Income tax Filing for the year 2010 –2011 June 12th, 2011 Posted in Investments, Tax Planning
As per Income Tax Act 1961, it is obligatory for all salaried persons to file income tax return. Going forward, starting from the assessment year 2010 –2011, salaried employee whose annual income is up to Rs 5 lakh.
In a recent circular from the Central Board of Direct Taxes – “No income-tax returns filing is required for salaried employees whose annual taxable income including salary and interest is up to Rs 5 lakh. This has to be notified shortly. However, Income tax returns to be filed for Income from other sources like house property, capital gains and gains from profession and business. If you want to claim tax refund, you have to income tax file return.
This would be applicable from the assessment year 2011-12 onwards. This means that the salaried persons eligible under the scheme would not have to file returns for the financial year 2010-11 in 2011-12 (assessment year). Form 16 issued by the employer will be treated as Income Tax Return.
Last date of tax filing for the year 2010 – 2011
Have you completed the tax filing for the year 2010–2011? Get your form 16 from your employer and fill the Income Tax return form at the earliest.
The tax filing season has started. Every company has started sending the Form 16 to their employees, which will help them to file tax. Last date for filing income tax return is 31 July 2011.
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