Salaried Taxpayers with total Income up to Rs.5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12
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.
Source: PIB
Print
PDF
For Further Reading,
- Govt’s new sexual harassment guidelines: ‘Can transfer accused, give paid leave to complainant’
- 7TH PAY COMMISSION EXPECTED SALARY CALCULATOR
- Commencement of Electronic Verification of Income Tax Returns for AY 2015-16
- Field Offices Under Chief Commissioners of Customs/Central Excise/Service Tax to Remain open tomorrow, 28th March, 2015 to Facilitate filing of Returns/Payment of Taxes
- 'BJP vision panel may propose no income tax on salaried class'
- All Tax Payers should file their Income Tax returns even after deadline...
- Implementation of the approved Restructuring of the Income Tax Department
- Tributes paid to Babu Jagjivan Ram on Samta Diwas
- OROP: Ex-servicemen Warn of Upping Ante
- Changes in labour laws
- latest News OROP - One Rank One Pension Explained in 10 Points
- Haryana govt revises pension
- 7th CPC Latest News - Gazette Notification for implementation of 7th CPC
- 90 days paid leave for central government employees who are victims of sexual harassment
About the Author
0 comments:
Post a Comment