Only Salary/ Interest Income- No need to file Tax Returns upto Rs 5 lakh – Individual taxation

If you are a salaried individual, you may be exempted from filing return of income. However this exemption is available to a certain section of salaried individual. This exemption is available subject to certain conditions. This means that if you fulfill the conditions below, then you will not be required to file Return of Income from Financial Year 2010-11.The conditions are:- (i)     You must not have income for any other source except, salary & interest income. (ii)      Such salary & interest income must not exceed Rs. 5,00,000/- during the year. (iii)     You must report such interest income to your employer, so that such income is included in Form 16(salary certificate) issued by the employer. On fulfilling the above conditions there is no need to file income tax return, in short your Form 16 is treated as your income tax return. Salaried individual having home loans, investments in stock market etc, will be required to file Income Tax Return whether annual salary is less than Rs.500000/- or not. Thus, you are required to file income tax return if you are availing tax benefits by making investments in following: Home Loan – If you have taken a home loan and availing tax benefits of the principal and interest amount. Mutual Funds & Shares – If you buy and sell mutual fund & shares and there is a profit or loss under the head “Capital Gain”. However, if you want to seek refund then also filing of income tax returns becomes necessary. Tax Returns for Financial Year 2010 -11 (March 2011) has started. Request you to please visit or mail us Form16/ Salary Certificate and details of other income, at . We would take it from there to file your return of income. provides complete online taxation solutions for individuals ( Tax Returns + Tax Support + Tax Planning ) – please see this – Services Offered. Providing Complete Online Tax Solutions for Individuals, Not Just Returns.

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