If a persons gross salary is >1 lakh Rs and taxable income is < 1 lakh shall he file it returns?(saral)

Question

I mean for taxable income below 1 lakh(i.e.after deducting savings like insurance etc from gross salary) no tax to be paid as per income tax rules..But his gross salary is more than 1 lakh.So,shall he has to file income tax returns in form 16 and saral

Answer 1

Better file returns.

Answer 2

Any person who has a taxable income after factoring in various exemptions available under the Income Tax Act has to necessarily file an income tax return.

In simple words, if the income of a person goes beyond a certain exemption limit then filing a return is mandatory. This limit varies for males, females and senior citizens. The exemption limit is Rs1,00,000 for males, Rs1,35,000 for females and Rs1,85,000 for senior citizens. Senior citizens are individuals who have attained the age of 65 or more any time during the financial year (FY) for which the tax is being calculated.
(Refer site:http://www.dnaindia.com/report.asp?NewsID=1043450 )
If you donot file return this year it is okay (as taxable income is <1lac) but I advise you that you should file return so thatsuppose in near future your income again crosses the limits,a continuity of returns is maintained

Answer 3

its better to file a return this year too, so that next year , in case you have to pay taxes, you dont have problems in showing where the existing balance in your bank account came from. For the sake of continuity and simplicity.

Answer 4

YES, You have to file return eve if there is no tax payable by you, sine your gross income is > 1lakh.