Hi Friends,
Today i asked few of our employees & Some of my friends whether they have filed the IT Return or not, most of them simply said NO, because of their income is below 5 Lakh, I surprised because i know very well their CTC and all.
I replied them below mentioned two points
1. if your GROSS INCOME is above exemption limit (i.e. 2 Lakh) before giving the effect of Chapter VI A, then it is mandatory to file the return, the return can be either online or offline.
2. If your GROSS INCOME exceeds Rs 5 Lakh before giving the effect of Chapter VI A, then it is mandatory to file the return only in online.
The second point is reached very well, because more advertisements have been given to media (Newspaper, Radio, TV) and ignore the first point which is resulted to non filing the return.
Kindly give your comment and correct me if am in wrong.
CAclubindia
