Itr
This query is : Resolved
31 July 2011
if a person has salary less than 400000 does he need to file itr for this year ??
31 July 2011
No need to file if he satisfies the following conditions
(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer the others sources income anything 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.
No need to file if he satisfies the following conditions
(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer the others sources income anything 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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31 July 2011
SIr , If i am a partner in a firm and my salary in the firm is less than 400000 are the above mentioned conditions applicable to me
31 July 2011
No. Since you are Partner, you are having business Income, so you are not covered under this category
31 July 2011
In my opinion you should file your return of income as you do not know when you may require any bank loan and the banker may ask you to file your copy of turn and it serves many other purposes. In case of your proof of income is required you can place the acknowledgement of the return. So do file it although the expert has given you the necessary details and you may escape the same but follow my advise
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