19 June 2011
Dear All... Recently Income Tax Department Exempted file returns up Rs. 5.00 Lakhs of income.. What about Tax above Rs. 1,80,000/- income? Do they havent pay income Tax..? What is the income Tax liability if a person earn Rs. 5.00 Lakhs in the FY-2011-12. Kindly clarify my doubts... with hopes
19 June 2011
That Exemption is only for salaried persons whose total income is less than Rs. 5 Lakhs and he shows his other income income to his employer to deduct TDS. this exemption is only for tax return filing not for income tax liability.
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