NO INCOME TAX RETURN UP TO 5 LAKH SALARY NOTIFICATION

AN INDIVIDUAL HAVING INCOME NOT EXCEEDING RS. 5 LACS FROM SALARIES/OTHER SOURCES FOR A.Y. 2011-12 IS NOT REQUIRED TO FILE RETURN U/S 139(1)

NOTIFICATION NO. 36/2011 [F. NO. 142/09/2011 (TPL)], DATED 23-6-2011

In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return 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 income 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 the tax 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 to the 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 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 for the relevant assessment year.
4. This notification shall come into force from the date of its publication in the Official Gazette.
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Press Release
Salaried Taxpayers with total Income up to Rs.5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12
The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.

Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.

Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.
The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.

If you still want to file your return then CLICK HERE to Download forms.

SAHAJ ,SUGAM ON SIMPLE PAPER BLACK&WHITE NOT ACCEPTABLE ?????

Friends,

Income Tax Department has issued new return forms. You can download the same from the Income Tax India site. But these forms can not be printed in Black & White mode. These should be printed as per specification written below. So as  informed earlier that new forms are seems to be machine readable and my guess is correct . New forms are designed for readable through machines so that paper returns can be uploaded in income tax department computer system automatically .But this change is problematic for assessees . Now you can not use these forms (Sahaj and Sugam) after printing it out from your black and white printer. Color scheme for these new forms has been specified .After reading this instructions I am disappointed some what because name of new forms is "sahaj" and "sugam" but its process has been made difficult .

So please read following instruction and do not use forms on simple stationary and black and white mode till further instructions .

Print Specifications for SAHAJ and SUGAM 

1.      Printing of the forms should be according to the standards set below

·         No Black and White forms will be accepted and only standard forms with appropriate colors prescribed, fonts used, paper size, paper quality, Bar Code Values will be accepted by the department

·         Key aspects of the forms are listed below
        i.      Size of the paper should be A4 Sheet- (8.268 inches by 11.693 inches / 210mm by 297 mm )
       ii.      Quality of the paper should be White Paper and above 70GSM. The Paper thickness should be of Executive Bond quality with a minimum of 70 GSM and above
       iii.      Registration Marks should be present at every page and the coordinates of the same are indicated in the Sample Form given in Annexure A. It should be 0.25” from the top edge and the left corner edge.
       iv.      There should be a series of square dots which should be placed on the both sides of the pages on every page. The distance of the same should be 0.32” from the left edge. The square dots are uniformly spaced at 3mm distance from each other
       v.      Bar Code Specifications should be in Code 39 Format. The Position and Size of the Bar Code should be as Per Annexure A
         vi.      The Values of the Barcode
·         SAHAJ
·   1201111A1C150000– Page 1
·   1201121D1T040000-Page 2
·         Schedule TDS1
·   S201112S4S300000
·         Schedule TDS2
·    S201113T5T310000
·         Schedule IT    
·   S201114R6R320000
·         Schedule TCS  
·    S201115U4U300000
·         SUGAM
·   4201111A1C130000-Page 1
·   4201121C14E60000-Page 2
·   4201131E7T040000 – Page 3
·   ITR-V Acknowledgement
·   ACKNOWLEDGE
        vii.      Color : RED -CMYK ( 0,100,100,0 ), BLACK CMYK ( 0,0,0,100). The Color specification should be as per color specifications given in the PDF File. The Ink used is the Dropout Ink which can be dropped out by a standard scanner.
         viii.      Fonts Used are as follows
·         Helvetica
         ix.      The relative position of all elements is fixed and the position of any elements cannot be altered
a.       Order of TDS schedules, TCS Schedules cannot be altered
b.      The number of entries in each schedule, the column elements cannot be altered. This is done to ensure direct mapping of Form 26 AS report with the form
c.       For any extra entries in Schedule TDS1, TDS2, IT and TCS, taxpayer should use supplementary schedules given in each form. Additional entries in this schedules would be accepted only in this supplementary schedules
d.      ITR-V Acknowledgement should be entered and signature taken from the concerned officer in charge

You can Download the Forms from Here