Q.
I am a salaried person. My Total Earning is Rs.1,64,000 and Professinal Tax is 1600 and Provident Fund Deduction is 12000.
Should I File Income Tax Return ?
About: FAQ: The benefits of filing income tax return
Asked by JOYDEEP SINHA,
15 Jul '10 07:58 pm
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Answers (5)
1.
The professional tax is deducted and that leaves 1,62,600 as taxable income. Since that exceeds the limit of 1,60,000 you need to file a return though you would not pay any tax. The PF of 12000 is allowed to be deducted under Section 80 C. So, your tax liability is NIL and you need to file a return for records.
Answered by Venkateswaraswamy Swarna, 15 Jul '10 08:17 pm
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2.
Filing of return even for Nil tax paid, base don Form 16 provided by the employer, is adviseable. In case any time later if you want to avail yourself a loan from a bank, they want Return for last 3 years strictly. The question is that whether you are tax payer or not, it enhances your credibility.
Answered by Jim, 15 Jul '10 08:43 pm
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3.
Yes Joydeep , You have to file IT Returns . The person who earning Total income of Rs 1,60,001 to 5,00,000 : Should pay 10% . You can contact with a IT Consultant for more info
Answered by Musfer, 15 Jul '10 08:12 pm
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4.
As per law even if you are not eligible to pay tax , you still need to file return
Answered by Gernal Singh, 15 Jul '10 08:02 pm
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5.
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