is this any amendment in union budget that if an individual income is below 5 Lac p.a then the person don't need to file the income tax return?
7 Replies
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 02 March 2011
Salary earners having an income of less than Rs 5 lakh will not have to file tax returns from this year. “Salaried people, may be up to Rs 5 lakh…they need not file the (income tax) return. The exemption from filing tax returns come into effect from the assessment year 2011-12. The decision, which will come into effect from June 1, 2011, will reduce the compliance burden on small taxpayers.
In case such a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction.
Gourav Kapoor
(CA Final Student)
(2977 Points)
Replied 02 March 2011
Deduction of tax is mandatory in that case...m i right ?
Vikash Kharvar
(Dy. Manager -F&A)
(469 Points)
Replied 02 March 2011
Yes, as per new Union budget effective from new financial Year i.e. 2011-12 no individual is require to file income tax return whow's income is less than Rs. 5 L (Income from Salary only).
Pralay Chakraborty
(Service)
(482 Points)
Replied 05 March 2011
Dear all
Union budget specified that w.e.f. new financial Year i.e. 2011-12 no individual is require to file income tax return who's having only from income from salary is less than Rs. 5 L....on that case form 16 A will be issued by the employer to emplyee & tht will be TAX RETURN and as well as proof of deducton.
ANIL KUMAR
(Qualified CA Qualified CWA)
(143 Points)
Replied 05 April 2011
what if the salaried employee has income from House property and he has given those detail to the Employer and the Employer has considered the income from house property for TDS calculation???
Is there any need to file income tax return?
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