Friday, June 24, 2011

Who Can Not Avail Benefit of Exemption of Filling of Income Tax Return.

No doubt that the Press Release has been issued by Central Board of Direct Taxes on 23rd June, 2011 regarding Exemption for Filling of Income Tax Return w.e.f. Financial Year 2010-11 or Assessment Year 2011-12.   Now it is important to know point wise  list of those Salaried persons who can not avail benefit of this exemption for filling of Income Tax Return which is given as under :-
  • Income from Business, House Property, Capital Gain, Income from Other sources (other than interest Rs. 10000 from Saving Account).
  • Having Salary Income greater than Rs. 5,00,000/- after allowing deductions like 80C,80D,80U etc.
  • Having income other than Salary Head (except Rs. 10,000 as interest from Saving Bank Account)
  • Service with Two or more Employer with in the Same Financial Year. 
  • Interest income other than Saving Bank Account. Like FDR interest or Interest from Loan. 
  • In case PAN number has not provided to his employer in time. 
  • Income from interest from Saving Account has not reported his employer.
  • Complete Income Tax has not been deducted as TDS. It means that Assessee has deposited Self Assessment Tax. 
  • In case of Refund Cases.
  • If  notice has been issued by Income Tax Department for filing of Income Tax Return u/s 142(1), 148, 153A or 153C.
  • Employer has not issued Form 16 to his employee.

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