed sum] for 2010-11 = Rs. 5,250/-
[Started in the middle of the year 750 x 7]
Festival Allowance for 2010-11 = Rs. 10,000/-
Leave Encashment for 2010-11 = Rs. 5,040/-
The total value of the Gross Income for 2010-11 = Rs. 1,95,010/-*
Deductions under Chapter VI A
Total value of EPF, LIC, PPF, Mediclaim, School fee =Rs.36424/-
Net Total salary for 2010-11 =Rs.1,58,586/-

*I have not included the Transport Allowance for 2010-11of Rs. 5250/- which is exempted.

I would like to know whether I have to file Income Tax Return, since I hold PAN Card. For men the IT exemption is Rs. 1,60,000/- for 2010-11.

I have not remitted any TDS/IT for 2010-11

I request the experts to clarify, if we hold a PAN card is it compulsory to file ITR every year even their net income after allowable deductions/savings is below the exempt limit.

Thank you.

U S Sharma

U S Sharma (Expert)
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08 July 2011 you have to file ITR

apart from all calculations chapter VIA claims are to be established under a ITR filing only, it can not be considered good without filing of return.

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