Exemption in filing assesee who having salary income lt;5 lakh

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The assess is a govt doctor, having salary income below 5 lakhs. he running private clinic result in depreciation loss. Whether he have to file retun or  can enjoy exemption from filing return under salary income below Rs.5 lakhs. Please any one clarify

Replies (2)

Dear Mr. S.S. Aravindhan !

If  a ‘salaried class’ assessee fulfills the following conditions, he need not file the return of income !

  •  Individual status
  •  Total income does not exceed Rs.5 lakh
  •  Income consists of
    •  Salary
    •  Interest not exceeding Rs.10,000/- from SB A/c in a bank
  •  Has reported PAN to his employer  
  •  The employer has deducted the tax  
  •  Has received Form 16 from his employer
  •  Has no refund/tax liability
  •  Has received salary from only one employer

 

Sir, Your cilent has Income (Loss )under the head BUSINESS & PROFESSION as he is running his private clinic. He has Income apart from his salary Income. Exemption is available only for Persons Having Income from Salary source and not from any other source.


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