Regarding income tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2013 is it mandatory to file income tax for Individuals with Annual Income below Rs.5 lakh for the assessment year 2014-15 (fy 2013-14)

Ganeshbabu K

Ganeshbabu K (Expert)
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08 July 2013 exemption was provided only to salary individuals who is having total income of less than Rs.5 lakhs..

So if it is salary income filing of return is not mandatory

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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08 July 2013 Even for salary income certain conditions should be fulfilled for claiming exemption.

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Ganeshbabu K

Ganeshbabu K (Expert)
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08 July 2013
1)salaried tax payers earning less than 5 lakhs during financial year.

2)interest earned by way of other sources not exceeds 10000

however please note..

1)he should take form 16 from employer by showing his savings and other income

2)if assesse received salary from more than 1 employer this exemption not available

3)there is no claim for refund of income tax

Thanks & regards
Ganesh babu k

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