Is your Income less than Rs. 5,00,000? Confused whether to file return or not?

ITR filing may be fun for some, a tedious work for some and a nightmare for others. But given a chance to avoid the process of filing a return we would love to! So here is good news for salaried individuals earning income less than Rs. 5 lakh.

If you satisfy all of the following conditions then you are not required file your ITR for Financial Year 2012-13

  1. You have salary income and/or interest form savings account only. Please note carefully the following points:-
    • The interest income mentioned above should be up to Rs. 10,000/- only. Thus if your interest income is more than Rs. 10,000/- but total income is less than Rs. 5,00,000/- then you will have to file your return.
    • Also this interest should be from one Savings Account only. Thus if you have interest income from more than one savings account you will have to file return
    • If you have earned interest on FDRs or NSC or any other investment then also you are required to file your income tax return even if the interest on it is less than Rs. 10,000/-.
    • Likewise if you have any other income like Rent, Profit on sale of shares, etc then also you will have to file return even if the income is less than Rs. 5.00 Lacs
  2. Your total income is not more than Rs. 5 Lakh.
  3. You have disclosed your savings bank interest to your employer.
  4. Your employer has issued you Form 16 and has shown the savings bank interest in it.
  5. This total income is income after deductions u/s 80A-80U.
  6. You were employed under one employer only throughout the year.
  7. Your employer has deducted the entire tax that is payable by you by deducting TDS and has paid the same to the government.
  8. There is no refund due.

Now when you have decided whether you have to file return or not it’s time to decide whether you have to Efile your return or you can file it manually. The rule for this is very simple and it can be summarized in one line; It is mandatory for every person to e-file the return if his total incomeexceeds Rs. 5,00,000.

Mytax café view: One should always efile his return whether the income is below or above 5.00 Lakh because there are many benefits of efiling. To know about such benefits click here.

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