Press Information Bureau

Government of India

Ministry of Finance

23-June-2011 16:54 IST

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.

SS/GN

Exemption from filing: salaried taxpayers with limited single-employer income may be exempt if tax is fully deducted at source. Exemption from filing income-tax returns is provided for salaried taxpayers with total income up to Rs.5,00,000 who receive salary from a single employer and have only savings-bank interest up to Rs.10,000; they must report PAN and bank interest to the employer, have tax deducted at source on the entire income, and obtain Form No.16. The scheme excludes those with multiple employers, other income sources, refund claims, or who have been issued notices under section 142(1), 148, 153A or 153C of the Income-tax Act, 1961.