Is this mandatory to file salary returns for the income below 5 lakhs
3 Replies
raki reddy
(B.Com)
(50 Points)
Replied 11 June 2014
If the employe getting salary below 5 lacs from a single employer and not have any other sources of income and TDS is deducted and got the Form 16 downloaded from TRACES, employee need not to submit ITR
Muniswamy nayak veerabhadrappa
(Smilax Laboratores Limited Jeedimetla)
(104 Points)
Replied 11 June 2014
Thank you MR. Reddy. But, in my case where my role is Consultant and drawing a monthly salary and computation for one year comes to 4,50,000/- W ith TDS @ 10%, net salary is 4,05,000/-
I have been issued Form 16A from my employer. I need to file ITR is it not to claim my TDS amount?
Solicit your clarification on the above and also which ITR I should apply thru.
M Veerabhadrappa
raki reddy
(B.Com)
(50 Points)
Replied 11 June 2014
It is professional income, so you have to use ITR 4. You can also use ITR 4S, if you dont want to prepare income n expenditure and balance sheet.
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