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ITR Filing after exemptions and deductions

Eswar Reddy S (CFO- at NHTF) (58270 Points)

13 March 2022

Income before exemptions and deductions is 700000/-

Income After exemptions u/s 10 to 24 but before 80C to 80U is 5.2Lacs

Gross Total Income after all deductions is 2.4Lacs

Whether Income Tax Filing is mandatory ?

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12 Replies

shreya vora (69 Points)
Replied 13 March 2022

Yes compulsory.
As per sec 139(1) If GTI before deduction under CH-VIA and before exemption u/s 54 to 54GB is more than basic exemption limit that person person has to mandatorily file ITR

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 13 March 2022

What if the GTI is 2.4lacs before 80C to 80U is 2.4lacs ?

shreya vora (69 Points)
Replied 16 March 2022

Since not exceeding BEL (i.e. 2.5Lacs in case of individual below 60 years)
its not mandatory to file ITR.

Provided person has not incurred >2L on foreign travel
not incurred >1L on electricity
not deposited >1Cr in current A/C
not having asset located outside india or signing authority in an account outside india.

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 16 March 2022

If no such other exp incurred, Is it still not required to file ITR with 700000/- Income , 2.4lacs after exemptions but before chapter VI deductions

shreya vora (69 Points)
Replied 16 March 2022

What I explained u was for individuals only.

n if its a co. or partnership firm or llp
then ITR filing is mandatory irrespective of any income

in case of individual
if your GTI before any CH VI A ded. and any exemption u/s 54 to 54GB is less than BEL then ITR not mandatory.

well,
in case of individual, though your taxable income (GTI) is less than BEL,
plz check form 26AS if there has been any TDS on any investment or anything
if u want TDS refund then file ITR.

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 16 March 2022

In my opinion it is better to file ITR since 7lacs has gross pay .Notice can come to show the cause for non filing of ITR

sabyasachi mukherjee (27574 Points)
Replied 16 March 2022

If taxes are paid on time and as per Act then there will be no issues

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 16 March 2022

There won't be any tax since GTI is less than 2.5lacs

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 16 March 2022

Income tax deductions are a specified amount of certain expenses incurred by the taxpayer during the financial year that can be subtracted from their gross income to calculate the tax liability. Income tax exemptions are specific income that is not included in calculating the tax liability for paying Income taxes. Exempt Incomes are the incomes that are not chargeable to tax as per Income Tax law i.e. they are not included in the total income for tax calculation while taxable Incomes are chargeable to tax under the Income Tax law. Exempt income is those on which tax is not likely to be paid. You should claim 0 allowances on your 2019 IRS W4 tax form if someone else claims you as a dependent on their tax return. (For example – you're a college student and your parents claim you). This ensures the maximum amount of taxes are withheld from each paycheck. You'll most likely get a refund back at tax time.

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 18 March 2022

Why we get daily 3 to 4 calls or messages for loan , credit card etc ?

Are the banks allowed to share contact details of customers to outsiders ?

Banks sharing contact details to outsiders

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Samantha J (1236 Points)
Replied 19 March 2022

It's a fraud attempt. people leave banks after some time and carry details of customer with them. it's very common these days. when the person calls ask the number from which they are calling and the bank branch name and address. you can cross verify these and you can get to know if it's a fraudulent attempt by the caller!

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 19 March 2022

Yeah .It's very true that they customers information is going to hackers and spamsters..

It's against RBI guidelines.

Customer mobile number and other details should be encrypted in the database with ***** etc