• Breaking News

    Loading...

    Jun 23, 2011

    INCOME TAX NOTIFICATION ABOUT NO RETURN BELOW 5 LAKH INCOME

    As you know income tax department has notified that salaried person whose income below 5 lakhs need not to file income tax. Form 16 will be treated as the income tax return for the person whose income is from salary and not income from other sources. This was only the circulations and not in notification and not in written. Income tax department issued a press release on 23 June 2011 about the income tax return to the salaried person whose income is below 5 lakhs from salary income. Full press release is as under.


    No.402/92/2006-MC (14 of 2011) 
    Government of India / Ministry of Finance 
    Department of Revenue 
    Central Board of Direct Taxes 
    ***
    New Delhi, dated the 23
    rd
     June, 2011 
    PRESS RELEASE 
    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

    Tags-no income tax return for salaried person,no it return for salaried person,income tax return for salaried person,it return of salaried person,form 16 is the it return,notification about it return of salaried person

    No comments:

    Post a Comment

    Featured