disclosed assets & liabilities taxable income more 50 lacs on line return filing is mandatory if GTI more than 5 lakh tax rebate of rs. 5000 if taxable income is up-to 5 lacs is correct and specially wording of taxable income or gross taxable income.
30 July 2016
Deduction of rupees 2,000 is available for AY2016-17 if total income is less rupees five lakhs. Rupees five thousand deduction is wef AY2017-18.