Filing of return
This query is : Resolved
24 June 2011
Hello Expertz,
I am not clear about notification no 36/2011 which says total income of Rs.5 lacs.
Can you please clarify if net taxable income is below 5 lacs p.a no need to file returns or if gross income if Rs.5 lacs?
Waiting for your reply.
Thanks
I am not clear about notification no 36/2011 which says total income of Rs.5 lacs.
Can you please clarify if net taxable income is below 5 lacs p.a no need to file returns or if gross income if Rs.5 lacs?
Waiting for your reply.
Thanks
24 June 2011
the notification says that An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—
(A) "Salaries";
(B) "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
is only eligible under the scheme.
The notification refers to total income which means income after ded under chapter vi-a
But income must fall in the above categories
CA MANOJ GUPTA
JODHPUR
09828510543
(A) "Salaries";
(B) "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
is only eligible under the scheme.
The notification refers to total income which means income after ded under chapter vi-a
But income must fall in the above categories
CA MANOJ GUPTA
JODHPUR
09828510543
24 June 2011
The wordings in the said notification is 'total income'. Total income is defined in section 2(45)read along with section 5 of the IT Act,1961. Therefore ,the threshold limit of Rs.5 lakhs is linked to 'gross income' before claiming any deduction.
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24 June 2011
here total income means income from salary and interst from saving bank account. points to be noted that :
1) u have to decleare ur saving bank interst income to ur employer for deducting TDS.
2) u have no other source of income.
3) no notices are issused u/s 142(1),section 148, section 153A, or section 153C of the income tax Act 1961 for filling of return.
4) u have no refund.
5) only for salaried taxpayers.
6) income from saving bank account should not be more than Rs. 10000/-.
7) Rs. 500000 means after allowing deductions under chapter VI
1) u have to decleare ur saving bank interst income to ur employer for deducting TDS.
2) u have no other source of income.
3) no notices are issused u/s 142(1),section 148, section 153A, or section 153C of the income tax Act 1961 for filling of return.
4) u have no refund.
5) only for salaried taxpayers.
6) income from saving bank account should not be more than Rs. 10000/-.
7) Rs. 500000 means after allowing deductions under chapter VI
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24 June 2011
the ‘total income’ as per section 2(45) for the purposes of the Act is comprised of two elements, namely :
(a) Total amount of income as referred to in section 5.
(b) Computation of such total income in the manner laid down in this Act.
The Finance (No. 2) Act, 1967 introduced definition of ‘gross total income’ under Chapter VI-A vide section 80B(5). Accordingly “gross total income’ means the total income computed in accordance with the provisions of the Income Tax Act before making any deduction under Chapter VI-A. “
This definition clearly indicates that the scope of ‘total income’ is much wider than that of ‘gross total income’. Gross total income is arrived at before making any deduction under Chapter VI-A. Total income on the other hand is quantified after taking into consideration all the provisions of this Act. However, quantumwise the gross total income is higher than the total income.
Therefore total income is income after deduction under chapter VI-A.
Had total income meant the income before ded under chapter VI-A there wld not have any necessity to define gross total income.
However in the case of notofiaction no 36 total income would be computed as under
1. Income from salary after all exemptions under section 10 and deductions under section 16
2. income from SB account interest not exceeding 10000
3. Out of that Chapter VI-a deductions will be allowed
4. Balance if does not exceed 500000 then benefit of exemption will be allowed
(a) Total amount of income as referred to in section 5.
(b) Computation of such total income in the manner laid down in this Act.
The Finance (No. 2) Act, 1967 introduced definition of ‘gross total income’ under Chapter VI-A vide section 80B(5). Accordingly “gross total income’ means the total income computed in accordance with the provisions of the Income Tax Act before making any deduction under Chapter VI-A. “
This definition clearly indicates that the scope of ‘total income’ is much wider than that of ‘gross total income’. Gross total income is arrived at before making any deduction under Chapter VI-A. Total income on the other hand is quantified after taking into consideration all the provisions of this Act. However, quantumwise the gross total income is higher than the total income.
Therefore total income is income after deduction under chapter VI-A.
Had total income meant the income before ded under chapter VI-A there wld not have any necessity to define gross total income.
However in the case of notofiaction no 36 total income would be computed as under
1. Income from salary after all exemptions under section 10 and deductions under section 16
2. income from SB account interest not exceeding 10000
3. Out of that Chapter VI-a deductions will be allowed
4. Balance if does not exceed 500000 then benefit of exemption will be allowed
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24 June 2011
Thank you sir's.
One more doubt. Now if total income is income after chapter VIA deduction, then if I am having gross salary income of Rs.800000. My net taxable salary as computed by my employer after chapter VIA deductions and Housing loan interest comes to less than 5 lacs. Now should I file IT return?
Please clarify.
One more doubt. Now if total income is income after chapter VIA deduction, then if I am having gross salary income of Rs.800000. My net taxable salary as computed by my employer after chapter VIA deductions and Housing loan interest comes to less than 5 lacs. Now should I file IT return?
Please clarify.
25 June 2011
yes u will have to file return because in your case loss will be computed under the head Income From House Property wghich is outside the purview of this notification
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