No filling of tax return for salary & interest income up to Rs. 5 lakh
No income-tax returns is required for salaried persons whose annual taxable income including salary and interest is up to Rs 5 lakh. However, this would not cover income from other sources like house property, capital gains and gains from profession and business. Income Tax department has issued notification No. 36 / 2011 dated June 23, 2011 in this regard.
The scheme would be applicable for assessment year 2011-12. This means that "the salaried persons eligible under the scheme would not have to file returns for the financial year 2010-11 in assessment year 2011-12.
Under the scheme, those salaried persons who want to claim tax refund, would have to file return and those salaried persons who want exemption from filing Income Tax return, have to disclose about incomes like dividend and interest to his employer for tax deduction.
Form 16 issued to salaried employees will be treated as Income Tax Return. At present, it is obligatory for all salaried persons to file income tax return under the Income Tax Act, 1961.
The scheme would be applicable for assessment year 2011-12. This means that "the salaried persons eligible under the scheme would not have to file returns for the financial year 2010-11 in assessment year 2011-12.
Under the scheme, those salaried persons who want to claim tax refund, would have to file return and those salaried persons who want exemption from filing Income Tax return, have to disclose about incomes like dividend and interest to his employer for tax deduction.
Form 16 issued to salaried employees will be treated as Income Tax Return. At present, it is obligatory for all salaried persons to file income tax return under the Income Tax Act, 1961.
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