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Income tax return

dushyant (mmm) (60 Points)

31 July 2011

if a person has salary less than 400000 does he need to file itr for this year or not ???????

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8 Replies

CA. Manthan Ruparelia (Chartered Accountant) (94 Points)
Replied 31 July 2011

A PERSON DO NOT REQUIRED TO FILE IT RETURN IF HE HAS SALARY INCOME LESS THAN 5 LACS & TAX ON SUCH INCOME IS DEDUCTED & PAID BEMPLOYER.

ALSO CHECK THAT HE DOES NOT HAVE ANY OTHER SOURCE OF INCOME WHICH HAVE BEEN NOT INCLUDED IN FORM 16 ( NOT CONSIDER BY EMPLOYER )

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 31 July 2011

Originally posted by : Manthan R
	A PERSON DO NOT REQUIRED TO FILE IT RETURN IF HE HAS SALARY INCOME LESS THAN 5 LACS & TAX ON SUCH INCOME IS DEDUCTED & PAID BEMPLOYER. ALSO CHECK THAT HE DOES NOT HAVE ANY OTHER SOURCE OF INCOME WHICH HAVE BEEN NOT INCLUDED IN FORM 16 ( NOT CONSIDER BY EMPLOYER )

agreed

kamal kishor sen (STUDENT Rajasthan) (2156 Points)
Replied 31 July 2011

If u have any refund than file itr otherwise not required for those whose income is less than 5 lakh.

CA J.Alamelu lakshmi (Chartered Accountant) (852 Points)
Replied 31 July 2011

If total income from a single employer is less than Rs.5 lacs and interest income is less than Rs.10000 and if all incomes are reported to the employer and tax is deducted appropriately, then no need to file income tax return.

CA Ashwani Agarwal (Practice) (3049 Points)
Replied 31 July 2011

If your tax deducted is exactly same as the amount of your tax liability then no need.

If you have to pay even a 100 rs of tax then you have to file your return.

Also if you are having a refund then file your return.

CA RAHUL AGARWAL (CA, B.com) (250 Points)
Replied 31 July 2011

No Income tax return is required to filed by Salaried employees if their total Income is less than 500000(five Lakh) and they are satisfying few Conditions .Income Tax department has issued notification no 36/2011 in this regard .This exemption is available only to specific category of employees .Following conditions are to be satisfied to claim exemption from return Filing .

Who can Claim Exemption-:

1.This exemption is available to Individual assessee only (He may be resident or not)

2. Exemption is available for Assessment year 2011-12.

3.Total Income(after deduction 80C to 80U) of Individual must be up to Five Lakh Rupees only.

4.Income must be earned from Salary and/or Saving Bank Interest up to Rs. 10000/- .Pension is also covered under salary head.

5.Individual must have reported his pan to his employer.

6.He has Earned salary only from one employer during the year.

7.He has reported his income from saving Bank Interest to his employer for TDS deduction purposes.

8.Employer has deducted the tax on his Full income,salary plus interest {if any},and tds has been deposited in Govt account by the employer.

9.No refund is Due to assesse .

10.Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail.

If all the above conditions are satisfied then you can are exempted to file Income tax return for Financial year 2010-11.

Who can not claim exemption-:

1.If His Total taxable income after deduction u/s 80C to 80U is more than 5 (five) Lakh rupees.

2.If refund is due to Him .

3.If his total income includes any one of following Incomes:-

-Income from House property Including minus Income from interest on House Loan.

-Income from Business/profession

-Income from capital gain

-Income from Interest other than Interest from saving bank up to 10000.Suppose you have earned interest from FDR then you can not claim exemption from return filing.

-Saving Bank interest is more than 10000 rupees.

-Any other Income under "Income from other source"

4.If He has not offered his Saving Bank interest income to his employer for tax deduction.

5.If he has discharged His tax liability through advance tax or self assessment challan.

6.If he has received salary from two employers during the year.

7.If he has not submitted his PAN to his employer.

8.If Form 16 has not been issued to Him by His employer.

9.If notice u/s 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income

10.If assessment year is other than 2011-12.

1 Like

vikas jain (ca student) (40 Points)
Replied 02 August 2011

Originally posted by : kamal kishor sen
	If u have any refund than file itr otherwise not required for those whose income is less than 5 lakh.

agreed....

Gulshan Kumar (Professional Accountant) (119 Points)
Replied 03 August 2011

no need to file their income tax return if his/her total income is less than 5 lacs including interest income on saving bank a/c and tds is fully deducted by the employer.

if any refund (tds is more deducted) than claim for refund by filing their ITR if total income less thn 5 lacs.