(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi, the 23rd June,2011
S.O. 1439(E).—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:—
1. Class of Persons.—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,— :
(B) “Income from other sources”, by way of interest from a savings account in a bank, not exceeding ten thousand rupees.
2. Conditions.—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 an in Form 16 from his employer which mentions the PAN, details of income and a 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.
[Notification No. 36/2011/F. No. 142/09/2011(TPL)]
PAWAN K. KUMAR, Director(TPL-IV)