Salary

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BASKARAN (Querist)
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23 February 2014 Dear sir i am working in pvt company my annual salary Rs.232,000.00 but i claimed Rs 32,000 under 80C. it is compulsary to file the IT return

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 February 2014 sine income is under not taxable limit. filing is not mandatory

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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23 February 2014 Yes as per section 139(1) filing is mandatory.

Section 139(1) says 'If total income of any person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax he shall, on or before the due date, furnish a return of his income.

Total Income: The total income of an assessee is the income arrived at, after claiming all deductions in accordance with and subject to the provisions under Chapter VIA (sections 80C to 80U) from the Gross Total Income. The total income is also known as the Taxable Income of assessee.

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Ravi

Ravi (Expert)
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24 February 2014 If your salary is under 500000
It is not manadatory to file return.

But it is recommended that you file income tax return for further benefits.

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