It is heard now a days that if an individual's income is less than 5 Lacs then there is no need to file a return. If it is so, then please guide that from which financial year it is applicable and if it is not correct then what is the original ruling or notification in this regard.
16 July 2011
Central Government has exempted certain individuals from filing income tax returns having total income below Rs. 5 lakhs on fulfillment of following conditions.
Individual has only saving bank account interest apart from Salary. The interest income should not be exceeding Rs. 10000. Individual has received salary only from one employee. For full details see CBDT Notification No. 36/2011, dated 23-6-2011.
16 July 2011
It is correct the Salaried Income Below Rs. 5.00 Lacs, is no need to file the IT returns from Assessment Year 2011-12. Also note below mentioned pointd before taking benefit of this exemption
1) you dont have any b/f losses 2) Claiming Interest on Hsg. Loan U/s 24 3) Income from other sources not reflacted in Form 16 issued by empolyer. 4) Having Refund / Tax Liability in the year. 5) Not showing Credit of Tax Deducted in Form 26AS on NSDL website
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