No tax returns on salaries up to Rs.5 lakh

New Delhi: Employees who earn up to Rs.5 lakh need not file income tax returns from assessment year 2011-12, an official statement said Thursday.

The Central Board of Direct Taxes (CBDT) has notified the scheme. Returns for assessment year 2011-12 are due July 31.

Individuals having total income up to Rs.5 lakh for fiscal 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a savings bank account up to Rs.10,000, are not required to file their income tax returns.

"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," the statement said.

People 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.

Finance Minister Pranab Mukherjee had in his budget proposed to exempt salaried employees from filing tax returns.

The reason behind the move is that if a person has no other source of income, filing tax return is just a duplication of existing information.

The move would give relief to millions of salaried employees working in both the government and private sectors.





 

                                           Home | Top of the Page

Top Stories

Finally, Maharashtra govt nod to AMU Malegaon; ball now in VC's court

After a long battle by a local NGO and eight months after it received the land proposal from Malegaon to establish Aligarh Muslim University (AMU) off campus centre here in this Muslim dominated city of    »

Give us AMU centre: Girl students of Malegaon demand on Women's Day

AMU Maharashtra: Malegaon gives land but Govt. yet to accept the offer

  Most Read

Obama announces US troop pullout from Afghanistan

US President Barack Obama has announced plans to withdraw 10,000 American troops from Afghanistan this year. The first US soldiers will begin returning home next month, in line with the  »

NAC okays Food Security Bill, to be sent to PM

The Sonia Gandhi-led National Advisory Council (NAC) has finalised its draft of the Food Security Bill, which seeks to entitle nearly 75 percent of India's population to subsidized foodgrains, and will forward it to Prime Minister Manmohan Singh soon, NAC sources said Wednesday.  »

  News Pick

Bihar's mystery disease identified, toll to 41

The mystery disease that has rocked Bihar and killed six more children by Thursday morning, has at last been identified. It is encephalitis, an official Thursday said. The latest deaths have pushed the toll  »

US mom kills baby in microwave oven; arrested

A woman in the US state of California has been arrested on suspicion of killing her six-week-old baby by burning her in a microwave oven, a media report said. Ka Yang, 29, was taken into custody at her home in Sacramento  »

All-party meet fails to evolve consensus on women's quota bill

An all-party meeting Wednesday failed to evolve consensus on the women's reservation bill, with two of its major opponents, the  »

Yeddyurappa faces new charges, and quit demands

A day after the Karnataka high court remarked that the state seemed to have become number one in corruption, Chief Minister B.S. Yeddyurappa Wednesday faced new charges of "fraudulently" acquiring a cement company  »

Picture of the Day

They are not high-profile celebrities, but at least 33 wildlife lovers have adopted animals at Bhopal's Van Vihar National Park here under their unique guardianship scheme. Others can also do the same. A board is put outside the enclosure with the name of the sponsor.

(Photo: IANS)