VIJAY KUDTARKAR (ACCOUNTANT) (291 Points)
11 December 2012I have filed income tax return for the financial year 2011-12 due to refund tax which was deducted on commission.
Is it complusory to file income tax return for financial year 2012-13 my yearly income is less than 5 lacs.
Kindly advise
Thank you
Regards
VIJAY
Durga Prasad
(Trainee)
(392 Points)
Replied 11 December 2012
If your income is only through salary, then it is not necessary but if you have any other source of income then you have to file
VIJAY KUDTARKAR
(ACCOUNTANT)
(291 Points)
Replied 11 December 2012
I have salaried employee only and there will be Bank interest (from Saving Bank A/c and F.D. A/c) approx. Rs. > 2000/- then ?
Plz reply
Durga Prasad
(Trainee)
(392 Points)
Replied 11 December 2012
I will sugest to file I.T.return, if your income is more than the slab.
In future you may require I.T.Returns for any instance, so better to file return which would make your income clean/white.
VIJAY KUDTARKAR
(ACCOUNTANT)
(291 Points)
Replied 11 December 2012
I want to ask another think, i got cash of sum of Rs. around 700000/- from my father i have deposited into the bank current f.y. is it taxable or what ?
Can you suggest ?
Durga Prasad
(Trainee)
(392 Points)
Replied 11 December 2012
Had you deposited cash in your account at a time or partly??
VIJAY KUDTARKAR
(ACCOUNTANT)
(291 Points)
Replied 11 December 2012
partly but total approx. 700000/-
(1 lac, 2.5 lacs, 0.6 lacs etc.)
Durga Prasad
(Trainee)
(392 Points)
Replied 11 December 2012
You should show in your books and you have justify to AO if scrutiny comes, that from where did your father get the amount.
Durga Prasad
(Trainee)
(392 Points)
Replied 11 December 2012
but the officer will ask what is the source of your father's income.
VIJAY KUDTARKAR
(ACCOUNTANT)
(291 Points)
Replied 12 December 2012
He brokedown F.D. which was in Co-operative Bank
Then ?
Durga Prasad
(Trainee)
(392 Points)
Replied 12 December 2012
Then it is o.k., n make a gift deed b/w your father n you
VIJAY KUDTARKAR
(ACCOUNTANT)
(291 Points)
Replied 12 December 2012
Is there specific format for Gift Deed as per imcome tax act ?
Durga Prasad
(Trainee)
(392 Points)
Replied 12 December 2012
There is no specific format for Gift Deed as per income tax act but general gift deed is made on a 100 rs. stamp paper.
VIJAY KUDTARKAR
(ACCOUNTANT)
(291 Points)
Replied 12 December 2012
ok Thank you very much for information
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