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E filing above 5 lacs

nilesh (PROPRIETOR) (208 Points)

18 September 2013

Please confirm if E filing of income tax return is necessary for net taxable income exceeding 5 lacs or gross total income exceeding 5 lacs?

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CA. Kunal Lakhotia (ACA) (1006 Points)
Replied 18 September 2013

it is the gross total income

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Deepak Gupta (CA Student) (15922 Points)
Replied 18 September 2013

Originally posted by : CA. Kunal Lakhotia
	it is the gross total income

As per Rule 12(3), clause(a)
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A person (other than a company and a person required to furnish the return in Form ITR-7) 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 five lakh rupees, shall furnish the return for the assessment year 2013-14 and subsequent assessment years electronically under digital signature or transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V.
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(Total Income = Gross Total Income - All deductions under Chapter VIA)

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nilesh (PROPRIETOR) (208 Points)
Replied 18 September 2013

it means if someone has gross income income above 5lacs but net taxable income after CH VI -A is less than 5 lacs can file return in paper form !

Shelsa (.Articled Assistant) (29 Points)
Replied 19 September 2013

It is mandatory for every assessees to e-file the return whose gross total income exceeds Rs.500000 from the A.Y-2013-14 onwards.

RAJESH KUMAR (MANAGER) (22 Points)
Replied 19 September 2013

It is tot income after deduction of ch VIA IN SHORT IT IS TAXABLE INCOME AND NOT GTI PL don't understand tot income as gross total income

RAJESH KUMAR (MANAGER) (22 Points)
Replied 19 September 2013

Ms Sheila I m not agree with your view It is tot income and not gross total income

Deepak Gupta (CA Student) (15922 Points)
Replied 20 September 2013

When the CBDT vide its earlier notification had exempted salaried employees having total income upto 5 lakhs from the requirement of filing return of income for assessment year 2011-12 and 2012-13 respectively, it was clarified by the department in its FAQ to the effect that Total Income for the purpose of exempting an assessee will be Income after deductions under Chapter VIA of Income tax Act.
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https://www.incometaxindia.gov.in/archive/FAQ_ITRExemptionFiling_07182011.pdf
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Refer Example 4 of the FAQ:

A taxpayer having salary income of Rs.5,50,000, interest income from savings bank account of Rs.8,000 (which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs.70,000 under section 80C (on account of certain payments/investments/savings) would also be eligible under the Scheme.
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Hence, I presumed, total income as income after deduction.

Vishal (Student) (154 Points)
Replied 21 September 2013

E-filing of tax returns must if annual gross income above Rs 5 lakh.

Income Tax Software

S .Ghosh (audit assistant) (258 Points)
Replied 19 March 2014

Dear members

I would like to know what about those who had GTI more than 5 lacs in earlier assessment year that is 2011-12, 2012-13 if they had not filed their return ???