05 August 2013
Can anyone tell me that when i should feel that my income is above Rs.5lacs and have to file return online. Income should be considered Gross Total Income or Taxable income more than Rs.5lac for efilling.
05 August 2013
If your gross total income (taxable income) before any deduction of chapter VI A exceeds Rs.500000 you need to efile the return:- Gross total Income..................500000 Less:Deduction under sec.80C.......100000 Net taxable income..................400000 In the above example as your income before claiming any deduction exceeds rs.500000 so you are supposed to efile the return...
05 August 2013
The wordings in proviso (a) to rule 12(3) of the Income tax Rules,1962, is 'total income exceeds Rs. 5 lakhs...'. Total income is defined in section 2(45) of the Income tax Act,1961. On a conjoint reading, Rs. 5 lakhs mentioned in the rule is the taxable income (ie., gross total income minus chapter V1A deductions).
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