• Feb
  • 16
  • 2012

Is it mandatory for me to file an Income Tax Return if I have a PAN?

No. The following points explain this clearly:

  • You need to file an Income Tax Return if your Total Taxable Income exceeds the basic exemption limit before taking into account deductions, i.e., tax saving investments.
  •  You do not need to file an Income Tax Return if your total taxable income does not exceed the basic exemption limit before taking into account deductions, even though you may have a PAN.
  • 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. Fore more detail Visit the below Link :-
  • Notification Exempting Individual having Income less then 5 lakh from furnishing Income Tax Return
  • The basic exemption limit for financial year 2011-2012  is as under: -
Gender, Age & Residential Status Basic Exemption Limit
Resident Female Rs.1,90,000
Resident Senior Citizen
(Age 60 yrs or more but less then 80 Years as on 31st March of Financial year)
Rs.2,50,000
Resident Super Senior Citizen
(Age 80 yrs or more as on 31st March of Financial year)
Rs.5,00,000
Others (Resident Male, All Non-Residents and All Resident but Not Ordinarily Residents) Rs.1,80,000

 


6 Responses to “Is it mandatory for me to file an Income Tax Return if I have a PAN?”

  1. Jayanta Saha says:

    Dear Mr. Ankit Uniya, thanks for comment but before put this comment, should you read the Circular No.05/2011 issued on 16/08/2011 from Govt of India Ministry of Finance Deptt of Revenue Central Board of DT?

  2. Ankit Uniyal says:

    Dear Mr. Jayanta Saha this bring to your kind information that the basic exemption limit for senior citizen is 2,40,000 instead of 2,50,000 Okkkkkkkkkkkkkkkk………………

  3. Jayanta Saha says:

    Basic exemption limit for Senior Citizen (Age from 60 to below 80) is 250,000.00 instead of 240,000.00

  4. Akash says:

    Several times it has been notices that the information, contents, article,rules etc are older and same are not relevant in present time. May I request to author that please post information, rules which are applicable in current financial year. In the above case the limit of miximum amout of income has been increased and as shown above are incorrect.

  5. mahadevan says:

    Exemption limit 4 super senior citizens over 80 ?????

  6. Kuldeep says:

    The basic exemption limit for financial year 2011-2012 for other is 180000/- instead of 160000/-

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