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ITR Filing Request

Anju (Software Engineer) (32 Points)

17 August 2021

Hi, My Gross Salary is 4,54999. The question is since my Gross Salary is above 2.5L do I need to file ITR? If yes, can you guide me with a simple example taking my Gross salary as an example to file ITR? I am new to the Tax and ITR, I would appreciate if anybody could guide me regarding the same.

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 17 August 2021

Yes you have to file ITR.

Put the amount as gross salary and from that amount deduction can be claimed u/s 80C, 80D etc. like lic premium paid, medical insurance premium paid, interest on housing loan, interest on educational loan etc. and after deduction net salary will be arrived. And then tax will be calculated but in your rebate u/s 87A will be available as income will be less than 5 lakhs rupees, so it might be tax liability will be NIL

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Samantha J (1236 Points)
Replied 17 August 2021

Take out From 16 from employer.Download form 26AS from Inc tax portal.Take document for tax savings like Med insurance , interest certificate for FDs and savings account etc.Now use these documents to enter values in ITR 1 .Of you don't understand any items ask .

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Anju (Software Engineer) (32 Points)
Replied 18 August 2021

Thanks @ Samantha and @ Saurwv I appreciate your response. I would like to let you know that I have no other income and after exemption under 10 and 17 Standard deduction under Section 16 (I) and Professional tax My total income is 384,314. Since Its below 5L and therefore my tmTqx liability is NILL, why should I file ITR? ITR is to claim refund of tax if I have any tax saving Life insurance, house loan, Tution fee etc right? I do not have any such expenses and even if I do have I don't have anything to claim by filing an ITR because there's no tax getting deducted as Net salary is below 5L. In addition to that the above exemption which I was able to see was from income tax computation statement from my employer. Plus I would also like to know what are this Standard deduction?

Samantha J (1236 Points)
Replied 18 August 2021

Wrong.You have to file returns.You are not clear about the heads of income which you have.Salary, house property, capital gains, other sources, business/professional income heads.
Since your income is more than 2.5L you have to file returns.
Form 26 AS is a snapshot of what is known to Inc tax department. They have access to all TXN where PAN has been used.So they will catch you if you don't file returns!

Anju (Software Engineer) (32 Points)
Replied 18 August 2021

I understand, can you please tell me how filing ITR is important where I am not below Taxable slab. Could you please educate me with the importance and or benefits of filing ITR for a person who is below Taxable slab

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Samantha J (1236 Points)
Replied 18 August 2021

Your gross salary is more than 2.5L . You must file returns.It is not important that you must have taxable income in order to file returns.
Two documents are needed if you have only salary as income.Form 16 and Form 26 AS.If you have invested in tax savings deposit or medical insurance you must have these also.File ITR after reading instructions for filling ITR returns.
You will not get any notice if you file correct ly.

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