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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Related posts:

  1. Income Tax return fil­ing due date – Did you miss it?
  2. Income Tax return — Have you filed it?
  3. Fil­ing income tax return – The com­plete process
  4. Meth­ods of fil­ing income tax return
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