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Is there need to file online return

Efiling 658 views 1 replies

sushil girdher

jto

50 Points Joined January 2011

Dear CA Friends,

I have come to know that Online E-Filing of Income Tax Return in Mandatory for Those whose income is more than 5 Lakh in FY 2012-13

In my Case, My salary income is 458000 and Agriculture income is 60000. So Total income is More than 5 Lakh but since Agriculture income is Non Taxable, So whether it is must for me to file E- Return or Manual Paper Return will do?

Out of 458000 Salary Income, after deductiing 80C, 80D and Intrest on Home Loan remaining amount is 295000/-

Secondly, Whether Intrest of Saving Account ( if less than 10000) is exempted from Tax in FY 2012-13. If it is exempted , then is there any need to show it in ITR form?

And Lastly, to learn E-Filing of Income Tax Return, Is there any video Tutorial Available?

Pls reply

Replies (1)

Guest

1) If interest is below Rs 10000, first it will be shwon in return of income and then claim as deduction u/s 80 TTA

2) AGriculture Income.

Agriculture Income is exempt, but if Agricutlrue Income is more than Rs 5000 and other Incomes is more than maximum amount not chargeable to tax (i.e 200000), agriculute income is added with the other income to calculate tax on total income. There is specific method/calculations which deals such situations.

3) E filling is compulsory if income exceeding Rs 500000,

As per Rule 12, If Total income exceeds Rs 500000, means income after all deductions.