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Filling return

28 June 2016

Dear Sir, I am a salaried person in a pvt. ltd co. My monthly salary is Rs. 8,500 /-. I want to make a IT file for taking loan from bank to start a business. I have no document of salary like Form 16 or bank payroll account. I receive my salary in cash. So, which ITR will applicable for me? Please reply anyone.

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13 Replies

Shishir Nayak ((Expert)) (369 Points)
Replied 28 June 2016

Filing income tax returns is mandatory for those whose total income is more than Rs.2,50,000, But If your total income falls below the taxable limit, but would like to keep a record than you also can file NIL Return and Filing a NIL return is no different from filing a regular income tax return.File ITR-1. should you have more query? ask here.

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CA Janani (ACA ACS DISA(ICAI)) (359 Points)
Replied 28 June 2016

JUST FILE ITR 1.. IT IS NOT REQUIRED TO HAVE FORM 16 AND ALL..

CA Janani (ACA ACS DISA(ICAI)) (359 Points)
Replied 28 June 2016

JUST FILE ITR 1.. IT IS NOT REQUIRED TO HAVE FORM 16 AND ALL..

CA Janani (ACA ACS DISA(ICAI)) (359 Points)
Replied 28 June 2016

JUST FILE ITR 1.. IT IS NOT REQUIRED TO HAVE FORM 16 AND ALL..

Dipankar Chakraborty (407 Points)
Replied 28 June 2016

Sir, If I will fill ITR 1 then if income tax wants prove of salary then how can I produce it, as I have no salary documents like Form 16 or bank statement as earlier stated. In ITR form it shows that salary as per form 16.

Secondly, after filling this return first time, will it filling in every year although I have nil tax?

Please reply.

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CA MANISH BINDAL (CHARTERED ACCOUNTANT ) (535 Points)
Replied 28 June 2016

Practically income tax department does not question such small incomes, but for your security you can write it on a paper and get it sign with your employer.

And secondly there is no need to file income tax return every year if total income does not exceed Rs. 250000 and if not TDS is deducted on it.

But Here I have a suggestion for you. As you will apply for loan to start a business but while showing such a small amount in your income you will not get positive result. It will be better enough to show other income under business and profession below Rs 120000 as there is no requiremtn to maintain reconrds below Rs 120000 under business and profession income. And file ITR-4. In itr-4 you can show business income as well as salary income.

Dipankar Chakraborty (407 Points)
Replied 28 June 2016

Ok thank you.

Dipankar Chakraborty (407 Points)
Replied 28 June 2016

Sir, If I will see my income as tution fees received in income from other source head then which ITR will eligible?

CA MANISH BINDAL (CHARTERED ACCOUNTANT ) (535 Points)
Replied 28 June 2016

In this case ITR-1 can be file. But it is better to show tution income under head business and profession.

subhash kumar jha (PROFESSION) (445 Points)
Replied 28 June 2016

Dear if u want to file return for obtaining bank loan purpose then show your correct salary amount and show tuition fees income in such manner so that total salary plus tuition income less deduction if any does not exceed 270000.

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Dibyendu Majumder (142 Points)
Replied 28 June 2016

First, you must open a bank account on your name. Because it is mandetory to provide account no., bank name & IFS Code at the time of filling return, in case if non refund/nil return.

Dipankar Chakraborty (407 Points)
Replied 28 June 2016

Subhas Kr hi, I can't show my actual salary as it is not paid by payslip or bank account.

Dibyendu Majumder (142 Points)
Replied 29 June 2016

I think its better to deposit your monthly salary after opening a new account or existing any savings bank account on your name, and withdraw cash as per your requirement.