No I-T returns for pay below Rs 5 lakh a year
Salaried people, with an annual income of up to Rs 5 lakh from a single source, will not have to file income tax returns for the 2011-12 assessment year.business Updated: Jun 24, 2011 00:39 IST
Salaried people, with an annual income of up to Rs 5 lakh from a single source, will not have to file income tax returns for the 2011-12 assessment year. This will benefit about 85 lakh taxpayers, or about 20% of the total income tax assessees in the country.
The Central Board of Direct Taxes chairman, Prakash Chandra, announced the launch of the scheme on Thursday, though it was announced in budget 2011-12 in February.
He said the scheme would also cover those who would earn an annual interest income of less than Rs 10,000 to be due on July 31.
This scheme, however, will not be applicable to those who have received salaries from more than one employer in a financial year by changing jobs.
The scheme will also not cover those who have refund claims or have income from sources other than salary and savings account interests.
Chandra said in such cases, the tax payer must report PAN and the entire income from interests to their employers, pay the tax as deduction at source and obtain a certificate of tax deduction in Form No 16.