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Exemption in filing assesee who having salary income lt;5 lakh

S.S.Aravindhan (chartered Accountant) (78 Points)

11 August 2012

The assess is a govt doctor, having salary income below 5 lakhs. he running private clinic result in depreciation loss. Whether he have to file retun or can enjoy exemption from filing return under salary income below Rs.5 lakhs. Please any one clarify

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2 Replies

CA.Saibaburao Nanduri (Chartered Accountant) (3847 Points)
Replied 11 August 2012

Dear Mr. S.S. Aravindhan !

If a ‘salaried class’ assessee fulfills the following conditions, he need not file the return of income !

Individual status
Total income does not exceed Rs.5 lakh
Income consists of
- Salary
- Interest not exceeding Rs.10,000/- from SB A/c in a bank
Has reported PAN to his employer
The employer has deducted the tax
Has received Form 16 from his employer
Has no refund/tax liability
Has received salary from only one employer

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Priyanka (Chartered accountant) (371 Points)
Replied 15 August 2012

Sir, Your cilent has Income (Loss )under the head BUSINESS & PROFESSION as he is running his private clinic. He has Income apart from his salary Income. Exemption is available only for Persons Having Income from Salary source and not from any other source.