No Need to file income Tax Return

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 is exempt from filing Income tax return. Conditions prescribed are:

1. Total income for the relevant assessment year does not exceed five lakh rupees.
2. Individual is earning income from Salary and Interest Income.
3. Employee has PAN and has reported his PAN to employer.
3. Employee has declared Interest income and employer has deducted tax on it.
4. TDS has been deducted on the total income by employer
5. No refund is due on his income tax return.
6. Employee has received salary from one employer only

Visit here for the notification 9/2012, Dated: February 17, 2012l

As per this notification you are not required to file income tax return if income is less than Rs 5,00,000/-, But practically you will be require to file tax return if :

1) You are planning to apply for home loan/ or car loan.

2) You are planning to apply for Visa to any foreign country.

 

No Need to file income Tax Return
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