salary Income upto Rs.5,00,000

There was lot of confusion by the salary class assessee’s to file the Income Tax return or not to file. Hence Income tax department has issued Notification to clarify the same.

Here is the Notification copy



Notification No.402/92/2006-MC (14 of 2011)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes



New Delhi, dated the 23rd June, 2011

PRESS RELEASE

The Central Board of Direct Taxes has notified the scheme exempting salaried
taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.

Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable
deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, 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.

The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.


PLEASE FEEL FREE TO CONTACT ME FOR YOUR CLARIFICATIONS.

I KNOW MOST HAVE SEEN THE JULY CALENDAR, BUT THERE IS MORE TO THIS E-MAIL THAT IS INTERESTING.

THIS IS THE ONLY TIME WE WILL SEE AND LIVE THIS EVENT

Calendar for July 2011

Money bags

This year, July has 5 Fridays, 5 Saturdays and 5 Sundays. This happens
once every 823 years. This is called money bags. So, forward this to
your friends and money will arrive within 4 days. Based on Chinese
Feng Shui. The one who does not forward.....will be without money.


Kinda interesting - read on!!!


This year we're going to experience four unusual dates.

1/1/11, 1/11/11, 11/1/11, 11/11/11 and that's not all...

Take the last two digits of the year in which you were born - now add
the age you will be this year,

The results will be 111 for everyone in whole world. This is the year of
the Money!!!

The proverb goes that if you send this to eight good friends money will
appear in next four days as it is explained in Chinese FENGSHUI.

Those who don't continue the chain won't receive.......

Its a mystery, but its worth a try. good luck!