E-filling return of above rs.5lac
This query is : Resolved
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.
Please tell me that with working in calculations.
Treat it as most urgent.
Please tell me that with working in calculations.
Treat it as most urgent.
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...
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).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
