Salaried taxpayers who do not have other sources of income and whose income are below5 lakh rupees per annum, are being exempted from filing income tax return. The Finance Minister Mr. Pranab Mukherjee said on Tuesday that this will apply in 2011-12 assessment year for the income earned in 2010-11. He said that a notice to this effect is being brought out soon. The Finance Minister was addressing the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax in New Delhi.

Asking the Central Board of Direct Taxes to be vigilant in suspected money laundering cases, Mr. Mukherjee cautioned that terror activities and other crimes are being funded by anti-national elements through illegal transfers. Mr. Mukherjee disclosed that to check these transfers, government has approved setting up of Directorate of Criminal Investigation in Income Tax Department itself. The Directorate will track the criminal activities before, during and after the crime is committed.

Expressing his keenness on fiscal consolidation, Mr. Mukherjee stressed that fiscal deficit has to be reduced drastically to achieve the goal.

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0 responses to “Exemption from filing IT return for salaried taxpayers with annual income below 5 lakh rupees”

  1. sujata chopra says:

    Sir.

    What about interest on saving bank account which is taxable under the head other sources as most of the employees are getting salary by cheeques and definitely having bank account and earning interest on the same

  2. Kumar says:

    There is not clarity on the below.

    “Salaried taxpayers who do not have other sources of income and whose income are below5 lakh rupees per annum, are being exempted from filing income tax return”.

    Whether the gross total income or taxable income.

  3. PRABHAKAR DWIVEDI says:

    DEAR SIR MAY I KNOW ABOUT HRA DEDUCTION U/S.80GG IF WE ARE NOT GETTING HRA.FROM OUR EMPLOYER,THEN WHERE TO SUBMITED FORM 10BA ? TO IT.DEPARTMENT WITH IT.RETURN OR EMPLOYER ?

  4. Shyam Thakur says:

    Dear Sir,

    Could you please give a clarity on meaning of income here in this notification. Is it a gross income (after Exemption under the chapter salary) or net after deduction under 80.

    Shyam Thakur

  5. g.s.chowdhary says:

    sir,

    I would like to know
    For Overtime calculation we pay double the OT rate on Basic + DA in Mumbai.

    We came to know that we have to pay OT on gross salary. Pl clarify OT is to be calculated on gross salary ( which include some allowance + conveyance allow ) OR only to basic + DA.

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