S U Nair (Accounts Officer) (79 Points)
13 July 2012What is the rule of Income tax return of Salaried person through ITR-1. In the last budget mentioned who is getting salary P.A below 5 Lac , they have no need to make Income Tax return. Shall I correct or not ?. In my bank statement showing only salary for the month and small amount bank interest. So I am excluded for Income Tax return .
Santosh
Parihar Gopal
(Corporate Taxation )
(392 Points)
Replied 13 July 2012
No.402/92/2006-MC (14 of 2011)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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New Delhi, dated the 23rd June, 2011
PRESS RELEASE
The Central Board of Direct Taxes has notified the scheme exempting salaried
taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year
2011-12, which will be due on July 31, 2011.
Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable
deductions, consisting of salary from a single employer and interest income from deposits in
a saving bank account up to Rs.10,000 are not required to file their income tax return. Such
individuals must report their Permanent Account Number (PAN) and the entire income from
bank interest to their employer, pay the entire tax by way of deduction of tax at source, and
obtain a certificate of tax deduction in Form No.16.
Persons receiving salary from more than one employer, having income from sources
other than salary and interest income from a savings bank account, or having refund claims
shall not be covered under the scheme.
The scheme shall also not be applicable in cases wherein notices are issued for filing
the income tax return under section 142(1) or section 148 or section 153A or section 153C of
the Income Tax Act 1961.
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