ITR & form 16 (please look)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2011 My brother having income 450000 p.a. there is no requirment to file ITR from this year

but company had issued him form 16 & company told him to file this form to income tax office online

please let me know whether to require file this form or not

if yes please tell me how & give proper link for it

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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07 June 2011 CBDT in a statement said that persons having salary & interest income only being less than 500000/-, will not be liable to file ITR from AY 2011-12. Actual notification is yet to be issued. It is expected sometimes during this month end.

Now consider your brother's case : If your calculation suggests that there is no additional tax payable or refundable & he is having only salary & interest income then, you can wait till next month & actually ignore the filing of ITR, upon issuance of notification by IT deptt.

However, there are many more financial transactions, for which you need copy of ITR, such as apply for credit card, loan etc. So its advisable to file the ITR for your betterment & to maintain the continuity of records, if you have been filing the ITR in earlier years.