An individual, whose total income for the relevant assessment year (AY) does not exceed Rs. 5,00,000 and consists of only income chargeable under
- Salary
- Income from other sources, by way of interest from a savings account in a bank, not exceeding Rs. 10,000
shall be exempted from furnishing the return of income, subject to the conditions that, such individual has
- reported to his employer his PAN
- reported to his employer, the income from other sources (as mentioned above)
- received certificate of tax deduction from employer in form no. 16 indicating PAN, details of income and tax deducted at source (TDS) and deposited with Central Government
- discharged his total tax liability for the AY through TDS and its deposit by the employer to the Central Government
- has no claim of refund of taxes due to him for that AY
- received salary from only one employer for that AY.
Such exemption shall not be available where a notice under section 142(1), 148, 153A or 153C of the Act for filing of income tax return.
(Notification No. 36/2011 F. NO. 142/09/2011- TPL dated 23 June 2011)
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I have started a partnership firm and providing services to USA and receiving my service charges in $USD. Is this income is taxable? Am I required to intimate about this activity to any department?
Sir,
I have income other than Salary and Interest.
1) I’m receiving dividend credits directly into my account.
2) I’m doing consultancy for some people and receiving cash which later
deposited into my saving account.
3) I’ve jt. account with my wife and some credits are in the name of my wife. Can these credits be taken into account while assessing my income.
After, accumulating all incomes, my annual income is less than Rs. 5,00,000/-.
Please advise if I’ll still have to file the ITR??
Regards
Vinod
What does ‘total income’ mean for the cap of Rs. 5 lacs? Is it gross total income or net taxable income?
Dear Sir,
Limit of Rs. 5lac is used for what? Is it Gross total income or Taxable income & Whether limit is inclusive of SB A/c interest or not?