ICICI

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


Yaaros (Others)     31 March 2015

Yaaros
Others 
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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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Vivek Venkataram (Just cleared CS(441/800) now C.A Final Attempt in May 2015)     31 March 2015

Vivek Venkataram
Just cleared CS(441/800) now C.A Final Attempt in May 2015 
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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.

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M.com,CS,CA F Tushar Sampat (M.com CS,CA F)     31 March 2015

M.com,CS,CA F Tushar Sampat
M.com CS CA F 
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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.

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Vijayalakshmi (Articled Student)     31 March 2015

Vijayalakshmi
Articled Student 
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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:)

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Thiyagarajan Kandasamy (Manager Accounts)     31 March 2015

Thiyagarajan Kandasamy
Manager Accounts 
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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.

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Vishal Goel (Chartered Accountant)     31 March 2015

Vishal Goel
Chartered Accountant 
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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 )     31 March 2015

SUSHILKUMAR RAMESHBHAI THAKKAR
CA Practice  
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Pls file return quickly

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Dilip (chief Accounts Officer)     04 April 2015

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

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manoj verma (...)     10 April 2015

manoj verma
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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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