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.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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).

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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.

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