Friends, Now a days , many persons are waiting for Notification for exemption from filling of Income Tax Return. Without notification nothing is clear like from which Financial Year exemption will be given, having interest income on Saving Bank Deposit will be treated for exemption for filling of Income Tax Return etc.
NO NEED TO FILE INCOME TAX RETURN
Now CBDT has clearly notified that an individual getting salary upto 5 Lakh after allowing all deductions from a single employer and getting interest income up to Rs. 10,000 from his Saving Bank Deposit account will be eligible to get exemption from filling of Income Tax Return from the Financial Year 2010-11 with some conditions like he will provide his PAN number to our employer and will submit complete bank interest detail and also pay all amount of Income Tax in the shape of TDS deduction from salary and also receive form 16 from his employer. There are some more conditions in which exemption for filling of Income Tax return will not be provided. Therefore , all individuals are requested to read complete Notification which is given below issued by CBDT before getting exemption for filling of Income Tax Return.
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
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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Notification
NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)]
Notification
NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)]
DATED 23-6-2011
In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12, namely :—
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.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 Government;(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.
- The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 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 for the relevant assessment year.
- This notification shall come into force from the date of its publication in the Official Gazette.
(If you are not cover in above Exemption, You should file your Income Tax Return in Time,
to submit return yourself (click here))
to submit return yourself (click here))
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