Dear Sir,
A person is working in three different shops(book keeping accounts maintaine) he got Rs.96000/- from 1st shop annually. Rs. 120000/- from 2nd shop and Rs. 76200/- from 3rd shop so please suggest which itr he needs to file.2nd and 3rd shop owner shown salary of person in his books of accounts.
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Suitable ITR form
Replies (9)
Quick Summary
What 1st Owner showing in his books of accounts ?
He can file ITR1 by considering all income as salary.
He can file ITR1 by considering all income as salary.
If you are getting everything from all organisations in the form of salary then you file ITR-1 .
You need not pay any tax since 50k standard deduction is available & rebate also
You need not pay any tax since 50k standard deduction is available & rebate also
If the salary is Rs.4.00 lacs and assesse does not lean on following Sec 115BAC THEN he is interested in taking benefit of Section and exemption.
IT dept has given whichever option beneficial to tax payer..There no tax at all .It doesn't make much difference in this case
All of a sudden an individual can't opt for sec 115bac. The income tax department has given many options to assesse.
It's not like that, person have to choice , whichever beneficial to them
I know the basics underlying provisions.
What is the benefit available?
What is the benefit available?
If tax is less under old regime then tax payer can choose old regime .
That everyone knows?
Sec 115bac can be chosen when the assesse is in the higher tax bracket otherwise there is no benefit available.
Sec 115bac can be chosen when the assesse is in the higher tax bracket otherwise there is no benefit available.
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