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There is wide confusion over the 5 Lac exemption, and the Govt has done all it could, to create more confusion. You are not required file your return of income for FY 2010-11 (AY 2011-12), only if : (A) There is only Salary income and income from saving bank interest upto Rs. 10 K; (B) has reported to his employer his Permanent Account Number (PAN); (Ci) has reported to his employer, the incomes mentioned above and the employer has deducted the tax thereon; (Di) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government; (E) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government; (F) has no claim of refund of taxes due to him for the income of the assessment year; and (G) has received salary from only one employer for the assessment year. The due date for Tax Returns for Financial Year 2010 -11 (March 2011) is 31st july 2011. Request you to please mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns.
All Confusion – Income upto 5 lacs- No ITR/ Online Return Filing/ Tax Returns
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
There is wide confusion over the 5 Lac exemption, and the Govt has done all it could, to create more confusion. You are not required file your return of income for FY 2010-11 (AY 2011-12), only if : (A) There is only Salary income and income from saving bank interest upto Rs. 10 K; (B) has reported to his employer his Permanent Account Number (PAN); (Ci) has reported to his employer, the incomes mentioned above and the employer has deducted the tax thereon; (Di) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government; (E) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government; (F) has no claim of refund of taxes due to him for the income of the assessment year; and (G) has received salary from only one employer for the assessment year. The due date for Tax Returns for Financial Year 2010 -11 (March 2011) is 31st july 2011. Request you to please mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income. Taxmantra.com provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Taxmantra.com- Providing Complete Online Tax Solutions for Individuals, Not Just Returns.