06 January 2014
If Indidual is having taxbale income and after deducation under sec 80c and no tax liab is there. is in this case and Income tax returend to be filed? as income is less than 5 lakh and not senior citizen. to file income tax returned is complusary?
06 January 2014
Mr./Ms.XXXXX Please refer to 5th proviso to section 139(1) of Income-tax Act, 1961 which reads as under- "Provided also that every person, being an individual or a Hindu Undivided Family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person, if his total income or the total income of any other person in respect of which he is assessable under this Act, during the previous year, without giving effect to the provisions of section 10A or section 10B or section 10BA or Chapter VI-A exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed."
you are saying that the total income is below taxable limit after claiming deduction u/s 80C. Please note that Section 80C is placed in Chapter VIA. As per the provisions of 5th proviso to section 139(1), if your income exceeded taxable limit before claiming deduction u/s 80C you must file your return of income.
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