Exemption of salaried income upto Rs. 5 lacs

thanks.........

Originally posted by : B.S.Sridhar
	In my opinion , this could not be used by most of the assessees for the A.Y.2011-12 (F Y 2010-11) on account of the following :- As per the Notification, the Interest should have been declared to the employers and the same should have been considered for calculating the Tax and the tax should also be deducted for the same. Moreover , the time limit for issue of Form 16 is also over and all the employers would have issued their Form 16 , by now. Please share your views. Many people have misunderstood this to the Basic Exemption limit and i have already started getting calls from many people in this regard.

Thanks for the practical issues involved.

Yes agree with B.S.Sridhar,its too late now !!!
 

Originally posted by : Satish
	IF the salaried people wants any home loan or  other loans the bank people will ask for the return submitted to the income tax department at that time what acknolgment or what proof he has to submit to the bank for availing the loan, at present the bank will collect the IT return filed by the employee, now the employee has to submit his Form 16 issured by the employer or what  please clarify this point.

Hi Satish,

This scheme is optional at point of an assessee. If individual wants to take a loan in future, better he file the return (even if he is following all conditions). In my opinion, Bank will ask for ITR only and Form 16 will not serve the purpose.

Recently I read the article on this topic in newspaper. In that article also the author (who is CA) has said the same point. Hence, individual who wants to take a loan in future, has to file a return.

But friends, the department people are not accepting the returns if the TI is less than 5L.

Even if you have 2 employers and your TI is less than 5L, they are asking what is the proof.

Now the retuen is annexureless, so how to satisfy them ?

thanx for update

thanks 4 d update sir...