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Thread: 5 lakhs is Gross income or Taxable income

  1. #1
    Member ramanareddy is on a distinguished road
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    Question 5 lakhs is Gross income or Taxable income

    Dear sirs

    It has been hearing Filing of income tax returns below 5 lakhs is not necessary .Is it true ,Is it valid from the FY 2010-11.5 lakhs is the gross income or Taxable income after reducing TA,HRA, PT.It is requested to enlighten me on this issue.

    Thanking you

  2. #2
    Senior Member Victor is on a distinguished road
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    Quote Originally Posted by ramanareddy View Post
    Dear sirs

    It has been hearing Filing of income tax returns below 5 lakhs is not necessary .Is it true ,Is it valid from the FY 2010-11.5 lakhs is the gross income or Taxable income after reducing TA,HRA, PT.It is requested to enlighten me on this issue.

    Thanking you
    The orders are yet to come. Only after issue of orders will the picture become clear.

    Victor

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    Senior Member SASI is on a distinguished road
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    The News item is as follows [A Central Board of Direct Taxes official said."No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest is up to Rs 5 lakh. We would shortly notify this," ]

    sasi

  4. #4
    Junior Member rvanand4
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    It should be on taxable income.

  5. #5
    Senior Member aneesh is on a distinguished road
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    Default Income Tax

    Please see the orders issued in gconnect dated 23.6.2011. Income-tax on total income upto 5 lacs are exempt from filing returns

  6. #6
    Member ramanareddy is on a distinguished road
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    Default gross or taxable income

    It is not clear whether 5 lakhs is gross income or taxable income after deducting hra,ta,pt and one lakh savings.kindly It may be clariffied.

    Regards

    Ramana Reddy

  7. #7
    Senior Member SASI is on a distinguished road
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    The Press Release says“Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable Deductions”. See the press release : http://www.incometaxindia.gov.in/arc...n_06232011.pdf

    sasi

  8. #8
    Junior Member rose.p is on a distinguished road
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    the information is very useful....is this true there is no income tax return for the person whose salary is less than 5lakh.?

  9. #9
    Senior Member RKPATHAK is an unknown quantity at this point
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    Default

    It is taxable income

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    Junior Member sainik is on a distinguished road
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    Quote Originally Posted by Victor View Post
    The orders are yet to come. Only after issue of orders will the picture become clear.

    Victor



    Dear Sir,

    I am a military pensioner and presently working with a research Institute, which is a autonomous body of Govt of India. I filling of ITR duly includes my pension since last three years. As the order for exemption of filling of ITR for below 5 lakhs is likely to be released, kindly advice should i fill ITR ? even below 5 lakh ( salary + pension)

    Thank you
    regards.

  11. #11
    Senior Member Victor is on a distinguished road
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    Quote Originally Posted by sainik View Post
    Dear Sir,

    I am a military pensioner and presently working with a research Institute, which is a autonomous body of Govt of India. I filling of ITR duly includes my pension since last three years. As the order for exemption of filling of ITR for below 5 lakhs is likely to be released, kindly advice should i fill ITR ? even below 5 lakh ( salary + pension)

    Thank you
    regards.
    NOTIFICATION NO. 9/2012 [F. No.225/283/2011-ITA(II)], dated 17-2-2012 issued in this regard is available at the following link:

    (http://law.incometaxindia.gov.in/DIT...&title=Taxmann - Direct Tax Laws)

    A summary available on a website is reproduced below:

    "Who can Claim Exemption

    1.This exemption is available to Individual assessee only (He may be resident or not)
    2.Exemption is available for Assessment year 2012-13
    3.Total Income(after deduction 80C to 80U) of Individual must be up to Five Lakh Rupees only.
    4.Income must be earned from Salary and/or Saving Bank Interest up to Rs 10000/- .Pension is also covered under salary head.
    5.Individual must have reported his pan to his employer.
    6.He has Earned salary only from one employer during the year.
    7.He has reported his income from saving Bank Interest to his employer for TDS deduction purposes.
    8.Employer has deducted the tax on his Full income,salary plus interest {if any},and tds has been deposited in Govt account by the employer.
    9.No refund is Due to assesse .
    10.Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail.
    If all the above conditions are satisfied then you can are exempted to file Income tax return for Financial year 2011-12

    Who can NOT claim exemption

    1.If His Total taxable income after deduction u/s 80C to 80U is more than 5 (five) Lakh rupees.
    2.If refund is due to Him .
    3.If his total income includes any one of following Incomes
    --1.Income from House property Including minus Income from interest on House Loan.
    --2.Income from Business/profession
    --3.Income from capital gain
    --4.Income from Interest other than Interest from saving bank up to 10000.Suppose you have earned interest from FDR then you can not claim exemption from return filing.
    --5.Saving Bank interest is more than 10000 rupees.
    --6.Any other Income under "Income from other source"
    4.If He has not offered his Saving Bank interest income to his employer for tax deduction.
    5.If he has discharged His tax liability through advance tax or self assessment challan.
    6.If he has received salary from two employers during the year.
    7.If he has not submitted his PAN to his employer.
    8.If Form 16 has not been issued to Him by His employer.
    9.If notice u/s 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income
    10.If assessment year is other than 2012-13."


    Victor

  12. #12
    Senior Member G.Ramdas is on a distinguished road
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    E- Filing of ITRs compulsory for income over 5lacs, during F.Y 2012-13



    Last year exemption from filing ITR in srespect of certain category of taxpayers, whose total income was less than 5 lacs in the year, were issued.
    This year Govt. has issued instructions that all tax payers whose total income is above 5 lacs, per year, should file ITR by efiling only. The extract of the notification reads as under:


    13/05/2013
    A person having Total Income in excess of Rs. 5 Lakhs, shall furnish a return of income for AY 2013-14 and subsequent years, electronically [Refer Notification No.: 34/2013 dated 01-05-2013].


    G Ramdas

  13. #13
    Senior Member RKPATHAK is an unknown quantity at this point
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    Default Income Tax Return

    Though it is not obligatory to file return if your income is less than 5 lakh but one should file the same since it may server various purpose in future like securing loan, foreign trip, etc. in those case copies of three year return is asked for

  14. #14
    Senior Member Victor is on a distinguished road
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    This year IT Return is mandatory even if income is less than Rs. 5 lakh (but over Rs. 2 lakh before any exemptions). However it is not mandatory to file online.

    For taxable income over Rs. 5 lakh it is mandatory to file online.

    Victor

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