Tax on income less than 5 lacs

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 July 2011 Dear Experts

Pls advise if the return filing for FY 2011-2012 for all having taxable income less than 5 lacs is exempt.

My income is Rs 4.25 lacs. Am I supposed to file return.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

19 July 2011
Rs.5 lakh Exemption given for filing of Income tax return.subject to following conditions

Class of Persons
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.
Conditions
2. The individual referred to in para 1,—
(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.
3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

19 July 2011 The Central Board of Direct Taxes has notified the scheme exempting salaried
taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.

Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable
deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.

Persons receiving salary from more than one employer, having income from sources
other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now