Wednesday, July 28, 2010

Submission of Income Tax Return

             Everyone knows that Last Date for submission of Income Tax Return is 31st July which is very much near.  No doubt, lot of persons have already submitted their income tax returns but many persons think that they have deducted their due Income Tax with the deductor and submitted his all  information to his employer.   Now in their views , they are free and no need to submit his Income Tax Return.  Whereas in such case employer has completed only  his duty.

           It fact as per Income Tax act, actual position is quite different.  As per Income Tax Act 1961 under section 139 (1),  It is compulsory  to submit Income Tax Return to all those whose Total Income exceeds the basic exemption limit.  I mean to say word is used "Total Income" instead of Taxable Income.  Effect of this is that a personal receiving  Salary more than 1,60,000/ (for male)  in a year is liable to submit his Income Tax Return. There is no matter that he has saved  Rs. 1,00,000 in GPF, PPF or any other investment under 80C,80D, 80G or any other deduction. 

Year wise Basic Exemption Limit and easy Income Tax Calculation can be viewed on clicking Here

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