June 23, 2011 5:42 PM

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IT return: CBDT notifies exemption to salaried taxpayers with income up to 5 lakh rupees

The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to 5 lakh rupees from filing income tax return for assessment year 2011-12. The last date of filing return is 31st of next month. According to an official release, individuals having total income up to 5 lakh rupees for the financial year 2010-11 and having interest income from deposits in a saving bank account not more than 10,000 rupees are not required to file their income tax return. They must 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 shall not be covered under the scheme.

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