Varanasi, Feb16, 2012: Salaried
individuals with a total taxable income of up to Rs 5 lakh do not have
to file income tax returns. However, in case tax payers want to seek an
income tax refund , they will have to file their returns.
In
the above case, a salary people has income from other sources like
dividend, interest etc.not exceeding Rs.10 thousand and does not want
to file returns, he has to disclose such income to his DDO.
The Form 16 is issued by DDO to salaried employees may be treated as Income Tax Return.
According
to the notification, individuals having total income up to Rs 5 lakh
for financial year, after allowable deductions, consisting of salary
from a single employer and interest income from deposits in a saving bank account of 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 DDO, pay the entire tax by way
of deduction of tax at source, and obtain a certificate of tax
deduction in Form No. 16
However,
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 gazette Notification in this respect issued on 23/06/2011 is placed below for your ready reference.
Courtesy : http://tkbsen.com
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