No itr filing for income upto rs.5l

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Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 I understand that no income tax return is required to be filed for income up to Rs.5.00 Lac subject to certain conditions. Could you please point out the so-called conditions in brief?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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29 February 2012 If you are a salaried person and do not have any other income other than interest and if total salary is less than 5 lacks you need not file income tax return seperately. Form 16 will be treated as assessement order.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 February 2012 This exemption is available to Individual assessee only (He may be resident or not)
Exemption is available for Assessment year 2012-13
Total Income(after deduction 80C to 80U) of Individual must be up to Five Lakh Rupees only.
Income must be earned from Salary and/or Saving Bank Interest up to Rs 10000/- .Pension is also covered under salary head.
Individual must have reported his pan to his employer.
He has Earned salary only from one employer during the year.
He has reported his income from saving Bank Interest to his employer for TDS deduction purposes.
Employer has deducted the tax on his Full income,salary plus interest {if any},and tds has been deposited in Govt account by the employer.
No refund is Due to assesse .
Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail.
If all the above conditions are satisfied then you can are exempted to file Income tax return for Financial year 2011-12

notification no 9/2012

Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 Thank you very much experts for the details.

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