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Queries on 5L notification

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)

24 June 2011

Suppose if i have TI less than 5L and SB interest also less than 10K but i have salary income from 2 employers durinh 10-11. Is return needed to be filed.

My TI is less than 5L but i have not disclosed SB interest less than 10K to my employer. So return to be filed?

regards

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15 Replies

CA Hemang Shah (PRACTICE) (658 Points)
Replied 24 June 2011

No need to file return if u have income below 5lakhs whether fron one or more employers it does not matter.

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 24 June 2011

when all data is provided and appropriate tax is deducted by employer, then only the assessee is exempted to file the return, in case of any additional income on which tax is to be paid, assessee has to file ITR

CA KRISHNA KUMAR DARUKA (CHARTERED ACCOUNTANT) (4458 Points)
Replied 24 June 2011

The new press release clearly says that if salary is received from more than one employer during the year then return has to be filed.

Similarly if you have not disclosed your SB interest to your employer and the employer has not considered thr SB interest while calculating your tax liability then return must be filed by the employee.

1 Like

Anshu Garg (working) (139 Points)
Replied 24 June 2011

Agreed With sir Krishna kumar ji

notification clearly says that given itr exemption will not be applicable if

1. service with two or more employer in the same assessment year

2. in case if income from interest from saving a/c has not reported to his employer

then return must be filed. no exemption

thanks

Anoopa H P (Member of ICAI CS Executive) (192 Points)
Replied 24 June 2011

Originally posted by : CA KRISHNA KUMAR DARUKA
	The new press release clearly says that if salary is received from more than one employer during the year then return has to be filed. Similarly if you have not disclosed your SB interest to your employer and the employer has not considered thr SB interest while calculating your tax liability then return must be filed by the employee.

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 24 June 2011

Originally posted by : CA KRISHNA KUMAR DARUKA
	The new press release clearly says that if salary is received from more than one employer during the year then return has to be filed. Similarly if you have not disclosed your SB interest to your employer and the employer has not considered thr SB interest while calculating your tax liability then return must be filed by the employee.

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 24 June 2011

Thanks for experts comments

CA Devanshi Gandhi (Ajani) (FCA DISA Mcom CIFRS & LLB) (9058 Points)
Replied 24 June 2011

need to file return

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 24 June 2011

yes you are required to file return...

If your only is only from SALARY and below 5 lacs only then you have to file it....

In your case there is income from OTHER SOURCE ...

therefore manadatory to file return...

mWazz (CA-Final) (473 Points)
Replied 24 June 2011

Originally posted by : CA KRISHNA KUMAR DARUKA
	The new press release clearly says that if salary is received from more than one employer during the year then return has to be filed. Similarly if you have not disclosed your SB interest to your employer and the employer has not considered thr SB interest while calculating your tax liability then return must be filed by the employee.

rahul (Chartered Accountant) (5570 Points)
Replied 24 June 2011

Originally posted by : CA KRISHNA KUMAR DARUKA
	The new press release clearly says that if salary is received from more than one employer during the year then return has to be filed. Similarly if you have not disclosed your SB interest to your employer and the employer has not considered thr SB interest while calculating your tax liability then return must be filed by the employee.

srinivass (CA Final) (2466 Points)
Replied 25 June 2011

thanks to all

(Guest)

When Assessee is not required to file IT return u/s 139(1) for A.Y. 11-12 ?
·          Individual status
·          Total income does not exceed Rs.5 lakh
·          Income consists of
                o     Salary
                o     Interest not exceeding Rs.10,000/- from SB A/c in a bank
·          Has reported PAN to his employer
·          The employer has deducted the tax
·          Has received Form 16 from his employer
·          Has no refund/tax liability
·          Has received salary from only one employer

Regards

K.Ilayaraja

CA ZAHIR MEMAN (CA PRACTISE) (22 Points)
Replied 25 June 2011

Originally posted by : Dipjyoti Majumdar, CA, CS

Suppose if i have TI less than 5L and SB interest also less than 10K but i have salary income from 2 employers durinh 10-11. Is return needed to be filed.

My TI is less than 5L but i have not disclosed SB interest less than 10K to my employer. So return to be filed?
regards

if any person getting pension from govt or any state bodies & having other interest income but his total taxable income is less than 5L WHAT STATUS PLEASE CLARIFY & HOW GET BENEFIT FOR NON FILL RETURN