Wednesday, February 22, 2012

No I.T. return if salary income upto 5 lac : extended for F.Y. 2011-12


Salaried employees earning up to Rs 5 lakh a year will not be required to file income tax returns from this year, says a Finance Ministry notification.
There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed Rs 5 lakh.

“An individual whose total income for the relevant assessment year does not exceed Rs 5 lakh and consists of only income chargeable to income-tax undersalaries  income from other sources, by way of interest from a saving account in a bank, not exceeding Rs 10,000″ have been exempted from filing the returns from assessment year 2012-13″, it said.
Exemption from filing will be permitted only if the person has received a certificate of tax deduction in Form 16 from his or her employer.
To claim income tax refund, however, such persons will have to file returns.
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