Exemption of salaried income upto Rs. 5 lacs

Page no : 2

ROHINI R (Article Assitent) (22 Points)
Replied 24 June 2011

Thanks for Sharing

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Rockstar D (Student CA FINAL) (74 Points)
Replied 24 June 2011

Thank u sir.......for providing more clarification

CA Akshay R. Neekhra (M.Com, CA, DISA) (53 Points)
Replied 24 June 2011

Is it mandatory not to file return for salaried persons upto Rs.5 Lacs or voluntary that we can file even if this circular is passed......pls advice.sir

CA B.S.Sridhar (Chartered Accountant) (278 Points)
Replied 25 June 2011

Originally posted by : Akshay R. Neekhra
	Is it mandatory not to file return for salaried persons upto Rs.5 Lacs or voluntary that we can file even if this circular is passed......pls advice.sir

It is not mandatory. It is at the option of the assessees. If you decide to file Income tax returns, you can do so..

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ramana murty (Chartered Accountant) (27 Points)
Replied 25 June 2011

It is not mandatory not to file return.The notification only says not required and it does not say Shall not file return.If some individual who is a salaried employee wants to file return this notification does not bar them.

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Shaik ( M.com,IC(W)AI - Inter) (723 Points)
Replied 25 June 2011

thank you very much for sharaing valuble informantion !!

sanjeev (student CA CS) (295 Points)
Replied 25 June 2011

thanks for awake me by sharing the latest update

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
Replied 25 June 2011

Originally posted by : sanjeev
	thanks for awake me by sharing the latest update

CA AJAY KUMAR AGRAWAL (PRACTICE) (815 Points)
Replied 25 June 2011

Govt. officials (particularly ITax officials) have become habituated of making us fool every day & we are also enjoying the same (coz we dont have the other way). There have been prescribed so many conditions and that too has been notified much after the last date of issuance of Form 16 for FY 10-11. What's the use of same now, lets see how many intelligent assessees are there in country to make a use of the same.

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 25 June 2011

Thank you all for your kind word of appreciations...

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Ashish Toms (CA Final) (206 Points)
Replied 25 June 2011

This is really confusing and also a waste to say the least. As per my understanding based on this if a person earns interest on fixed deposit he has to file return. Also was just wondering how much one has to have in his SB account to earn an interest of upto Rs. 10000 for the year. Plus if he has paid interest on housing loan he has to file return as it is shown as loss from house property which comes under head not covered by the exemption.

This only based on mine and my collegues understanding. Further clarifications are welcome.

Regards,

Ashish

Sumiti Jain (FP) (1364 Points)
Replied 25 June 2011

i m also confused coz a salaried person may also have another income, how it can be adjusted?

Satish (CA (Final), CS (Final)) (172 Points)
Replied 25 June 2011

IF the salaried people wants any home loan or other loans the bank people will ask for the return submitted to the income tax department at that time what acknolgment or what proof he has to submit to the bank for availing the loan, at present the bank will collect the IT return filed by the employee, now the employee has to submit his Form 16 issured by the employer or what please clarify this point.

Ashish Toms (CA Final) (206 Points)
Replied 25 June 2011

@ sumiti jain: Incase the he has income from any other source other than Salary from a single employer and interest on SB account exceeding the specified limits he has to file return.

@ Sathish: It seems like that. He may be able to give his form 16 to the bank as proof of income. but as to how much it is valid is a not known. Maybe he can give a copy of his 26 AS along with copy of his PAN. I think that too is a valid proof.

Regards,

Ashish