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.
1 Answers
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'.
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