Income tax ad in yesterday newspaper

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saxena25

Others

43 Points Posted on 22 July 2013

Hi Folks,

I have read this in Times of India of yesterday(dtd 21/07/2013) regarding incmme tax....

That salaried employees having income upto Rs 5lakh including intrest income from saving bank account of Rs 10,000 who are exempted from filling the return of income for AY2011-2012 AND 2012-2013 are now required to file the return of income for AY2013-2014

Now could you please explain in detail what they want to say as I am not understood this completely..could you please also provide an example to understand that what is completely meant by this statement...!

Replies (4)

saxena25

Others

43 Points Posted on 22 July 2013

folks please advise , any help would be appreciated, Thanks a lot

saxena25

Others

43 Points Posted on 22 July 2013

Please advise folks, early help would be apreciated

Mihir

Wealth Manager

5358 Points Posted on 22 July 2013

In my opinion, even if one is exempted from filing IT returns, one should even then file their IT returns, for maintaining proper records. So if you have not filed your IT returns for AY 2013-14, then file it before 31st July.

Secondly, the tax slab starts from 200,000. So of course, one is required to file IT returns, whose income exceeds 200,000

saxena25

Others

43 Points Posted on 22 July 2013

Originally posted by : Mihir
	In my opinion, even if one is exempted from filing IT returns, one should even then file their IT returns, for maintaining proper records. So if you have not filed your IT returns for AY 2013-14, then file it before 31st July. Secondly, the tax slab starts from 200,000. So of course, one is required to file IT returns, whose income exceeds 200,000

Thanks a lot also please advise if somebody is exempted from filing IT returns,for AY 2012-13, then he should also file..? and if yes then what is the penalty. Please advise

is exempted from filing IT returns,

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