My total salary in FY 14-15 is 4,50,000/- without any deductions, and 80,000/- as interest from term deposits. Now, I have deposited 1,50,000/- in tax-saver term deposit. So, should I file IT return and what would be my tax liability, if any?
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Should i file it return if total income is below 5 laks?
Replies (8)
You will need to file return as your interest from bank is 80000/-. which makes your GTI above rs.5 L
Also TDS would have been deducted from your salary and if you have any deductions available to you or housing loan interest you can claim refund of the same.
Assuming that you are not super senior citizen as per provisions contained in sec 139 if the total income without giving effect to any deduction or exemption exceeds the basic exemption slab then you need to mandatory file the income tax return.
Hi yaaros
As per the notification 9/2012, if the total income is less than 5 lakh and interest from savings bank a/c is below 10,000
That person need not file ITR.
but in yr case as interest income is on term deposits.. you need to file ITR:)
Mr yaaros - you must file the return, and your age was not specified in your case, bcus senior citizen having exemption limit of Rs 5 lakh, if you are a normal citizen exemption limit for FY - 2014 / 2015 is Rs 2,50,000. So you must file your IT. Thiyagu.
An individual willl have to file their return if your Gross Total Income before any deductions is more than the exemption limit. Deductions in this case will be the usual 80C to 80U deductions.
Pls file return quickly
For a salaried employee without other income, if
Total income is less than 5 lacs, it is motnot mandatory for him to file ITR
your income is above exemption limit and if you are not a super senior citizen then you must have file your income tax return because your gross total income is Rs 580000.You have diposited Rs 150000 in tax-saver term deposit but here it is not it is clarified in which section of 80. Therefore it is difficult to calculate your tax liability.
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