Sir,
Kindly tell me whether the IT is filed based on the gross income i.e, my only source of income is salary and no other income., or is is filed after deducting all my expenses like personal expenses, children care, rent, medicine etc.
Kindly help and tell the actual process... Also what is the minimum salary required to file and IT as per new assesment year???
If your income from salary is greater than Rs. 200,000/-, and if TDS has been deducted, you are required to file ITR-1. If you have made certain investments in the year such as investments in PPF, insurance, 5-year FDs, NSC, etc, then these investments will reduce your gross income, thereby reducing your tax liability. Expenses such as tuition fees for two children, rent, medical premium etc are also taken into account to arrive at the taxable income.
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
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