Hello All ,
I am working in IT company . My Employer deducting tax from our salary every month and also giving Form16 at the end of finance Year . My question is
1) Will I get my tax retun if my income after deducting expenses is not over 2 lpa.
2) If I am submiting Form16 to my employer then Is it necessary to fill the TAX return online also ?
Thanks in advance..
Query 1 :- Yes, you will get your tax refunded if your total income is below maximum amount not chargeable to tax i.e. 200000. In this case you will be required to file your Income Tax Return and claim refund in it.
Query 2 :- You will not be required to file income tax return if your total income is below 500000 subject to fulfillment of certain conditions as laid down in circular issued by CBDT. However if yours is a case of refund then you will be required to file Income Tax Return.
- Ruben Balooni
CCI
Pro
CAclubindia
