Notification No. 9/2012, Dated: 17th Feb'2012
As per this notification, you are not required to file income tax return if total income is less than Rs. 5,00,000/-, provided
- Individuals having salary income and savings bank interest income not exceeding Rs. 10,000/-
- Employee should receive salary from one employer only.
- Employee should have a PAN and the same has been reported to his employer.
- Employee should declare interest income and employer has to deduct tax on it.
- No refund is due on his income tax return.
But practically you will be required to file tax return if :
- Individual is planning to go for home loan / car loan.
- Individual is planning to apply for visa to any foreign country.
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