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 Senior Citizen
(Age 60 yrs or more but less then 80 Years as on 31st March of Financial year)
|Resident Super Senior Citizen
(Age 80 yrs or more as on 31st March of Financial year)
|Others (Resident Male, All Non-Residents and All Resident but Not Ordinarily Residents)||Rs.1,80,000|