NO tax return

  

No tax return for salary and interest income up to Rs 5 lakh

No income-tax returns is required for salaried persons whose annual  taxable income including salary and interest is up to Rs 5 lakh. This would not cover income from other sources like house property, capital gains and gains from profession and business.The scheme would be applicable from assessment year 2011-12 onwards. This means that the salaried persons eligible under the scheme would not have to file returns for the financial year 2010-11 in 2011-12 (assessment year).

Under the scheme, those salaried persons who want to claim tax refund, would have to file income tax return.

Replies (1)

 Salary person whose gross Salary income less than 500000 Lakhs such employee will not have to file tax returns from this year i.e. assessment year 2012-13.

"Salaried people, may be up to Rs 5 lakh, they need not file the (income tax) return," .

The exemptions from filing tax returns come into effect from the financial year 2011-12.

In case such a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction.
 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
Featured 11 September 2026
Audit Executive

RBSM Corporate Advisors Private Limited

Pune

CA

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details