Individuals having income not exceeding Rs. 5 lakhs from salary or pension - not required to file IT Returns

Individuals having income not exceeding Rs. 5 lakhs from salary or pension - not required to file IT Returns

Govt. has exempted the following class of persons, from the requirement of furnishing a return of income for the assessment year 2011-12,  (Vide
NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)], DATED 23-6-2011):

1. Class of Persons: An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—
(A)  "Salaries"; (B)  "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.

2. Conditions: The individual referred to in para 1 : 
(i)  has reported to his employer his Permanent Account Number (PAN);

(ii)  has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;

(iii)  has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Govt;

(iv)  has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;

(v)  has no claim of refund of taxes due to him for the income of the assessment year; and

(vi)  has received salary from only one employer for the assessment year.

3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice has been issued for filing a return of income for the assessment year.

 

Courtesy : Voice of Rail Engineers