what must be the minimum taxable amount to file income tax returns?



some months back I had read in one of the news paper that if the taxable amount is less than five lacks then there is no need of filing the income tax returns. Is it true?

what must be the minimum taxable amount to file income tax returns?
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2 Replies to “what must be the minimum taxable amount to file income tax returns?”

  1. Yes, even i checked the same, but that is possible for salaried person and who don’t have any other source of income…
    tax payers whose annual income comprising salary and interest is up to Rs 500,000, are not required to file income-tax return from now onwards,,,

    The scheme would cover those salaried persons whose interest income per annum is up to Rs 10,000, Central Board of Direct Taxes said.

    “The CBDT has notified the scheme exempting salaried taxpayers with total income up to Rs 5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011,” Central Board of Direct Taxes chairman Prakash Chandra told reporters in New Delhi.

    http://www.rediff.com/business/slide-show/slide-show-1-no-i-t-returns-on-income-up-to-rs-5-lakh/20110623.htm
    http://mutual-funds-personalfin.blogspot.com/
    Tax Slab for Assessment Year 2011-12 (F Y 2010-11)
    Nil
    Up to 1,60,000
    Up to 1,90,000 (for women)
    Up to 2,40,000 (for resident individual of 65 years or above)


  2. THERE IS NO MINIMUM AMOUNT TO FILE INCOME TAX RETURN

    U CAN FILE YOUR RETURN IF YOUR INCOME IS LESS THAN TAXABLE LIMIT 160000/-

    BUT NO PANELTY IMPOS IF U NOT FILE YOUR RETURN LESS TAHN 160000/-

    BUR TO SALARY PERSON THERE IS LIMIT OF RS. 500000/- TO NOT FILE OF RETURN BUT TDS

    TAX DEDUCTED BY EMPLOYER





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