Friends,
Due date to file Income tax for Non -audit cases for assessment year 2010-11 is 31.07.2010.But many of us has not filed their return And few person have a impression that there is no need to do so If their employer has deducted the TDS from Salary Income or their taxable Income is less than the exemption limit after taking the benefit of Section 80C to 80U benefit.
But leagal position is different.As per section 139(1) proviso ,income tax return is to be filed if person gross total income not net taxable income , is More than exemption limit means if you have earned 2,50000 in Fy 2009-10 and saved 100000(u/s 80C) and your net taxable income is 250000-100000=150000 Rs even then as per Income tax act,you have to file return as your Gross total income(250000) is more than 160000 .
So as per above rule to check whether Income is more than exemption limit or not for Income Tax return filing purpose ,we should consider income before giving effect to deduction under Chapter VIA ie deduction u/s 80C to 80U.
More over while considering income for Income tax tax return purpose person should not give effect to exemption under section 10A and 10B and 10BA.
So be ready for filing of return if your Gross total Income Is more than exemption limit or even your employer has deducted due tds on your income. As it is mandatory to file retrun of income to such persons .
Relevant rule is reproduced hereunder
Provided also that every person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year, without giving effect to the provisions of section 10A or section 10B or section 10BA or Chapter VI-A exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.
Read without giving effect to the provisions of section 10A or section 10B or section 10BA or Chapter VI-A
For Assessment year 2010-11 Exemption Limit for Individual is given below
1. For Male Resident =160000
2. For Female resident=190000
3. For senior citizen resident =240000
4. For Huf=160000
5. For other Individuals =160000
You can download all forms of Income Tax FROM HERE
But leagal position is different.As per section 139(1) proviso ,income tax return is to be filed if person gross total income not net taxable income , is More than exemption limit means if you have earned 2,50000 in Fy 2009-10 and saved 100000(u/s 80C) and your net taxable income is 250000-100000=150000 Rs even then as per Income tax act,you have to file return as your Gross total income(250000) is more than 160000 .
So as per above rule to check whether Income is more than exemption limit or not for Income Tax return filing purpose ,we should consider income before giving effect to deduction under Chapter VIA ie deduction u/s 80C to 80U.
More over while considering income for Income tax tax return purpose person should not give effect to exemption under section 10A and 10B and 10BA.
So be ready for filing of return if your Gross total Income Is more than exemption limit or even your employer has deducted due tds on your income. As it is mandatory to file retrun of income to such persons .
Relevant rule is reproduced hereunder
Provided also that every person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year, without giving effect to the provisions of section 10A or section 10B or section 10BA or Chapter VI-A exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.
Read without giving effect to the provisions of section 10A or section 10B or section 10BA or Chapter VI-A
For Assessment year 2010-11 Exemption Limit for Individual is given below
1. For Male Resident =160000
2. For Female resident=190000
3. For senior citizen resident =240000
4. For Huf=160000
5. For other Individuals =160000
You can download all forms of Income Tax FROM HERE
