26 July 2011
yes. if the taxable income below Rs.5 Lakh, and satisfying the following conditions, no need to file the return
1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,— (A) “Salaries”; (B) “Income from other sources”, by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
(i) has reported to his employer his Permanent Account Number (PAN); (ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon; (iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government; (iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government; (v) has no claim of refund of taxes due to him for the income of the assessment year; and (vi) has received salary from only one employer for the assessment year