Should i file it return if total income is below 5 laks?

Tax queries 1400 views 8 replies

Yaaros

Others

33 Points Joined March 2015

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?

Replies (8)

Vivek Venkataram

Just cleared CS(441/800) now C.A Final A

772 Points Joined March 2009

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.

CS,CA F,Numrologi TusharSampat

CS CA F Numerologist Astrologer Graph

85935 Points Joined May 2010

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.

Vijayalakshmi

Articled Student

37 Points Joined October 2013

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:)

Thiyagarajan Kandasamy

Manager Accounts

208 Points Joined December 2014

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.

Vishal Goel

Chartered Accountant

1693 Points Joined April 2014

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.

SUSHILKUMAR RAMESHBHAI THAKKAR

CA Practice

25 Points Joined December 2014

Pls file return quickly

Dilip

chief Accounts Officer

79 Points Joined May 2009

For a salaried employee without other income, if Total income is less than 5 lacs, it is motnot mandatory for him to file ITR

manoj verma

...

33 Points Joined January 2011

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.