An individual, whose total income for the relevant assessment year (AY) does not exceed Rs. 5,00,000 and consists of only income chargeable under
- Income from other sources, by way of interest from a savings account in a bank, not exceeding Rs. 10,000
shall be exempted from furnishing the return of income, subject to the conditions that, such individual has
- reported to his employer his PAN
- reported to his employer, the income from other sources (as mentioned above)
- received certificate of tax deduction from employer in form no. 16 indicating PAN, details of income and tax deducted at source (TDS) and deposited with Central Government
- discharged his total tax liability for the AY through TDS and its deposit by the employer to the Central Government
- has no claim of refund of taxes due to him for that AY
- received salary from only one employer for that AY.
Such exemption shall not be available where a notice under section 142(1), 148, 153A or 153C of the Act for filing of income tax return.
(Notification No. 36/2011 F. NO. 142/09/2011- TPL dated 23 June 2011)