Regarding notification No. 36/2011 dated 23.06.2011, Salaried individuals with total income upto Rs. 5.00 Lakh exempted from furnishing of return for A. Y. 2011-12.
Under section 193(1C), the Central Government may, by notification in the Official Gazette, exempt any class or classes of persons from the requirement of furnishing a return of income having regard to such conditions as may be specified in that Notification.
Accordingly, the Central Government has, vide this Notification, exempted an individual whose total income does not exceed Rs. 5.00 Lakhs from the requirement of furnishing a return of Income under section 139(1) for A. Y. 2011-12, if his total income consists of only income chargeable to income-tax under the head "Salaries" and interest, not exceeding Rs. 10,000, from savings bank account in a bank chargeable under the head "Income from other sources".
The other conditions to be satisfied by such individual to avail the benefit of this exemption are that he should have-
Under section 193(1C), the Central Government may, by notification in the Official Gazette, exempt any class or classes of persons from the requirement of furnishing a return of income having regard to such conditions as may be specified in that Notification.
Accordingly, the Central Government has, vide this Notification, exempted an individual whose total income does not exceed Rs. 5.00 Lakhs from the requirement of furnishing a return of Income under section 139(1) for A. Y. 2011-12, if his total income consists of only income chargeable to income-tax under the head "Salaries" and interest, not exceeding Rs. 10,000, from savings bank account in a bank chargeable under the head "Income from other sources".
The other conditions to be satisfied by such individual to avail the benefit of this exemption are that he should have-
- reported his PAN to his employers;
- reported his interest income from savings bank account to his employer and his employer should have deducted tax thereon;
- received Form 16 from his employer, wherein his PAN and details of income and tax deducted at source and deposited to the credit of the Central Government should be mentioned;
- discharged his total liability for the assessment year through TDS and its deposit by the employer to the Central Government;
- no claim for refund of taxes due to him for the income of the assessment year; and
- received salary from only one employer for the assessment year. (Further, the exemption from the reuirement 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 has been issued for filing a return of income for the relevant assessment year.)
Notification regarding Exemption from filing of Income Tax Return Click Here
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Know more about u/s. 139 Click Here
What is PAN Ledger ? Click Here
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Income Tax Calculator for A.Y. 2012-13
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