Is it necessary to file income tax return after deducting TDS?

I am 28 years and reside in Mangaluru. I have been working for the last 4 years. I earned a salary around INR 3 to 4 Lakhs each year and filed ITR. In my third year of working (Financial Year 2015-16), I earned INR 7 Lakhs and my employer deducted TDS, so I didn't file ITR. I have now got an income tax notice for not filing ITR. I am worried and don't know what to do?

Asked by : Vignesh - Mangaluru | 326 Views

First of all, Don't panic. Many people do not file ITR because they are under the belief that since TDS has been deducted, they don't need to file ITR. It is mandatory to file ITR, if total income exceeds INR 2.5 Lakhs before considering Chapter V1-A deductions.You have most probably got this notice because you have filed ITR in the past, but have not filed your ITR for a particular year. So check these points: 1. The first thing you do, Check the Section under which you have got the notice. 2. A notice under Section 142(1) is issued when you fail to file your Income Tax Return for an assessment year on time.Section 143(1) - Calculation of computation of Income Tax by the IT department does not tally with your calculations in your IT return. Whatever happens, Don't ignore the notice. Collect required documents as per the Section under which the notice has been sent and send a cover letter informing the assessment officer of your submission against the notice.Submit your case before the last date as listed in the IT notice, usually 30 days. If you don't respond to the notice within the time limit, you could pay a penalty of INR 5,000 + interest, or even more.