Income Tax Notification for exemption from filing Income Tax Return
An Individual having income not exceeding Rs. 5 lacs from salaries/other sources for A.Y. 2011-12 is not required to file return u/s 139(1)
NOTIFICATION NO. 36/2011 F. NO. 142/09/2011 (TPL), DATED 23-6-2011
In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2011-12, namely :—
Class of Persons
1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,—
(A) "Salaries";
(B) "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
Conditions
2. The individual referred to in para 1,—
(i) has reported to his employer his Permanent Account Number (PAN);
(ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
(iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;
(iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;
(v) has no claim of refund of taxes due to him for the income of the assessment year; and
(vi) has received salary from only one employer for the assessment year.
3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year.
4. This notification shall come into force from the date of its publication in the Official Gazette.
Please clarify whether pensioners whose income for the period April2010 to Mar2011 does not exceed 5 lakhs are also exempted from filing IT Returns for the assessment year 2011-2012 and onwards.
Dear shanmugam
salary includes pension as per IT definition. Thus wholesome pension income also covered by the said exemption notification
sir,
I have been appointed as LDC in the scale of 950-1599 in Central Council for Research in Homoeopathy on 28.03.1988. After 12 years of service ACP in the pay scale of Rs.4,000-6000 is granted to me w.e.f. 28.02.2000. I have been promoted as UDC in August, 2009 & transferred, but i have refused to accept the promotion because of transfer & debarred for a period of 01 year.
Sir, again I am promoted at the same station in March, 2010 & accepted the promotion.
Please tell me from which date I am entitled for MACP & in which grade pay.
Thanking you in anticipation.
This is a very good proposal of the Government for exemption of filing of return income not exceeding Rs. 5 lakhs for salaried class and trying to avoid of duplication of works of the IT Department but interest income only on saving bank account of Rs. 10,000/- will not serve the main purpose of notification neither maxium of low income salaried calss will be benefited . Because almost every salaried taxpayer invest in NSC or infrusture tax saving bond for availing deductiopn under chapter VIA. So, interest earing salaried class on tax saving instruments like interest on NSC,Fixed deposit. infrustrure bond and interest received on refund and short term fixed deposite,KVP etc. will not be covered by this notification of the CBDT.Therefore, almost all salaried persons will have to submit IT return although their income shall be much below of five lakhs. In view of the above, my porposal is that any interest income upto Rs. 10,000/- should be brought under this notificaton so that maximum salaried persons could covered..