Tax question.

#1
We made less than 1.5 lacs in 'profits' when we exercised options in March 2008. That's the only income we made in 2007. Should we file our tax returns?

We use ICICI.

Thank you
 

Cactus

Active Member
#2
Any income over than 1 lac is taxable.........and return should be filled........ if u have some investments (u/s 80 C) you can reduce it from ur income........

We made less than 1.5 lacs in 'profits' when we exercised options in March 2008. That's the only income we made in 2007. Should we file our tax returns?

We use ICICI.

Thank you
 
#3
Cactus. Thanks!

We were told anyone making less than 1.5 lacs need not pay tax. Is it that those who make between 1 and 1.5 lac have to file their returns but need not pay tax?

Married. The account is in my wife's name. Nither of us have any other income.

Regards,
 

diosys

Well-Known Member
#4
Cactus. Thanks!

We were told anyone making less than 1.5 lacs need not pay tax. Is it that those who make between 1 and 1.5 lac have to file their returns but need not pay tax?

Married. The account is in my wife's name. Nither of us have any other income.

Regards,
for the female the limit is 1.45 and not 1.5...hence if the income is below 1.45 then no need to file ITR...

Otherwise please take my suggestion and always file your ITR....it builds up your capital and creates a good history with the department that you are not a defaulter (not that non filing would make you a defaulter)......
 

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