I have filed income tax return for the financial year 2011-12 due to refund tax which was deducted on commission.
Is it complusory to file income tax return for financial year 2012-13 my yearly income is less than 5 lacs.
Kindly advise
Thank you
Regards
VIJAY
If your income is only through salary, then it is not necessary but if you have any other source of income then you have to file
I have salaried employee only and there will be Bank interest (from Saving Bank A/c and F.D. A/c) approx. Rs. > 2000/- then ?
Plz reply
I will sugest to file I.T.return, if your income is more than the slab.
In future you may require I.T.Returns for any instance, so better to file return which would make your income clean/white.
I want to ask another think, i got cash of sum of Rs. around 700000/- from my father i have deposited into the bank current f.y. is it taxable or what ?
Can you suggest ?
Had you deposited cash in your account at a time or partly??
partly but total approx. 700000/-
(1 lac, 2.5 lacs, 0.6 lacs etc.)
You should show in your books and you have justify to AO if scrutiny comes, that from where did your father get the amount.
It may be Gift know ..
but the officer will ask what is the source of your father's income.
He brokedown F.D. which was in Co-operative Bank
Then ?
Then it is o.k., n make a gift deed b/w your father n you
Is there specific format for Gift Deed as per imcome tax act ?
There is no specific format for Gift Deed as per income tax act but general gift deed is made on a 100 rs. stamp paper.
ok Thank you very much for information
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