Filing of it return
This query is : Resolved
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
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
04 July 2012
yes, return is not required to filled if your income is below rs 500000 & tds on your salary & bank interest already deducted.
04 July 2012
BUT BANK PURPOSE YOU SHOULD FILLED ITR.
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