BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Must file a tax return
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Does not have file a tax return
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Either A or B
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None of the above
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Detailed explanation-1: -You simply add up all of your income sources before any tax deductions or taxes. For example, if last year you earned $100, 000 in salary, $1, 000 in interest income, and $12, 000 in rental income, your gross income for the year would be $100, 000 + $1, 000 + $12, 000 = $113, 000.
Detailed explanation-2: -Maximum Deduction under section 80TTA The deduction allowed is interest received on eligible saving accounts or Rs. 10, 000 whichever is lower.
Detailed explanation-3: -Who is Eligible to File ITR Form 6? In general, every company registered under the Companies Act, 2013 or the Companies Act, 1956, has to file ITR through form ITR 6 if it does not claim any tax exemption under Section 11 of the Income Tax Act.