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POSTED BY ON October 2, 2012 9:14 pm COMMENTS (6)
Dear Sir,
As per the budget of this year for individual income upto Rs.200,000 is exempt from Tax. Further I would like to know apart from this Rs.200,000 how much one can Invest in any saving schemes to expempt from Tax. ie, upto Rs. 200,000 + X Rs.(Investment in saving schemes). So total how much income is exempt from Tax for a salaried person.
Please inform me where I should check for the answer of this question, because before also I asked a question through your forum but, I am not getting the answer for that.
Rgds,
RKV
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Dear Singhji,
Yes you are absolutely right & I am sorry I was confused between the two ie, Paying Tax & filing ITR.
Now it is very well clear. Thanks a LOT.
Please keep yourself updated with the latest news. Its mandetory to pay tax if you are in 10% slab but its not necessary to file the return if your income is less than 5L. Filing return and paying tax both are not the same. Filing ITR is just filling a form and send it to the TAX department.
It become necessary to fill ITR in following cases:
1. If your incme is more than 5L.
2. If you need to get any money from IT because extra tax was deducted.
3. If you are planning to go abroad for work for long term
4. If you are going to take loan like home loan then they ask for 3 years ITR.
But its suggested to fill the ITR becasue you may require it for some official purpose like applying loan.
If the income is less than 5L then its not necessary to file ITR. But still its suggested to file.
Dear Singh Sir,
Thank you very much for your answer. But, again the confusion from your reply is ‘If the income is less than 5L then its not necessary to file ITR.’
Please feel free to clarify this.
1. I mean income upto 3L is exempt from Tax & no need to file ITR (Provided 1L savings).
2. Income from 3L-5L will be in 10% tax slab I suppose & then ITR may be compulsory I am thinking.
Plesae give your valuable comments.
Dear Sir,
Thank you very much. Further is it necessary to file ITR if the income not exceeding Rs.3,00,000 provided Rs.1,00,000 invested in PPF/LIC etc in a financial year.
Upto 1,00,000 tax benifit you can get if you invest in healt/life insurance, PPF or PF.