Salary class exempted up to 5 lakhs

NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)],

Dated:23, June 2011

In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing of income under sub-section (1) of section 139 for the assessment year 2011-12, namely :-
Class of Persons

1. An Individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only chargeable to income-tax under the following head
   (A) "Salaries";
   (B) "Income from other sources", by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
   
   Conditions
2. The individual referred to in para 1,
   (i) has reported to his employer his Permanent Account Number (PAN);
   (ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;
   (iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and deducted at source and deposited to the credit of the Central Government;
   (iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer Central Government;
   (v) has no claim of refund of taxes due to him for the income of the assessment year; and
   (vi) has received salary from only one employer for the assessment year.
3. The exemption from the requirement of furnishing a return of income-tax shall not be available where a notice under section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the assessment year
4. This notification shall come into force from the date of its publication in the Official Gazette