Related to mandatory efiling
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 May 2013
UP TO PREVIOUS YEAR THERE IS LIMIT OF RS. 10 LACS OR ABOVE FOR EFILING ... BUT NOW ONWARDS THE LIMIT BROUGHT DOWN TO RS. 5 LACS OR ABOVE .. BUT THE QUESTION IS SHOUD WE CONSIDER IT GROSS TOTAL INCOME OR NET TAXABLE INCOME ?? WHICH IS RELEVANT???
17 May 2013
PLEASE REFER INCOMETAX RULE NO.12
PROVIDED THAT
"an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees, shall furnish the return for the assessment year 2012-13 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);"
this clause (ii) or (iii) says as follows
(ii) furnishing the return electronically under digital signature;
(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V10a;
SO
i.e,
5 LAKH LIMIT IS ON TAXABLE INCOME
PROVIDED THAT
"an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees, shall furnish the return for the assessment year 2012-13 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);"
this clause (ii) or (iii) says as follows
(ii) furnishing the return electronically under digital signature;
(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V10a;
SO
i.e,
5 LAKH LIMIT IS ON TAXABLE INCOME
17 May 2013
The limit is fixed at Rs.5laks by Income tax (3rd amendment)Rules,2013.
Total income mentioned therein is TAXABLE INCOME and not Gross total income.
Total income mentioned therein is TAXABLE INCOME and not Gross total income.
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