The Central Board of Direct Taxes has notified vide NOTIFICATION NO. 36/2011 dated 23.06.2011 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.

No.402/92/2006-MC (14 of 2011)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***
New Delhi, dated the 23rd June, 2011
PRESS RELEASE

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0 responses to “Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12”

  1. CA. Subhash Chandra Podder ,FCA. says:

    Read the circulars carefully then offer your comment .
    CA. Subhash Chandra Podder , FCA
    Kolkata
    02/08/2012

  2. SOURABH MUKHOPADHYAY says:

    my taxable income for the Assessment Year 2011 – 2012 Rs.2,00,000/- which includes interest Rs.5000 and i was tax paid Rs.4300/-.

    Please let me know whether i submit my return for the Assessment Year 2011 – 2012

  3. sudhir saha says:

    Sir,
    It is not clear if a central Govt. pensioner’s total income is within 2 laks ( pension Rs.1,20,000/-+ bank int Rs. 80,000/-) yearly , will he file IT Retuen as per new IT rules.

    Subir Saha

  4. C G KALYANPUR says:

    I HAVE PENSION INCOME OF LESS THAN RS 5 LAKHS BUT HAVE DIVIDEND INCOME WHICH IS NOT TAXABLE. AM I REQUIRED TO FILE IT RETURN.

    • rugram says:

      Salary includes pension. However, from the Notification, it seems that if a pensioner has any income other than interest on savings bank account not exceeding Rs. 10,000/-, he will not be exempted from filing income-tax return even if his total income including s/b a/c interest (not exceeding Rs 10,000/-) is not more than Rs 5 lacs. This would mean that a person (earning salary) who has any other type of exempt income such as dividends, would have to file income-tax return even if he otherwise satisfies the criteria laid down in the Notification. This is my interpretation of the Notification.
      Further, the purpose of the Notification is to let the employer deduct income tax on the total salary income after including the interest earned on s/b a/c. In the case of a pensioner, it is unlikely that a pensioner’s ex-employer would take into account any statement of s/b a/c interest received from the pensioner.

  5. swaminathan v says:

    Please let me know whether interest on deposits in other companies and banks exceeding Rs.10,000/- should file return if the total amount not exceeding Rs.5,00,000/ per year.

    • Brijendra Kumar says:

      Yes,

      Mr. Swaminathan you will have to file the return, because as per the notification No. 36/2011 dtd: 23.06.2011 your interest income should consist of “interest from saving bank account” only as well as the said interest should not exceed Rs. 10,000.

      Please read the Notification carefully.

  6. sumit bhatia says:

    Contact for return filing @9873834321 (Delhi)
    by the professionals at the economical rates
    and also get free advice relating to your investments
    Sumit Bhatia
    File your return before due date -31/07/2011

  7. PRAMOD MITTAL TAX ADVISOR 9460166775 says:

    THIS IS GOOD IDEA.

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