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File itr - or not

11 March 2014

If the income of a person exceeds INR 215000 and 55000 is deposited in PPF to availe 80C benefit, then the net Amount falls to 160000... Wil the person in this case needs to file ITR and Deposit Tax?

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9 Replies

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 11 March 2014

Dear Yes you have to file your return. But as per latest notification if you have only salary income and interest income(below 5Lakhs) and TDS is deducted by your employer than no need to file your return. This is in the case on resident.

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siva thunder (article student) (253 Points)
Replied 11 March 2014

agreed with manoj

siva thunder (article student) (253 Points)
Replied 11 March 2014

my client(individual) turnover is 43 lakhs from businees , 80C is 1,00,000, and housing loan paid is interest 1,02,619 and principal is 5,309

Do can i file ITR 4S

Wae Jing Lonthaw (Others) (341 Points)
Replied 11 March 2014

Then I don't need to submit Tax?

siva thunder (article student) (253 Points)
Replied 11 March 2014

if tds is allready deducted then there is no need

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Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 11 March 2014

Dear Siva I suggest you to file itr 4 for the same.

Wae Jing Lonthaw (Others) (341 Points)
Replied 11 March 2014

Is TDS also deducted on Direct Income? Bank has already charged TDS on Deposits, and can I claim TDS returns after Tax saving and my actual income from all sources above INR 2.15 Lacs?

Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 11 March 2014

Dear Jing please tell your all incomes here or in pm will let you know what is your tax liability. Also tell me your residential status and all tds details and incomes.

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