POSTED BY February 16, 2014 2:00 pm COMMENTS (2)
ONManish Ji, I have a few questions on IT return filing. In current FY (2013-14), my estimated income will be Rs. 2.7 – 2.8 lakhs. I have put 1 lakh in PPF so I know I wont have to pay tax. Now my questions are:
1. Somewhere I read that below 5 lakhs it is not necessary to file IT returns. Is it true? So, in my case do I have to file IT return?
2. If I have to file, which form should I choose? I work as a contractual lecturer in a college (and get salary), and earn Google AdSense revenue through blogging. I also get some direct payments from companies / individuals for website designing / SEO / guest blogging / freelancing etc. Once I was told it would be ITR-2. But will blogging revenue and freelancing remuneration be considered earning from profession? Will it be ITR-4 in that case?
Regards,
Kumar
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Thank you, Ashal Ji! That was quick!
Dear Kumar, as your combined income is just 2.8L Rs. and post PPF saving it’s less than 2L Rs. you need not to file your ITR. FYI – due to your google ad sense and other non teaching professional income, you w’d have to file ITR-4, if you like it to file any way.
Thanks
Ashal