Friday, 24 June 2011

Notification for Non filing of ITR 5 Lakh

Notification for Non filing of Income Tax Return up to Rs. 5 Lakh for Salaried Tax payers for the Assessment Year 2011-12 (Financial Year 2010-11) has been issued by the Central Board of Direct Taxes (CBDT).

The Salaried Tax payers those who have an income of Rs. 5 lakh after all allowable deductions should not file income tax return for the assessment year 2011-12. Normally they have to submit their income tax return on or before 31st July, 2011. But this notification exempted them to file the Income tax return for the year under following conditions.

Total income after all allowable deductions should be Rs. 5 lakh or less.

This 5 lakh should be salary and bank interest only and the bank interest should be Rs. 10000 or less and the interest should be from savings bank account only.

The salary must be from single employer.

The PAN and Total interest received from bank should be reported to the employer and allow him to deduct the entire tax as Tax Deducted at Source (TDS) including tax for interest income.

Obtain TDS certificate in Form No. 16 from the employer.

If a Salaried Tax payers those who have satisfied all the above conditions should not file income tax return for the assessment year 2011-12 (Financial year 2010-11) and their TDS certificate in Form No. 16 will be considered as income tax return for all purpose.

Those who have received salary from more than one employer or having income from any other sources other than salary and interest from Savings bank account or any refund should be claimed form income tax department should file income tax return, even if their total income is less than Rs. 5 lakh.

This non filing of income tax return is not applicable for those who have received notices from income tax department for filing income tax return.

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7 comments :

  1. Is this applicable to a senior citizen widow lady who has an interest income of approx 5 lakhs from banks(different banks) out of her FD’s . Does she also need to file ITR or is she exempted as per this policy.
    Please guide.

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  2. The nil tax limit for senior citizen for the AY 2011-12 is Rs. 2400000 and for the AY 2012-13 is 2500000. So she should file Income Tax Return

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  3. [...] Related Posts ITR-1 Sahaj – New Income Tax Return Form Tax Deducted at Source related Dates Notification for Non filing of ITR 5 Lakh [...]

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  4. [...] refund or have not any loss to carry forward to next year, you may not have any adverse effect, if not file the return within the due date. But you miss the chance of revise your return, if there is any mistake or any [...]

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  5. This question basilacly is looking to see if you should itemize your deductions or take the standard deduction.When you itemize, one of the things itemized is how much in taxes you paid to the states last year. They can figure out how much you paid from your paystub. They also want to know though, if you owed any money on your 2006 tax return that you paid then, because that counts towards "income taxes paid in 2007" for itemized deduction purposes.So what this question is asking is:- Did you owe any income tax on last years return that you paid.- Did you pay any back income taxes on last years return.- The key is that it's *state* income taxes. They don't care whether you owed / paid any federal income tax last year.Nothing too sinister.

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