It return filing --- urgent
This query is : Resolved
26 July 2011
My sister has salary income of Rs. 2,94,000 and bank interest 1092 Rs for Asst. Year 2011-12. Which Return i should file? and pl give me full information.
CMA Ramesh Krishnan
(Expert)
26 July 2011
Need to file ITR-1. download the form from link
https://incometaxindiaefiling.gov.in/portal/downloads.do
https://incometaxindiaefiling.gov.in/portal/downloads.do
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26 July 2011
but i read that "Salaried people, may be up to Rs. 5 lakh...they need not file the (income tax) return," is this so..? pl reply
26 July 2011
but i read that "Salaried people, may be up to Rs. 5 lakh...they need not file the (income tax) return," is this so..? pl reply
CMA Ramesh Krishnan
(Expert)
26 July 2011
yes. if the taxable income below Rs.5 Lakh, and satisfying the following conditions, no need to file the return
1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—
(A) “Salaries”;
(B) “Income from other sources”, by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
(iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v) has no claim of refund of taxes due to him for the income of the assessment year; and
(vi) has received salary from only one employer for the assessment year
1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—
(A) “Salaries”;
(B) “Income from other sources”, by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
(iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v) has no claim of refund of taxes due to him for the income of the assessment year; and
(vi) has received salary from only one employer for the assessment year
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CMA Ramesh Krishnan
(Expert)
26 July 2011
If you received your form 16 with showing complete deduction of Tax and payment the same. you no need to file the return
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CA Abhishek Jain
(Expert)
27 July 2011
It is better to file the return because when you will apply for any loan, ITR will be needed....
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