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.