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