Friday, July 15, 2011

SALARIED PERSONS EXEMPTED TAX RETURN

The finance ministry said that salaried persons having total annual income of up to Rs 5 lakh would not have to file tax returns for the assessment year 2011-12, a move that would benefit around 85 lakh taxpayers. The Central Board of Direct Taxes (CBDT) said that individuals having total income up to Rs 5 lakh for financial year 2010-11, after allowable deductions and consisting of salary from a single employer and interest income up to Rs 10,000 from deposits in a savings bank account, were not required to file their income tax returns. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.

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