Wednesday, October 12, 2011

Do you know, who are Exempted and not Exempted from IT return submission for Assessment Year 2011-2012

In the interest of public demand, I clarified the following about IT Return submission for Assessment Year 2011-12. Most of employee assumed that, whose Income below 500000.00 they exempt from Income Tax Deduction from the Fin. Year 2011-12, but this thinking is totally worng. Regarding this the Income Tax Department had issued official notification to file Income Tax Return (salaried person) with a few conditions. As per the Income Tax Department notification No. 36/2011, a employee whose Taxable income not exceed Rs. 5 Lakhs (Five Lakhs) in annual, they exempt to file Income Tax Return. The following conditions are clarify/solve your problems:

Who are Exempted from submission of IT Return for A. Y. 2011-12 :

This exemption is available to Individual assessee only (He may be resident or not).
Exemption is available for Assessment year 2011-12.
Total Income(after deduction 80C to 80U) of Individual must be up to Five Lakh Rupees only.
Income must be earned from Salary and/or Saving Bank Interest up to Rs 10000/- . Pension is also covered under salary head.
Individual must have reported his pan to his employer.
He has Earned salary only from one employer during the year.
He has reported his income from saving Bank Interest to his employer for TDS deduction purposes.
Employer has deducted the tax on his Full income,salary plus interest {if any},and tds has been deposited in Govt account by the employer.
No refund is Due to assessee.
Individual has received Form 16 From the employer ,which mention PAN, Income detail and Tax deducted and deposit detail.

Who are not exempted from submission of IT Return for A. Y. 2011-12 :

If His Total taxable income after deduction u/s 80C to 80U is more than 5 (five) Lakh rupees.
If refund is due to Him.
If his total income includes any one of following Incomes

Income from House property Including minus Income from interest on House Loan.
Income from Business/profession;
Income from capital gain;
Income from Interest other than Interest from saving bank up to 10000.Suppose you have earned interest from FDR then you can not claim exemption from return filing;

Saving Bank interest is more than 10000 rupees and;
Any other Income under "Income from other source.

If He has not offered his Saving Bank interest income to his employer for tax deduction.
If he has discharged His tax liability through advance tax or self assessment challan.
If he has received salary from two employers during the year.
If he has not submitted his PAN to his employer.
If Form 16 has not been issued to Him by His employer.
If notice u/s 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income
If assessment year is other than 2011-12.

Official Notification ( Click Here )

What is procedure to verify online TDS Certificate ?
NSDL has recently provided a online facility to our Taxpayee for verification of TDS Certificate Form No. 16 or Form No. 16A which is issued by the deductor without mentioning e-TDS/e-TCS Acknowledgement or any Receipt No. regarding relating to this. The CBDT has issued circular No. 3/2011 dated 13th May, 2011 as per this circular generation of Form No. 16 or 16A with NSDL is mandatory for Companies and Bank. To download complete circulate of CBDT.

Online Service to verify your TDS Certificate ( Click Here )

Know, How to submit your IT Return?
Free Income Tax Return preparation software is Now available from NSDL for submission you ITR-1,ITR-2,ITR-3,ITR-4,ITR-5,ITR-6 of Financial year 2010-11. These RPU are excel based and free for download and Unlimited use. As these software are provided by Income tax department, so it authentic software. From these e filing software you can generate Income Tax return for financial year 10-11 (Assessment year 2011-12). E_filing in Audit cases is mandatory since last year. Further for companies digital signature is also mandatory. Last date to file return in non audit cases for financial year 2010-11 is 31.07.2011 and for Audit case due date is 30.09.2011.

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