Income Tax return

There is no need to FILE ROI if 

- your total income is not exceeding Rs. 5 Lacs,

- you are getting Salary from ONE EMPLOYER

- you are getting only Salary and Interest Income (only of saving deposit)

- interest amount is not exceeding Rs. 10,000 &

- your employer has deducted and deposited TDS on your total income (including that Interest Income)..

For the same find attached file.....

yes u must file  ITR,

Income less than 5 lakh not applicable for previous year 2010-2011, this slab will applicable on 2011-2012 income.

Originally posted by : kamal kishor sen
	yes u must file  ITR, Income less than 5 lakh not applicable for previous year 2010-2011, this slab will applicable on 2011-2012 income.

dear, please download attached file that I shares in last reply.., this benefit is available wef AY 2011-2012 i.e. for FY 2010-2011....

Originally posted by : kamal kishor sen
	yes u must file  ITR, Income less than 5 lakh not applicable for previous year 2010-2011, this slab will applicable on 2011-2012 income.

Sorry friends,

Ministry of Finance

Salaried Taxpayers with total Income up to Rs.5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12

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.

The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.