Why should I file ITR?
My company is deducting TDS for me. I have declared all my investments to the company and they are deducting tax appropriately. Why should I have the overhead of the process? I have no other source of income
Pavan Kumar (Indian) (24 Points)
13 July 2013Why should I file ITR?
My company is deducting TDS for me. I have declared all my investments to the company and they are deducting tax appropriately. Why should I have the overhead of the process? I have no other source of income
Vinod Lakhera
(CA in service)
(85 Points)
Replied 13 July 2013
vikas
(student )
(139 Points)
Replied 13 July 2013
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 interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16. but Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme therefor
not required to file the return
Varsha
(Student)
(1164 Points)
Replied 13 July 2013
| Originally posted by : vinod lakhera | ||
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Sec 139(1) of the income tax act requires that if the total income exceeds basic exemption limit, such individual is required to file the ITR... Just becz of employer is deducting tds does 9t mean that u r relieved frm such requirement... Banks too demand ITR whilesanctioning loan... |
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