filing of tax returns for FY 2010-11
saritha chavan
(Querist) 22 July 2011
This query is : Resolved
dear sir,
my annual package is rs.400000/-, do i need to file returns for the financial year 2010-11. in my office i was told it is not necessary to file retuns because of the recent amendment, that income of Rs.500000 and above only should file returns. i have not availed any kind of loans.
sir, kindly clarify my query
prabhakar singh
(Expert) 22 July 2011
Only when you have no income from any other source.
R.Ramachandran
(Expert) 23 July 2011
The salaried taxpayers have been excempted from filing income-tax returns, provided their (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head 'Salaries' and interest income from savings bank account if such interest income does not exceed Rs. 10,000.
Further, such salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted at Source (TDS) and the deposit of the same to the credit of the Central Government. For this purpose, taxpayer has to intimate his interest income to the employer during the course of the year.
If the salaried tax payer has any other income (like interest from fixed deposit, income from house property, short term capital gains from stock exchange transactions etc.) then the exemption from filing income-tax return is not available.
Further, if any tax had been paid in excess, and if the person wants to claim refund, then the filing of return is a must.
venkatesh Rao
(Expert) 24 July 2011
The amendment is for the finanacial year 2011-12. U have to file returns before 31/07/2011
Amit Soni
(Expert) 24 July 2011
I have an correction in Mr. Rao's opinion the amendment is for the A.Y.- 2011-12 (F.Y. 2010-11). And agreed with Mr. R Ramachandran.
For more details on circular, please click on gollowed link:
http://www.lawyersclubindia.com/forum/up-to-5-lakh-salary-No-ITR-is-required-to-file-40001.asp
Regards
Amit
