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Itr1

Praveet (Accountant) (469 Points)

30 November 2016

Dear Sir,

ek indivisual person (income from salary) ji pahale kabhi ITR return nahi lagai kya ab wo kewal FY 15-16 ki return laga sakata hai ya fir dono FY (14-15 AND 15-16) ki bhi return lagani hogi plz guide me.

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4 Replies

MAULIK GANDHI (Tax Assistant) (221 Points)
Replied 30 November 2016

Dear Praveet,

ITR Filing is mandatory in case you have taxable income, if your indivisual(Individual) person has income which is above basic exemption limit (2014-15;2015-16:- 2,50,000, for senior citizen and very senior citizen limits are different) then he has to file ITR.

But i would like to draw your attention to CBDT Notification 9/2012 which say

Income tax return for salaried class persons has been exempted if total income is less than 5,00,000 ,subject to some conditions .The conditions and wording of the notification is identical with last year notification and same is the timing late,so that no body can avail this exemption in correct sense.

As per new notification Income tax return is not required to filed by Salaried employees if their total Income is less than 500000(five Lakh) and they are satisfying few Conditions .Income Tax department has issued notification no 9/2012 in this regard .This exemption is available only to specific category of employees .Following conditions are to be satisfied to claim exemption from return Filing .

Who can Claim Exemption

This exemption is available to Individual assessee only (He may be resident or not)
Total Income(after deduction 80C to 80U) of Individual must be up to Five Lakh Rupees only.
Income must be earned from Salary and/or Saving Bank Interest up to Rs 10000/- .Pension is also covered under salary head.
Individual must have reported his pan to his employer.
He has Earned salary only from one employer during the year.
He has reported his income from saving Bank Interest to his employer for TDS deduction purposes.
Employer has deducted the tax on his Full income,salary plus interest {if any},and tds has been deposited in Govt account by the employer.
No refund is Due to assesse.
Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail.

Since therefore i will suggest read this notification and decide what to do.

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Dwarkesh Radadiya (CMA) (35 Points)
Replied 30 November 2016

Income tax Return can be filed for P.Y. 2014-15 and 2015-16 only, however in case there is any notice u/s 142 for non filing then one can file return for the period mentioned in the notice.

Apart from that in case of refund, returns can be filed for 6 yrs from the assessment year in which claim is being made Provided it is allowed by the income tax authority on condonation application for justifying such delay.