Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd
 
 
« Direct Tax »
 GST is a transformational business process reform. All companies will have to change
 GST Council relaxes return filing rules for July-Aug
 Here's how self-employed individual can file tax return with ITR4
 CBDT mulling new system of jurisdiction-free I-T assessment to curb corruption
 CBDT draft notice on computing tax liability of foreign firms
 CBDT forms task force for jurisdiction-free income tax assessment system
 Aadhaar must for filing returns from July 1: CBDT
 Aadhaar mandatory for filing I-T returns and obtaining new PAN card from July 1: CBDT
 Central Board of Direct Taxes cuts profit margin for safe harbour rules
 What is TDS and how does it work?
 Income tax return: Do super senior citizens have to file returns?

This year too, no tax returns for salaries up to Rs 5 lakh
February, 21st 2012

Millions of salaried taxpayers will continue to enjoy a procedural relief of not having to file their income-tax returns even for the current financial year (2011-12).

The Central Board of Direct Taxes (CBDT) has specified that individuals with total income of up to Rs 5 lakh in a financial year and comprising only incomes under the head salaries' and income from other sources' would be exempt from filing their income-tax returns for assessment year 2012-13 (financial year 2011-12).

Income from other sources' should only be by way of interest from a savings account in a bank, not exceeding Rs 10,000, according to CBDT.

To get exemption from filing of tax returns, an individual must report his PAN (permanent account number) and the entire income from bank interest to his employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No 16.

Persons 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 will not be entitled to the exemption from filing tax returns.

The exemption from filing of tax returns would not be available where notices are issued to the individual for filing of income tax return under certain specified sections.

The CBDT had, in June last year, extended a similar exemption from filing of tax returns for salaried taxpayers with total income of up to Rs 5 lakh with regard to the financial year 2010-11.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions