I need a clarity on tax cap of Rs 10 lacs for efiling.
Whether this cap is of Net taxable Income on which tax is calaculated after all deductions or Total Income just before deductions under Chapter VI
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Efiling of income tax returns
Replies (7)
I think total income just before Chapter VI
Rahul before deduction of chapter 6 income know as gti (gross total income) and after deducting it is know as total income
E filling is form those who's total income is above 10lakh
it is Net taxable income as it is only called Total Income
“e-filing has been made compulsory for the person who is 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 Rs 10 lakh for assessment year 2012-13 onwards,” the I-T Department said. As per my understanding i think it is after the deductions
Income = GTI -Chapter VIA deductions.
Tax is payable on "income"
Talking of general propositon, the liability to file ITR arises if the Gross Total Income exceeds the basic exemption limit.
Therefore, it would be better to file the ITR online if the Gross total income exceeds Rs. 10 lakhs. Even otherwise, file return online.. Save paper, save trees, save environment.
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