Limit for filing income tax returm

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Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2012 Salaried employees are exempted to file Income Tax return, if their Annual Income is up to Rs.5 Lac. Is it Gross Salary or Net Salary after deducting Savings of Rs.1 Lac and interest on housing loan.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 May 2012 “An individual whose total income for the relevant assessment year does not exceed Rs 5 lakh and consists of only income chargeable to income-tax undersalaries income from other sources, by way of interest from a saving account in a bank, not exceeding Rs 10,000 have been exempted from filing the returns from assessment year 2012-13.
.
Total income is arrived after allowing all the deductions. So, you may take the limit of Rs 5.00 lac as after deduction of Housing Loan Interest and after deduction under chapter VIA including 80C, 80D etc.
Gross Salary may exceed Rs. 5.00 lacs.
.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2012 Sir, I am slightly doubtful about housing loan interest.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 May 2012 If an assessee has claimed loss under the head house property then he is NOT covered under the exemption. He will have to file the return.

Under the existing procedure, DDO/employer can give credit to the employee for a claim for loss under the head “income from house property” u/s 24 made by the employee. As a result, a salaried employee’s total income may be reduced to less than Rs.5,00,000 as loss from the head “income from house property” would have been set-off against salary income. Such a taxpayer is not exempted from filing his return of income as the notification exempts only cases where the total income is under the head “salary” and from savings bank account (income from other sources) not in excess of Rs.10,000. If the taxpayer has any loss under the head “income from house property”, he will not be eligible for exemption from filing a return of income.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 May 2012 The above scheme was introduced through CBDT notification 36/2011 dated 23-6-2011 for assessment year 2011-12 only. Hence not applicable for assessment year 2012-13 unless notified again.

Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2012 I think Bhardwaj Ji is right but need some more debate. Thanks to everyone who is answering.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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15 May 2012 My answer is as provided in the FAQs released by the Income Tax Department on this notification.

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