Taxation of Salaried Professional Individuals

Tax planning 1074 views 6 replies

Chirag Goel

student - CA CFA

228 Points Joined February 2011

I am an employee at Headstrong. I am a salaried professioonal. I need to learn whether I am eligible for tax filing if my salary does not exceed INR 5 Lakhs.?

Replies (6)

Krishna Upadhya

Consultant-Tax Advisory Services

53 Points Joined June 2011

Conditions to be fulfilled if you want to avail the benifit of not filing income tax return for AY 2011-12:

1. Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and

2. interest income from deposits in a saving bank account up to Rs.10,000

3. You should have furnished the details of his income from interest from bank to employer and it should have appeared in your Form 16 and required tax should have been deducted on that interest also.

CA Himanshu Khurana

Chartered Accountant

813 Points Joined April 2009

Originally posted by : Krishna Upadhya
	Conditions to be fulfilled if you want to avail the benifit of not filing income tax return for AY 2011-12: 1. Individuals having total income up to Rs. 5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and 2. interest income from deposits in a saving bank account up to Rs. 10,000 3. You should have furnished the details of his income from interest from bank to employer and it should have appeared in your Form 16 and required tax should have been deducted on that interest also.

vkbothra

Learning

690 Points Joined January 2009

agree with the above reply, you are under the new circular.. now its optional for you ..

but would like to suggest you to file the IT return for your future purpose

Surendra

Article

23 Points Joined June 2011

The que. Is whether to file tax it's answer obviously will NOT.... But the other answers relating to file tax 'Return'.... ... Be smart!!!!

U S Sharma

glidor@gmail.com

21063 Points Joined January 2010

Originally posted by : Chirag Goel
	I am an employee at Headstrong. I am a salaried professioonal. I need to learn whether I am eligible for tax filing if my salary does not exceed INR 5 Lakhs.?

salaried and professional both at same time???????????

short cut reply ..................

if u get form 16 then file form ITR 1

if u get form 16A then file ITR 4

you are not exempted from filing return for sure :)

@CS Siddharth Bumb.

B.Com CA Final CS

5270 Points Joined September 2009

agree with U S Sharma.... he has to file its return... if your income is exceeding 160000..at that point of time you are eligible for filing return...