Salaries

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 July 2013 For a salaried assessee if the income is below 500000 it is not necessary to file IT return.
Now whether the GTI must be less than 500000 or the net taxable Income must be below 500000.
And the GTI can include income other than income from salaries also??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 July 2013 It is taxable income after considering the 80C deductions. yes GTI include other than salary income also

Querist : Anonymous

Querist : Anonymous (Querist)

10 July 2013 If the other income is not declared in form 16 and no TDS is done on the other income,even then no need to file return what???

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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10 July 2013 if other income is int frm bank more then 10,000 then no exemption availble

Ganeshbabu K

Ganeshbabu K (Expert)
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10 July 2013 1)you may not get any intimation from department to file return as it is unaware of your other income as there is no tds deducted.But it is recommended to show income under other sources if any voluntarily on your own interest

2)it is always recommended to file returns continuously if your income before chapter VIA deductions is more than basic exemption limit..because it will be helpful if you want to apply for any loans..

3)if otherincome comes from saving bank interest it is exempted upto 10000. under section 80TTA

Means if your interest in saving bank is 15000 then you need to pay tax on 5000

Thanks & regards
Ganesh babu k