No Income tax returns for Income less than 5lakhs but with certain conditions.

Hello everyone.After so much negative happening all round our country, we have got some good news.Finance ministry notified on 23rd june that all those individuals earning less than Rs.5 lakh have been granted exemption from filing Income tax returns in the current year 2011-2012.
This scheme is available only for those whose income is from a single employer.

Scheme not for everyone :




1.Individuals having income sources less than Rs.5 lakh as taxable income would have to file tax returns on the total income from all the employers.

2.Individuals having interest income in excess of Rs.10000 cannot avail this exemption.

3.Individuals having income sources other than salary.

4. Any heavy refund claims have also not been coverered under this scheme.

5.Where notices are issued for filing income tax returns under different sections of the law.

Individuals earning interest income less than Rs.10000 can very well declare their income to their employer and have tax deducted on it for availing exemption.


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