Do i need to file IT return even if I earn an income below slab?

Question

I am working in a private company, and joined in November 2007. For the year 2007-08 my net salary is 87000 . I have not claimed any kind of HRA, medical bills or 80C deductions for tax exemption. I was given my form-16 with TDS as 0. Still do i need to file my IT return for the year 2007-08?

Answer 1

Return of income.

Section 139.

(1) Every person,

(a) being a company or a firm ; or

(b) being a person other than a company or a firm , 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 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

Max. amount not chargeable to income tax is Rs. 1,10,000/-

Answer 2

Yes you need to submit that Form-16 with TDS to the IT department through proper channel in order to let them know that you are below the tax slab

Answer 3

No, you are not required to file tax return unless your income is more than Rs. 1,10,000 for individual and Rs. 1,45,000 for women.

For more information: http://mytaxes.in/index.php?topic=32.0.  

Answer 4

if you got your PAN card, you have to file the return or else its not required

Answer 5

If some one thinks that he is not earning yearly to be counted under the taxable amount of salary, he need not to file the income tax return. When I visited a C.A. last he advised me such. I am also working in a private company and have got the PAN No. last year itself. So be  relaxed.

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Thank.s

Answer 6

Not necessary. It is good to do it but it is certainly not mandatory.

Answer 7

Even presently you are not in tax slab .After all you can file your tax return

it will good for your future tax/loan aspect.

from

subhash

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