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Limit of income upto rs. 5 lac

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Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2012 Hi,
The Govt. has declared that people having salary income upto Rs. 5 Lacs need not file IT Return. However, I would like to know the Income should be taken before deduction under Sec 80 or after deductions.

Pls advice.

Thanks

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

23 May 2012 The limit should be before considering chapter VIA deductions i.e from 80C to 80U deductions.

And conditions to avail such exemption to file income tax return.

1) The employee should work at only one employer in the financial year.

2) The amount of gross salary should be Rs.5 Lacs or below

3) He shouldn't have any other income except interest from savings bank account upto Rs.10,000 and which is disclosed to the employer for tax purpose.

4) Appropriate and sufficient TDS should be deducted by the employer.

Who satisfies the above conditions are no need to file income tax return.

The limit of Rs.5 lacs is before the deductions under Chapter VIA.

OM SAI SRI SAI JAI JAI SAI

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