salary below Rs. 5L, return should be filed for ay. 2011-12?

Which amount from form 16 must be considered - Income under the head salaries / Total income (after deductions) ? Also, I have read on a website that the Govt. is yet to issue a notification and individuals should wait till they get more clarification from the Govt.

asked Jun 11 '11 at 00:24 by Sachin 1111

A person need not to file income tax return in case taxable income (salary and interest income) is up to Rs 5 lakh.

Taxable income is before any deductions. in Form 16 this is the amount under head Income Chargeable under the head 'salaries'.

answered Jun 11 '11 at 10:08 by pankaj 5.2k320


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Asked: Jun 11 '11 at 00:24

Seen: 1,762 times

Last updated: Jun 11 '11 at 10:08