Who should ITR online this year on the basis of Total Income ? – What is Total Income as per Income Tax Provisions ? – Income Tax 2014-15 (Assessmentt Year 2015-16)
We all know that relevant Income Tax Return (ITR) forms are to be filed with Income Tax Department by all Salaried Employees including Central Government Employees and Pensioners on or before 31st August 2015. Recently on 23rd June 2015, income tax department has released simplified ITR forms such as ITR-1, ITR-2, ITR-2A etc.
Income Tax has also given instructions for filing of Paper form Income Tax Returns (manual ITR) on the basis of Total Income of tax payer (Read Instructions issued by Income Tax Department along with release of ITRs for the Year 2014-15)
Who has to file Income Tax Return 2014-15 online only?
As per these instructions, an individual (other than the individual who have attained 80 year of age and above) having refund claim in the ITR on account excess payment of Income Tax over and above actual Income tax payable, or having total income exceeding Rs. 5 lakh during the year 2014-15.
How Total Income for the Year 2014-15 is calculated for the purpose of determining filing of ITR online ?
|Income from salary||Rs.|
|Add / Less Income / Loss from from house property||Rs.|
|Add Capital gains if any||Rs.|
|Add Income from other sources||Rs.|
|Gross Total Income||Rs.|
|Less : Exempted Income such as LTC, HRA, Transport Allowance, etc subject to eligibility under Section 10 of IT Act|
|Less : Deductions under Chapter VI-A (i.e. under section 80C to 80U)||Rs.|
|Total Income (i.e., taxable income)||Rs.|
As per the above illustration, Total Income for the purpose of filing ITR online will be Taxable Income taken for determining Income Tax viz., Gross Total Income less all eligible exemptions and deductions. Hence, if Taxable Income of a Salaried Employee is more than Rs. Five lakh (Rs.5,00,000), then he / she has to file relevant Income Tax Return online. If taxable Income is not more than Rs. 5 lakh but exceeding Rs. 2.5 lakh, then Income Tax Return can be filed either manually at the Income Tax Offices or through Online.
How to file Income Tax Return – ITR Online ?
Which Income Tax Return (ITR) should I file ? – Difference between ITR-1, ITR-2 and ITR-2A