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salary+business income of a person

VKR (Accountant) (28 Points)

26 May 2011

Two questions - 1. In one FY if a person has both salary income (around 80% of GTI at the moment but likely to come down below 50% level in the years to come) as well as business income, which form to use for filing IT Return? 2. From AY2011-12 pnwards salaried class with income up to 5 lacs are going to be exmpt from filing their IT Returns, But in this case whether the person is exempt from filing his tax return if his salary income does not excedd the prescibed limit?

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Dheeraj (Learner) (1100 Points)
Replied 26 May 2011

1) ITR-4

2) No The exemption is allowed only for salaried employees, but in your case, income is earned by salary and business both.

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 26 May 2011

ITR 4

Harpreet (* * * * * *) (1670 Points)
Replied 26 May 2011

Yes, you do not need to file the ITR if you have only income from salary and other sources but you have salary income as well as business income then you have to file your ITR-4

Finance Minister Mr. Pranab Mukarjee said that there will be no need to file income tax return to the salaried person whose income is below 5 lakh. The income should be only from salary and salry components and not income from other sources. Finance Minister said that the circular for not filing income tax return to be published very soon. This rule for not filing income tax return to the salary holder will be applicable from the assessment year 2010-11 and the financial year 2011-12.

Finance Minister was addressing 27th annual Conference of chief Commissioner of income tax in New Delhi on Tuesday,24th May 2011. He also set the target of direct tax collection for the financial year 2011-12.

On the issue of Direct Tax Code, Finance Minister said that the direct tax code will be implemented from the financial year 2012-13 because there is a lot of jib done to implement it such as forms,change all the income tax structure etc. and it needs time.

Finance Minister also stated that TDS is the main component of the direct tax collections because of very healthy concept of pay as you earn. He also stated that the CPC unit at Gaziabad will be start working very soon.

Tags-no income tax return,no need to file income tax return,no it return for salaried person,no income tax return for salaried person,salried person income tax return,income tax return of salried person

Source:- taxalertindia.com

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