04 July 2012
one of my friend has only salary ( gross) with no other source of income of Rs 407160/- and after deducting allowances exempt under section 10 of rs 124800/and tax on employment of rs 2400/- and deductions under chapter viA for amount spent on children education, the total income comes to Rs 179960/- this is for fin year 2011-12 IE assessment year 2012-13. he has taken form 16 from his employer. For the earlier two years IE asst.years 2011-12 and 2010-11 he has filed income tax return. now my question is, should he file return or not? as his only income is from salary and that is below rs 500000/-? will it affect his prospects of getting loans from bank who insist current income tax returns please advise
CAclubindia
