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?
Yaaros (Others) (33 Points)
31 March 2015My 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?
Vivek Venkataram
(Just cleared CS(441/800) now C.A Final Attempt in May 2015)
(772 Points)
Replied 31 March 2015
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 Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 31 March 2015
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)
Replied 31 March 2015
Thiyagarajan Kandasamy
(Manager Accounts)
(208 Points)
Replied 31 March 2015
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 31 March 2015
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)
Replied 31 March 2015
Dilip
(chief Accounts Officer)
(79 Points)
Replied 04 April 2015
manoj verma
(...)
(33 Points)
Replied 10 April 2015
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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