The Central Board of Direct Taxes has recently come out with a notification exempting certain class of salaried tax payers from filing their return of income for the Assessment year 2011-12 which is due to be filed by 31st July 2011. A brief test is laid down to check whether a salaried tax payer is required to file his return of income or not.
An individual has to file his return of income if any of the following condition is satisfied:
1) He has drawn salary from more than one employer.
2) He has not reported his interest income from deposits in saving account of a Bank to the employer.
3) His interest income from deposits in savings account of a bank is more than Rs 10000.
4) He has income under any other head such as Interest from Fixed deposits, rental income, capital gain, business or profession etc
5) Employer has deducted Tax in excess and the employee has to claim refund of such amount.
6) The Total income after claiming deductions under section 80 is more than Rs 500000
7) He has reported his PAN to the employer ant his employer has issued Form 16 which mentions the PAN of the employee.
8) He has to file the return in response to a notice under section 142(1) or section 148 or section 153A or section 153C
