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Monday, June 06, 2011 7:00:40 PM (IST)  

No Tax Return for Salary, Interest Income Up to Rs 5 lac

No Tax Return for Salary, Interest Income Up to Rs 5 lac

New Delhi, Jun 6 (PTI): As many as 85 lac salaried tax payers whose taxable income, including salary and interest income, is up to Rs 5 lac, are not required to file income-tax return from now onwards.

"No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest is up to Rs 5 lac. We would shortly notify this," a Central Board of Direct Taxes official said.

However, he said this would not cover income from other sources like house property, capital gains and gains from profession and business.

The scheme would be applicable from assessment year 2011-12 onwards. This means that the salaried persons eligible under the scheme would not have to file returns for the financial year 2010-11 in 2011-12 (assessment year).

Under the scheme, those salaried persons who want to claim tax refund, would have have to income tax file return.

As per the Memorandum to the Finance Bill 2011, the government will be issuing a notification exempting 'classes of persons' from the requirement of furnishing income tax returns.

Under the scheme, the salaried person wants exemption from filing IT return, has to disclose about the incomes like dividend and interest to his employer for tax deduction.

In the scenario, the Form 16 issued to salaried employees will be treated as Income Tax Return. At present, it is obligatory for all salaried persons to file income tax return under the Income Tax Act, 1961.

The idea behind the move is that in cases where there are no other sources of income, filing of a return is a duplication of existing information.



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Comments on this article
Cyril Botelho, Mumbai
Saturday, September 10, 2011

What about small income group people, whose income is not more than 1.5 to 2 lac including every Rupee they earn, do they have to file IT Returns? If so this is not good.

K.Raghava Mayya, Padil, Mangalore 7
Tuesday, June 07, 2011

Of course, the platform is different'. Still, scams are referred and I join here. The scams became a 'system' of government functioning, regardless of the party in power. Baba's fight is against this 'practised system'. An example: in 1964 Shastri made arrangement with Russia for direct shipment of Coffee beans and on behalf of the Govt. MMTC is the utor. This MMTC was obtaining escalated bills from that moment itself from all allied export utors and diffect amount to be paid to the Commerce ministry in 'cash'.

Valson Mendonsa, Mangalore/USA
Monday, June 06, 2011

Good Cap on Income Tax Return exemption limit, as times goes.. 5 years from now, Income Tax Department will access all Assets and Bank Accounts of Tax Payers and Non-Payers to obtain the information from most of the tax abusers, just like in western countries are using the Social Security Number to access the Personal background check Criminal background check of an Individual, Personal assets, Number of bank accounts, Employment information, Yearly Income, Loans and Liabilities, Even the Education Level of an Individual ...etc can be accessed within few minutes.

francis, Moodbidri/Dubai
Monday, June 06, 2011

Nithin Poojary, Mangalore\UK i appriciate you man, one more to add NDA rulled India in the name of rama temple of Ayodya, did they built in their ruling time? answer is none!

Nithin Poojary, Mangalore\UK
Monday, June 06, 2011

Sudharsan Shetty, Mangalore
Agreed Congress owns the major share in Swiss Bank, Agreed Congress is corrupt.
But BJP led NDA ruled India for 6 years, Did the then Deputy PM Shrimaan Advaniji did they make any effort to get the money back. Why the so-called disciplined party kept quite? Please reply

Ronald, udupi
Monday, June 06, 2011

Guys be happy that amidst so many scandals and unfortunate incidence, irrespective of what Govt. is at the center or state, I believe atleast something good has taken place for the salaried class!

Arun CK, Mangalore
Monday, June 06, 2011

HAHAHA... this is nice.... Dear Ismail Perinje...talking about talking irrelevent things with no offense meant to you I just wanted to tell you that some of the readers here have learnt to comment irrevelent topics in forums thanks to people like you & Sahanawaz Kukkikatte. You guys are masters of talking irrevelent things, if the news is about some Dongi Baba, you guys talk about hindhus's RSS & BJP. When the news is about India winning world cup you people say this can happen only during congress rule as they have given better benifits to sports. If police canes in Delhi you say Jai Jai congress & if the same police cane in Mangalore for same reason you guys say down down Yeddi. So I guess Nagesh Mamu is influenced by you guys.

A. S. Mathew, U.S.A.
Monday, June 06, 2011

I have never seen a tax form from
India. The tax form at this
picture 1040 surprised me because
it is the most popular tax
form number of the (IRS) Internal
Revenue Service. There is a common
saying in the U.S. " death and
taxes are the two sure things of life".

It will be a great relief for the
millions in India that they need
not have to strain too much at the
eve of the tax season.

Sudharsan Shetty, Mangalore
Monday, June 06, 2011

@ISMAIL K PERINJE, PERINJE/YANBU same applies to some of the congress support commentators who bring BJP and yeddy into the matter when the news is different. Didnt you notice that??

Sampath, Mangalore
Monday, June 06, 2011

You Guys are educated man. Think Little bit dont write something as you want. For Us neither Congress nor BJP give food. They make only laws out of a normal person cant take 3 time food. Mind you "Only IT return is not required to be filled, Still you have to pay the TAX", So what is the Point. (For any loan propessing in india they ask IT return)

rameez, udupi/muscat
Monday, June 06, 2011

Mr. Nagesh nayak, please note your list is of 53 years and do you want me to list BJP'S AND JANATHA party's scandal in 10 years. Dont you feel ashamed in comparing the scandals. Scandals are not achievements so that you compare with. Even a rupee bribed is a bribe there should not be any excuse. What you want to explain by listing these things. Did you fix any target for your beloved bjp for scandals. I think you want to say bjp LOOT our country as congress did in past. People like you will ruin INDIA. Person should be allowed to vote looking at his mental stability. Only this will make INDIA A DEVELOPED COUNTRY.

ISMAIL K PERINJE, PERINJE/YANBU
Monday, June 06, 2011

@ Sudharshan Shetty,Managalore,Pls note Daijiworld given us subject of relevant of the time is what is mentioned in the Headlines of Daijiworld. It is better and fine to limit your discussion or debate or absurd comments for given subject.You people, hardcore supporters of BJP Karnataka I, suppose, wearing goggles of no show!

BANGALORE-MYSORE Corridar project nurtured by Yeddy who is getting kick back is in the list of Nagesh Nayak Bangalore.Even SNC Laviln of Kerala (CPM) Fodder of Lalu............these scandals are of other parties and you and Nagesh blindly targeting Congress! The whole list except few are genuine which already disposed.But the platform to debate or comment on that subject is not in this TAX SUVIDHA context! Yet I remind you that Your govt's more than dozen ministers are in dire and serious scandals from corruptions to rape are scot-free including Karnataka's greatest corrupt CM Yeddy! What is you people's say on that?

Sudharsan Shetty, Mangalore
Monday, June 06, 2011

ISMAIL K PERINJE, PERINJE/YANBU and HENRY MISQUITH, Bahrain if swiss bank money of kangress and other parties bought to our country, there will be tax free budget for so many years. By the way please dont be surprised why i took the name of kangress party with regards to swiss bank because kangress party has major share in that and that's the reason kangress is scared by listening to the name of swiss bank.

HENRY MISQUITH, Bahrain
Monday, June 06, 2011

You are right ISMAIL K. PERINJE/KSA.
Mr. Nagesh Nayak  ko sub chor lagthe hain.

Jossey Saldanha, Mumbai / Mapusa
Monday, June 06, 2011

Rs.155 billion Bellary illegal mining scam is greater than all scams put together.

ISMAIL K PERINJE, PERINJE/YANBU
Monday, June 06, 2011

Nagesh Nayak Bangalore, are you sleeping or what? What is the issue here in this "NO TAX RETURN SALARY,INCOME UP TO 5 LAC"!!??

Where in this context scandal surfaced? What you wrote some of the scandals are of disposed with deterrent punishment but your Yeddy even after scandal after scandal remains in the seat with FIVICOL.

The above SUVIDHA made available by UPA Govt for the welfare and hassle free services in IT department.A KIRI KIRI has removed and for that you have to thank UPA my dear.

nagesh nayak, bangalore
Monday, June 06, 2011

hi psuedos,

THERE ARE 'N'NUMBER OF SCAMS DURING UPA REGIME.

SOME EXAMPLES:

1.Insurance Scam
2.Telecom scam (Sukh Ram)
3.HDW Submarine
4.Bitumen scam
5.Tansi land deal
6.Securities Scam
7.JMM Bribery Scandal
8.St Kitts case
9.Urea scam
10.CRB Scam
11.Anantnag transport scam
12.1971 Nagarwala scandal
13.Fooder scam
14.Churhat lottery scam
15.Bofors Scandal (1990)
16.Animal Husbandry Case (1990)
17.Bombay Stock Exchange Fraud
18.Hawala scandal (1993)
19.Bangalore-Mysore Corridor (1995)
20.Sukh Ram (1996)
21.Fodder Scam in Bihar (1996)
22.Kerala SNC Lavalin power scandal(97)
23.Home Trade
24.Ketan Parekh Scandal,
25.Barak Missile Deal Scandal,
26.Tehelka Scandal (2001)
27.UTI Scam
28.Taj corridor case (20022003)
29.Telgi scandal (2003)
30.DSQ Software
31.IPO Scam- karvy
32.Oil-for-food programme scam (Natwar) (05)
33.Human Trafficking Scam (Babubhai Katara)
34.Cash-for-votes scandal
35.Satyam scandal
36.2g spectrum.
37.cwg
38.devas

 
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