Should i file e return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2013
Please be confirmed that Gross total income should be considered or Total Taxable income for e file return more that Rs.5lac.
Most Urgent
Most Urgent
05 August 2013
TOTAL INCOME SHOULD BE CONSIDERED AND NOT TOTAL TAXABLE INCOME.
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2013
TOTAL INCOME MEANS WHICH COMES AFTER DEDUCTION U/S 80C
05 August 2013
The wordings in proviso (a) to rule 12(3) of the Income tax Rules,1962, is 'total income exceeds Rs. 5 lakhs...'. Total income is defined in section 2(45) of the Income tax Act,1961. On a conjoint reading, Rs. 5 lakhs mentioned in the rule is the taxable income (ie., gross total income minus chapter V1A deductions).
05 August 2013
Sir section 2(45) (as available at Income Tax Website) states that
""total income" means the total amount of income referred to in section 5, computed in the manner laid down in this Act"
And in Section 5 i did not find anything stating deduction under chapter VIA.
Link:
https://law.incometaxindia.gov.in/DIT/
Sir please clarify.
""total income" means the total amount of income referred to in section 5, computed in the manner laid down in this Act"
And in Section 5 i did not find anything stating deduction under chapter VIA.
Link:
https://law.incometaxindia.gov.in/DIT/
Sir please clarify.
05 August 2013
Sanjay Ji
Gross total income is defined in section 80B(5). So 'total income' as in section 2(45) is 'taxable income'.
OR
...... computed in the manner laid down in the act means what ever deductions / benefits available in the act can be taken care of to arrive the total income so that the resultant figure automatically becomes TAXABLE INCOME.
Gross total income is defined in section 80B(5). So 'total income' as in section 2(45) is 'taxable income'.
OR
...... computed in the manner laid down in the act means what ever deductions / benefits available in the act can be taken care of to arrive the total income so that the resultant figure automatically becomes TAXABLE INCOME.
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