For Assessment Year 2011-12, Central Government has exempted Individual Assesses from filing Income Tax Return u/s.139(1) of the Income-tax Act; subject to following conditions:
- Total income does not exceed Rs.5 lakh,
- Total Income consists only a) Income form Salary and b)Interest for Saving bank account not exceeding Rs.10,000/-. The assessee must have no other income.
- Assessee has reported his PAN to his employer and amount of interest received in saving bank account,
- The employer has deducted the tax thereon,
- Assessee has received Form 16 from his employer stating income, tax deducted thereon and details of tax credited to account of Central Goverment,
- Assessee has no refund/tax liability,
- Assessee has received salary from one employer only,
Exemption is available to individual assesses only.
Total income means income arrived after allowing deduction u/c. VI-A, i.e deduction u/s.80C, ……….. and like
NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)] DATED 23-6-2011