neel (Managing Editor) (50 Points)
23 July 2011
Salaried tax payers whose income is up to Rs 5 lakh per annum, will not have to file income-tax return individually. The tax will be deducted automatically by their employers.
The Central Board of Direct Taxes official said, "No income tax returns is required to be filed for salaried persons whose annual income including salary and interest is up to Rs 5 lakh. We would shortly notify this”.
Source: Breaking News
Prateek Jayachandra
(Tax & Audit Professional)
(49 Points)
Replied 23 July 2011
The salary + interest should not exceed Rs 5,00,000,
But the interest component must be only "Interest from Savings Bank account" & the interest should not exceed Rs 10,000 for the PY 10-11.
Prachi
(CA FINAL)
(2309 Points)
Replied 23 July 2011
This limit applicable for Gross income or net income?
Er_mathur
(Engineer-Network Consulting)
(27 Points)
Replied 23 July 2011
Hi all,
I've income of less than 5 lpa..
So it means i NEED NOT FILE any INCOME TAX??????
Is this true??
Pls help...
ankur bansal (CA Final)
(student)
(124 Points)
Replied 24 July 2011
gross income would be consider in 500000.....................
CA RAHUL AGARWAL
(CA, B.com)
(250 Points)
Replied 25 July 2011
No Income tax return is required to filed by Salaried employees if their total Income is less than 500000(five Lakh) and they are satisfying few Conditions .Income Tax department has issued notification no 36/2011 in this regard .This exemption is available only to specific category of employees .Following conditions are to be satisfied to claim exemption from return Filing .
Who can Claim Exemption-:
1.This exemption is available to Individual assessee only (He may be resident or not)
2. Exemption is available for Assessment year 2011-12.
3.Total Income(after deduction 80C to 80U) of Individual must be up to Five Lakh Rupees only.
4.Income must be earned from Salary and/or Saving Bank Interest up to Rs. 10000/- .Pension is also covered under salary head.
5.Individual must have reported his pan to his employer.
6.He has Earned salary only from one employer during the year.
7.He has reported his income from saving Bank Interest to his employer for TDS deduction purposes.
8.Employer has deducted the tax on his Full income,salary plus interest {if any},and tds has been deposited in Govt account by the employer.
9.No refund is Due to assesse .
10.Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail.
If all the above conditions are satisfied then you can are exempted to file Income tax return for Financial year 2010-11.
Who can not claim exemption-:
1.If His Total taxable income after deduction u/s 80C to 80U is more than 5 (five) Lakh rupees.
2.If refund is due to Him .
3.If his total income includes any one of following Incomes:-
Income from House property Including minus Income from interest on House Loan.
Income from Business/profession
Income from capital gain
Income from Interest other than Interest from saving bank up to 10000.Suppose you have earned interest from FDR then you can not claim exemption from return filing.
Saving Bank interest is more than 10000 rupees.
Any other Income under "Income from other source"
4.If He has not offered his Saving Bank interest income to his employer for tax deduction.
5.If he has discharged His tax liability through advance tax or self assessment challan.
6.If he has received salary from two employers during the year.
7.If he has not submitted his PAN to his employer.
8.If Form 16 has not been issued to Him by His employer.
9.If notice u/s 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income
10.If assessment year is other than 2011-12.
neel
(Managing Editor)
(50 Points)
Replied 25 July 2011
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Thanks, Rahul has posted the complete about the process in detail. Thanks Rahul! And its about the filing return, but TDS will be there.
Originally posted by : Er_mathur |
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Hi all, I've income of less than 5 lpa.. So it means i NEED NOT FILE any INCOME TAX?????? Is this true?? Pls help... |
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